The Following are reasons why many decide to short sell their properties: 1.If you owe more than your property is worth, and it does not make financial sense to keep the house. 2.If you are struggling to make your mortgage payments. 3.If your interest rate, monthly payments, or mortgage balance has been increasing. 4.Relocating to a new area and paying for the current property and a new living situation is not feasible.

Unlike some companies, we charge absolutely nothing to the homeowner. The lender pays the Realtor commissions and all traditional seller fees and costs. Neither Realtor, nor do we, earn anything unless we successfully complete your short sale.

1. A real estate short sale is a process in which the lender allows a homeowner to sell a property for less than the mortgage balance. The proceeds of the sale go to the lender.
2. For example, John Q currently owes $500,000 on a property, but due to current market conditions, the property is now worth $300,000. John might be able to short sell the property, i.e..sell the property for market value. All of the money from the sale would go to the bank, title, escrow real estate brokers, etc. and John would be able to walk away without a foreclosure and without owing the bank anything.
3. Lenders only agree to a short sale if it is requested, submitted and properly negotiated.

Minimize damaging impact to credit: Foreclosure can remain on your credit for up to seven years while a short sale usually gets reported as a settled debts and is significantly less damaging. With a short sale, your FICO score will not be as negatively impacted as it would be with a foreclosure, and you will be able to get into a new home much sooner as well. Minimize financial exposure/liability: In many foreclosure situations, the lender will ultimately sell the property at a significant discount once they foreclose and repossess the property. The homeowner can then be financially liable to the lender. While the same may be true with a short sale, the difference is with a short sale the homeowner is still involved in the process and can therefore contribute their input and have more control over the sale price of the property and the potential associated liabilities. In a foreclosure, however, once the lender repossesses the property, the homeowner is typically defenseless with respect to what follows next.

In order to be eligible for a short sale, a homeowner must be able to prove to the lender that they are a victim to a "hardship" and are therefore unable to continue making payments on their mortgage. A hardship situation is one that is the result of some extenuating circumstance that forced the borrower into a position where they can no longer afford their mortgage payments. While every situation is unique, some common examples of hardship include: "Unemployment or loss of primary income source" Inability to work due to health crisis "Mounting medical expenses "Employment relocation "Failure of business " Bankruptcy "Death of spouse or significant other " Divorce or separation

In addition to the homeowner proving hardship, lenders require a specific set of supporting financial documents to consider a short sale. Contact MaxReturnsREI today and one of our specialists will help you get started.

As soon as you possibly can. Foreclosure situations tend to be extremely time sensitive. The sooner we can begin the negotiations with your lender, the greater the chances of a successful resolution. There is no need to wait until the lender sends you a notice of default or initiates formal foreclosure proceedings against you. Time is of the essence! Please contact us today for a free consultation with one of our specialists.

The Following are reasons why many decide to short sell their properties:

1. If you owe more than your property is worth, and it does not make financial sense to keep the house.
2. If you are struggling to make your mortgage payments.
3. If your interest rate, monthly payments, or mortgage balance has been increasing.
4. Relocating to a new area and paying for the current property and a new living situation is not feasible.

Unlike some companies, we charge absolutely nothing to the homeowner. The lender pays the Realtor commissions and all traditional seller fees and costs. Neither Realtor, nor do we, earn anything unless we successfully complete your short sale.

1. A foreclosure will negatively affect on your credit score significantly. Not only will this drastically drop the score, but will prevent the person from obtaining any type of financing for 7-10 years. Even after this period, the mortgage loan application will always state that the borrower had a foreclosure in the past, and can seriously affect that person's ability to obtain financing and credit in the future.
2. A short sale will affect the credit, but not nearly as much as a foreclosure. The credit will be negatively affected for approximately 24 months,. By Fannie Mae Guidelines, one should be able to purchase another home after 24 months of having done a short sale.
3. With a foreclosure, a public notice is filed and privacy is not maintained. Our short sale process ensures that the seller will maintain their privacy. We do not require any signs on the property.
4. With a foreclosure, a lender can assign a judgment against the homeowner and garnish remaining assets such as bank accounts, income, etc. With a short sale, we pressure the lender to let you walk away free and clear without any deficiency judgment actions taken.

In 2007, The Debt Relief Forgiveness Act and Debt Cancellation was passed. This allows homeowners to short sell their homes up to 1 million dollars with no tax consequences. Be sure to consult your tax professional for more information. You can also visit the IRS website at www.irs.gov.

No. Even if someone makes an offer on the house immediately, it can still take three to four months for the short sale to be approved at the bank.

No. Even if someone makes an offer on the house immediately, it can still take 3 to 4 months for the short sale to be approved at the bank.

It can be your primary residence, a second home or an investment property. In short, every type of real estate can qualify for a short sale.

1. Unfortunately, a lot of real estate agents and brokers claim to know how to complete short sales. However, short sales involve negotiating back and forth with the lender, and being able to meet your specific lender's short sale guidelines to ensure you will be approved. The fact of the matter is, 90% of short sales are unsuccessful. The reason being is that they are attempted by real estate agents who are not familiar with finance, processing and real estate law.
2. Our lender relations team has direct relationships with the largest banks in the US. We currently have hundreds of short sales in process, hundreds of approvals, and hundreds of new clients in all 50 states.

Yes.

Yes. You can even short sell a property if you are in default.

Yes

Yes

Yes

1. We are not limited to simply having realtors negotiate with the banks. In fact, we have an entire lender relations team whose sole job is to create and maintain our relationship with the banks to ensure approvals.
2. We deal with banks and lenders every day and have developed direct relationships with some of the largest lenders in the US.
3. We are a licensed California Real Estate Broker. We abide by the strict Realtor Code of Ethics.

Going through the process of foreclosure is VERY DAMAGING to the home owners credit. Foreclosure can damage credit up to 7 years and bankruptcy up to 10 years. Future mortgage possibilities will be greatly diminished due to this one instance

Just being in the foreclosure process is stressful enough for the home owner. And since is the lenders money is involved, they will do everything they can to collect. Having a foreclosure filed against you, in addition to late payments has already damaged your credit enough. A short sale will help relieve all of those stresses by satisfying the current mortgage(s) and show a "paid" status on them. The borrower, in most cases, is now relieved of any future obligations. The biggest advantage to the owner is that they will receive the opportunity to start over!

The option of having a short sale on a property was created to help both owners and lenders. However there are other options available such as Loan Modifications (MOD) or a Forbearance Agreement. If you are against having a short sale and you are in the foreclosure process it is imperative you get pro-active and make a decision before it's too late. Remember, this company was created to help distressed homeowners, if you have any questions you may call us and ask at any time, no obligation.

Because the lender is accepting a lesser amount then is owed, they will claim the difference as a loss. For tax purposes, this amount is considered a gain for the home owner. However, if this is your primary residence there are 5 situations that will forgive the tax burden; 1. Insolvency - your total debt exceed your total assets at the time your debt was settled. 2. Bankruptcy - the debt was already relieved through bankruptcy proceedings. 3. Indebtedness due to a certain real property business loss 4. Indebtedness due to a qualified farm expense

If this property was an investment property, you may be responsible for your gain. Please consult your accountant or a tax adviser for further information

The short sale process takes some time to complete. It is a lengthy procedure which requires expert negotiation, routine follow ups with your lender, and obtaining and presenting relevant materials according to your lender and today\'s market. The average short sale can be completed within 3-4 months.

NOTHING!!! This service and almost all the services we offer are completely free to the home owner. Our fees are paid directly by your lender. No up-front deposits or retainer fees will be asked for, just your cooperation. Remember, we are here to help you.

Your lender is nervous and is protecting their own interests. This means that they will continue to call, and call, and call. Once you enlist with us, we will immediately alert your lender that you are now being represented and indicate to them that you are taking action to resolve the problem. This will stop all the calls by your mortgage lender.

If you are already trying to sell your property through a traditional real estate company and feel that they are not able to resolve your situation quickly enough. You can contact us with your listing agreement and we will negotiate with your RE company. In most cases, a simple letter will relieve you on your contract with them. Another situation you should consider is the mortgage amount. If your mortgage is "upside down", meaning you owe more than it is worth, then a simple sale of your house is not what you need. You will be held 100% liable for the remaining balance on your mortgage(s).

A short sale will typically be done on a home which is going into foreclosure. This means the owner is at least three payments behind and the foreclosure suit has been field by one or more mortgage lenders. This does not mean you have to wait for this to occur. If you are behind or in default on your mortgage you are a potential candidate. Also, negative equity is or no equity is required. A short sale is when the lender is accepting a payment short of the original amount. If you have equity in your home and are falling behind on payments, contact us for an offer on your home in one business day. If you meet these criteria, please use the link to our contact us page and fill out our no-obligation form.

NY Metro Short Sales is a growing company. And with each short sale or property purchase, we are becoming more and more popular in the real estate community. We are in touch with investors who actively looking to purchase property. We have also been known to purchase property our selves. If you have a short sale listing or a short sale candidate, please use our no-obligation contact form to receive a call back from us within one business day.

1. You have made the decision and you are ready to pursue the Professional Real Estate help that you need, what''s the next step? The first thing you need to do is to contact us by filling out our contact form. Then you will need to have the following information prepared:
2. Last 2 years tax returns
3. Last 2 months bank statements
4. Your Hardship letter (please write us your story, we can help you write this)
5. Purchase and Sale agreement of property in question
6. Financial worksheet (provided by lender)
7. Last 2 pay stubs (if currently employed)
8. Authorization to release information. We will email this to you
9. Last Statement from mortgage company (both if applicable) Please note, if you are having trouble finding all, or any, of these documents we can help you obtain copies of them. After you have filled out our contact form, a representative from our company will contact you within one business day. Thank you for your inquiry and we look forward to servicing your real estate needs.