Challenges to Getting a Short Sale Done

Filed Under Long Island Short Sales, Sellers | Comments Off

If you are struggling right now with paying your mortgage, you may be wondering what challenges exist when trying to get a short sale done in order to avoid foreclosure. Among many things, you of course may be in disbelief that this is happening to you and you may also be worried about things like where you’re going to live once you have to move out.

All things like this are tough to think about and I have spoken to enough homeowners, young and old, that have poured their feelings out to me over their situation. One thing I want to make clear though is, this challenge in your life is not just going away.

When I meet with homeowners who have lost their home to foreclosure (after the bank has foreclosed and the homeowners become “occupants”, no owners), I always ask them why they didn’t consider a short sale, even as a last resort. Almost all say that they just thought the problem would go away or that somehow, things would change.

When homeowners call me to discuss negotiating a short sale with their lender, I try to be the voice of sound mind. I try to present the facts and stick to them.

One of the facts about negotiating with your lender to sell your home for less than what you owe on the mortgage is, putting the package together. There are many challenges to getting a short sale done. And here’s the thing about that.

It’s tough enough for families to experience the scenario of losing their home. The last thing you want is to hire a real estate agent and an attorney who do not know what they’re doing when it comes to completing a short sale. They may sound very nice and listen very intently. The agent might even offer very kind words of encouragement and offer a warm smile.

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