Are Your Mortgage Payments More Than You Can Handle?

nancyalert — Sun, 27 Jul 2008 05:01:19 +0000

In the current real esate market many home owners are in jeopardy of losing their homes. There are several ways to prevent foreclsoure and or sell your home without owing the bank money. One way to sell your home and not owe the bank even when there is a short–is a Short Sale.

What is a Short Sale?

A short sale happens when a home is sold for less than is owed to the mortgage company. Meaning the mortgage accepts less than the total amount due. If your mortgage is $200,000, but your home is worth, say, $180,000, you are $20,000 short, not including realtor commissions and customary costs to sell real estate i.e grantors tax, real estate taxes, title and escrow fees.

Some Documents Which May Be Needed for a Short Sale:

Letter of Authorizatioin
Hardship Letter
Proof of Inome and Assets
Copy of 2 Recent Bank Statements
Copy of 2 Recent Pay Stubs
Copy of Recent Tax Return
Comparative Market Analysis (CMA)
Preliminary HUD-1 (Settlement Sheet)
Listing Agreement
Signed Sales Contract
Different Lenders may require additional information!

Nancy Alert,Realtor,ABR,GRI,CRS,RDCPro™

RE/MAX Allegiance

3124 N. 10^th Street

Arlingotn, VA 22201

Office: 703-373-5000

Cell: 703-861-7355

Short Sale In The DC Metro Area

Are Your Mortgage Payments More Than You Can Handle?