A real estate agent will receive a percentage of the sales price as payment, so ask about the agent's standard fee. Submit your packet to the lender. You can list the home for sale once the lender issues an approval for the short sale. The approval will include the amount of time you have to sell the home before foreclosure proceedings are started or continued, and the lowest amount for which the lender will allow your home to sell. Anna Assad began writing professionally in and has published several legal articles for various websites.
She has an extensive real estate and criminal legal background. She also tutored in English for nearly eight years, attended Buffalo State College for paralegal studies and accounting, and minored in English literature, receiving a Bachelor of Arts. Learn more. End of Forbearance Options If you need longer-term help or if your forbearance period has ended, it may be possible to change the terms of your loan if you still need help. Overview A loan modification changes the terms of your loan in order to try to achieve more affordable payments.
Home Equity Assistance If you're struggling with your Bank of America home equity loan or line of credit payments, there may be options to change the terms to achieve more affordable payments.
Overview Learn about home loan assistance solutions for settling home loan debt. Cooperative Short Sale If you owe more on your mortgage than the current value of your house, a Cooperative Short Sale may help you avoid foreclosure. Traditional Short Sale If you don't have prior approval to pursue a short sale but already have a potential buyer, we can help you take the next steps. Deed in Lieu If you can't sell your house, you may be able to settle your loan by signing the house over to your lender.
Overview Discover more resources that may be available as you go through the home loan assistance process Learn more. Safety Learn how to recognize and avoid common mortgage relief scams. Counseling Find local resources through HUD's homeowner counseling services and understand your foreclosure prevention options. FAQs Straight forward answers to frequently asked questions. More Products We have even more solutions, from assistance with credit cards to help with auto loans.
Glossary Easy-to-understand explanations of terms. Traditional Short Sale. Call us Mon-Fri 8 a. Eastern Help is available in English, Spanish and many other languages. Is a short sale right for you?
Eligibility You may be eligible if: You have been evaluated but do not qualify for a loan modification You're experiencing financial hardship, such as reduced income, medical expenses or divorce You owe more on your house than it's worth You can't afford your current mortgage payments You're unable to modify your current home loan, or don't wish to remain in your house due to other circumstances, such as a job relocation You don't have prior approval from us to pursue a short sale You've received an offer on the property.
What if I'm not eligible or get declined? Call If you're eligible, you may be able to start the short sale process right away. Here's what you'll need when you call: Loan and property information Information on any foreclosure notices or dates you've received Details of the offer and a copy of the signed purchase contract Information on any home equity loan or line of credit on the property, if applicable Information on a loan modification, if you were considered for one Details about your financial hardship You'll be paired with a Customer Relationship Manager who will work with you throughout the process.
Approval If we authorize you to start the short sale process, you can expect to hear back from us about your offer in approximately 90 calendar days after your real estate agent has submitted the offer and all documents to us.
Closing When the offer is accepted, final documents will be prepared and a closing deadline will be provided in the approval letter. When a buyer submits an offer, the homeowner may accept or decline the offer. Unlike a traditional transaction, though, the seller does not have the authority to complete the transaction. After accepting an offer, the homeowner or his realtor must forward the offer to the lender for review.
If the lender approves the offer, the short sale moves forward. If the lender does not accept the offer, the buyer may counteroffer or end the process. In a short sale transaction, the lender typically uses funds from the sale of a property to pay part of the outstanding mortgage balance, then forgives or reduces any remaining debt; except for certain cases in states where a lender may pursue additional recourse, homeowners typically have no responsibility for the debt after short selling the property.
Since the net effect for the homeowner does not change based on the offer amount, and because homeowners are often eager to sell the property, many homeowners accept any offer that a prospective buyer may submit. Though homeowners often gladly accept any offer they receive during the short sale process, lenders may be somewhat less willing to accept buyer offers.
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Table of Contents. Defining a Short Sale.
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