USH will provide various options to distressed homeowners. the "Short Sale"
is the preferred and most viable solution. Other options can be: Loan
Modification, Forbearance, Deed in Lieu or other creative financial
solutions.
Short Sale: also known as "Pay Off" or "Short Pay" can occur if/when
your existing lender(s) agree to receive a lower amount than your existing
mortgage balance(s) when sold to a third party. When this process is
completed by an experienced loss mitigation specialist there is usually no
cost to the homeowner.
Positive results of a
Short Sale
1. Avoiding foreclosure and
all its negative impact on your credit.
2. You will still maintain
some control over the sale of your home. When a foreclosure occurs the
lender(s) set the sales price. In this scenario, you may be responsible for
their fees and losses. There may also be income tax ramifications that will
need to be addressed. With proper representation most of these terms can be
mitigated to your benefit.
The following is a list
of what will be conducted by USH to perform a Short Sale:
1. Homeowner contacts USH
and registers for a
FREE CONSULTATION.
2. USH to compile documentation from the homeowner, lender, title, escrow, etc. pertaining to the subject property. USH will also check into public records for the existence of any outstanding liens or judgments to be satisfied or negotiated. This will ensure that the subject property is eligible for a Short Sale.
3. Homeowner enters into a listing agreement with a real estate Broker/Agent to sell their property. At this time the real estate Broker/Agent prepares an opinion of value.
4. USH will now be able submit a complete file to begins negotiations with the lender(s) and any other entities with interest in the subject property. This entails what the price of the home can be sold for and all associated fees involved. In most cases, the cost and/or fees involved are paid by the lender.
5. An appraiser is sent by the lender(s) to determine the value of subject property. The lender and/or appraiser may require additional information.
6. Upon approval from the lender(s), subject property can then be sold and all proceeds from the sale, excluding fees/expenses will go to the lender(s).
Modification: This can occur when a lender agrees to modify any of the terms of the existing mortgage. Possible changes are, extend the length or term of the note, modify the monthly payment, lower the interest rate, and so on.
Forbearance:
If by temporary financial strain you are unable to make your mortgage payments, it’s possible to be granted forbearance. Payment terms can then be determined by the bank/lender which will cause foreclosure proceedings to stop.
Deed in Lieu: This is a voluntary conveyance of title in exchange for a discharge of debt. Your home must be free of all other liens to allow clear title.
Other: USHouseSaver can also offer other creative financial solutions that cater to the individual needs and situation.
* Clients are advised to consult with a tax professional regarding the potential tax consequences for their particular situation.
