• A tool for a borrower to use when they truly can’t pay their mortgage
•  A way to avoid foreclosure
• Less impact on your credit score
• A way for a bank to result in smaller financial loss than through foreclosure
•  A sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan

A Short Sale Is Not: 

•   “Get out of my mortgage free card” - a seller has to have a valid financial hardship for not being able to pay their mortgage.

A Foreclosure Is:

• When the bank takes over the property to sell at full market value
• A credit item that lasts forever, which can even put current and future employment in jeopardy

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What RE/MAX Premier  and Mortgage Solutions 101 will do for you!

• We as Realtors and CDPE’s (Certified Distressed Property Expert) will work as liaisons between the borrower and the bank toward resolution
• We will be your advocate and help you to avoid foreclosure

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Options for Homeowners in Foreclosure:

• Reinstatement
• Forbearance or Re-Payment Plan
• Sell the Property
• Rent the Property
• Refinance
• Mortgage Modification
• Short-Refi
• Deed-in-Lieu of Foreclosure
• Bankruptcy
• Short Sale

Disclaimer

• Although we’ve been successful in saving many home owners from foreclosure, there is no guarantee the bank will accept a short sale
• You must understand that if they do not accept a short sale, there is a high probability of your property going to foreclosure
• In addition, the bank has the option to file a deficiency judgment or provide you with a 1099
• You must read the 2007 Mortgage Forgiveness Debt Relief Act and Debt Cancellation

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