Florida Leads in All Cash Short Sales

Some Buyers Make All-Cash Offers for Short Sales

Some Buyers Make All-Cash Offers for Short Sales

The Florida housing market has experienced a dramatic increase in all cash offers, especially for distressed properties.

Homeowners worried about facing foreclosure and bankruptcy know that short sales may be the answer to their financial hardships.

Recently, there has been some concern with all cash offers and how would-be homeowners will compete with these offers now and in the future.

People acquiring conventional loans find themselves in competition with homebuyers who have cash available to purchase homes.

Who Are Cash Buyers?

When the housing crisis began to unfold, international investors started purchasing distressed properties as investments. With housing prices so low, the potential return was better than what many investors could get elsewhere. Investors turned homes into rentals where the return on investment was immediate. It gave investors time to allow the market to recover while still generating income.

According to Lawrence Yun, Chief Economist for the National Association of Realtors, Florida had the highest number of all cash home sales of all 50 states. But it is not just from international investors.

Florida became an ideal place for vacation homes, or a perfect retirement location. Baby boomers living in the north started moving south – even if just for part of the year. Most of these homeowners purchased their homes early on and built equity that gave them the power to pull equity out of their homes and make cash offers for property in warmer southern climates.

Yun also surmised that baby boomers were buying pricier homes while foreign and domestic investors purchased at the lower end of the pricing scale.

Are All Cash Short Sales Faster?

Cash offers do not speed up a short sale. Alma Korshak says the closing might be faster but the approval of the short sale itself is not affected.

“Basically what you’re trying to ask is if a buyer decides to purchase the property cash versus financing is the short sale process going be quicker. And the answer is no. The only good thing about when a buyer is actually purchasing the property cash is when it comes time to close.”

“Once it’s approved then the closing could happen sooner when it’s cash versus with financing the lenders usually give you well anyhow even if you get it you can get an approval letter from a lender there to give you approximately 30, 40 days to close.”

“So if it’s cash of course we can close right away but if there’s financing we have to wait for that buyer to get their financing so that’s basically another 30 to 40 days to close and then sometimes you may run into situations where you find out that that buyer can no longer afford the property or didn’t qualify for this or a FHA and now they have to go conventional.”

The Future of Short Sales

Without a crystal ball, there is no way of knowing how this practice will affect the housing market in the long run. Many current reports indicate that potential homeowners are having difficulty competing with all-cash buyers. This is especially true of first time homebuyers and buyers recovering from a short sale or foreclosure. In most cases, they must rely on conventional loans, which makes it difficult to compete with all cash offers.

Short Sale Facilitators focuses on helping you negotiate the short sale of your home. We will negotiate with your lender regardless if the offer is cash or a more conventional loan.

After the short sale, you can focus on rebuilding your credit. As the economy improves, the housing market will react. That’s when the long-term impacts will surface.

The housing market is ever changing, however if you are experiencing a financial hardship you need relief now. Alma Korshak has been processing short sales (and only short sales) for over seven years and she has helped many people get out from under the stress of their mortgage. She can help you, too.

10 Items Needed for a Short Sale

Lenders Must Approve Buyer's Offer in a Short Sale

Lenders Must Approve Buyer’s Offer in a Short Sale

When you decide to short sale your home, every lender will ask for the same 10 documents before approving a short sale.

Homeowners turn to Alma Korshak, owner of Short Sale Facilitators, to help them negotiate the short sale of their home. Alma wants to understand your situation and review your paperwork so she knows how best to represent you in the negotiation with your lender. Short sale negotiation can be difficult, but gathering all the necessary paperwork in advance will get you ahead of the game.

The lender will require a detailed understanding of your financial situation and the financial hardship you are experiencing. You must prove your hardship to the lender. You are asking them to take a loss on the amount of money you owe them so it is your responsibility to explain your financial situation.

 

These 10 items must be included in the short sale package delivered to the lender.

1.  Verification of Pay

  • Last 2 months pay statements showing year-to-date earnings
  • Unemployment wage page (if unemployed)
  • Social Security Benefit Letter (if on unemployment)

2.  Tax Records

  • Last Two Years Tax Returns
  • Last Two Years W-2 forms

3.  Copy of Mortgage Statement

4.  Copy of Monthly Utility Bills

5.  Last 2 Months Bank Statements – all pages even if blank

6.  Homeowners Association (HOA) form

7.  Hardship letter stating why you cannot pay your mortgage

  • Divorce decree if divorce is the reason in the hardship letter
  • Death Certificate if death is the reason in the hardship letter

8.  Form 710, Uniform Borrower Assistance Form

9.  HUD-1 Settlement Statement

10. IRS 4506-T – Request for Transcript of Tax Return (Required by some lenders)

There are also other documents required that concern the specifics of the property and the contracts you have signed with a realtor to sell your property. This assures the lender the sale is following all standard real estate procedures.

Your realtor provides some of these forms and the short sale facilitator that negotiates your short sale with the lender will order some.

Realtor

  • Listing Agreement – The agreement between the seller and the listing agent contracted to list the home as a short sale
  • Contract Agreement – This is the contract stating the intent of the buyer to purchase the property.

Short Sale Facilitator

  • Title Search or Property Tax Records

Every Short Sale is Different

Short Sale Facilitators meets with all their clients to understand the specifics associated with their short sale property. Conditions such as second mortgages, liens against the property, unpaid HOA fees or property taxes all influence the short sale negotiation, the timeframe of the sale and the paperwork required.

After seven years of only negotiating short sales, Alma Korshak understands the process very well. She knows what roadblocks to expect and how her negotiation tactics may need to differ from one lender to another.

If you have questions about listing your property as a short sale and do not know how to get started, help is just a phone call away. Call Short Sale Facilitators in Casselberry, FL at 321-397-5505 to schedule an appointment.

Short Sale Facilitators. The Power of Negotiation.

Florida Short Sales Still A Reality

Amid news of a housing market recovery, short sales are still a reality for distressed Florida homeowners. Regardless of the promising stories in the news about a recovering market, short sales are still a solution for homeowners who are unable to pay their mortgage. Steve and Alma Korshak, owners of Short Sale Facilitators in Casselberry Florida see people every day who still struggle to make ends meet.

According to figures recently released by RealtyTrac, there are some improvements in number of sales nationwide, but the pre-foreclosure/short sale statistics tell a different story.  While short sales accounted for 5.6% of the total sales nationwide, in Orlando the percentage was higher – 16.6%.

Sales volume nationwide increased, however in Orlando, FL sales volume was down 12%. Central Florida was hit hard by the housing crisis and recovery will take some time. There are no quick fixes and for a distressed homeowner, hoping things have  improved enough to sell their home through traditional methods is probably not likely.

Act Early When Hardship Hits

If you find yourself suffering from a financial hardship, it is important to evaluate your circumstances early on. Short Sale Facilitators see people who experience various types of hardships all the time.

  1. Do You Have a Job? Income is of course a major consideration if you have a mortgage to pay. Many people are unemployed and unable to find a new job that will pay enough for them to continue to pay their mortgage.
  2. Are you underwater? Homeowners who are underwater owe more on their mortgage than their property is worth. Selling your home in a traditional sale when your property value has fallen means that you still could not pay off your mortgage.
  3. Has your family experienced a severe illness or death? Long illnesses can drain a family’s financial resources. The ill person may also be the primary source of income for the family. Illness or deaths are unavoidable hardships that may make it impossible to pay a monthly mortgage.
  4. Are you divorced? When marriages fall apart, the financial stability of each spouse is also affected. Often, a couple may have been able to afford a home together, but apart, taking on the full burden of home ownership may not be possible.

Short Sales Can Prevent Foreclosure

The danger of waiting too long before seeking help is a real one. If you are worried you are going to miss a mortgage payment, call Short Sale Facilitators and ask if you are a candidate for a short sale. If you miss payments and do not communicate with your lender, they may consider a foreclosure their only option.

A Short Sale is a pre-foreclosure process, and it may very well be the last step before the bank starts to foreclose on your property. There is still time to negotiate a better outcome in a short sale, but a foreclosure can leave you feeling powerless.

Short Sales and foreclosures both influence your credit scores, but a short sale may not have the long-term impact that a foreclosure does. There are no guarantees, of course, but try to protect any portion of your credit score that you can. Meet with Short Sale Facilitators and find out for sure what your options are.

Bring Your Paperwork

There is no worse time to face financial difficulties than when you are also experiencing other hardships in your life. Alma Korshak has been working with homeowners for over seven years helping negotiate the short sale of their home with their lender. Alma knows from experience that people need help the most when they are under the stress of other hardships.

An experienced negotiator like Alma wants to understand your individual situation so that she can negotiate for what you need.  Schedule a time to meet with Alma in her Casselberry Florida office. Bring any paperwork you have received or do not understand – pile it in a box and bring it with you.

At Short Sale Facilitators, someone is always looking out for your best interest. Alma does not just accept the first response from lenders, but challenges them to negotiate a better outcome for her clients. Alma Korshak believes that every one of her clients is a priority and when you make the decision to work with Short Sale Facilitators, that’s when Alma rolls up her sleeves and starts working.

Waiting Does Not Make it Easier

Alma Korshak loves to help people. She uses all of her knowledge to negotiate for every one of her clients. She believes that every client is a priority and she will work hard to negotiate for you. Waiting does not help. It hurts. It prolongs the anxiety especially if you are facing a personal hardship that is not likely to change. Let Alma and her team at Short Sale Facilitators help you get out of a mortgage you can no longer afford.

What is HAMP

The Home Affordable Modification Program (HAMP) is a program designed to help struggling homeowners lower their existing mortgage payments. HAMP is part of the federal Making Homes Affordable (MHA) program designed to help stabilize the U.S. Housing Market.

What are the Qualifications?

There are some basic requirements you must meet in order to qualify for HAMP:

1)    Your mortgage was obtained on or before January 1, 2009.

2)    You owe less than $729,750 on your primary residence or single unit rental property

3)    You owe less than $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property

4)    The property has not been condemned

5)    You can document a financial hardship and are delinquent in your payments or in danger of delinquency

6)    You can verify that your current income can support a modified mortgage payment

7)    You must not have been convicted within the last 10 years of any mortgage or real estate felony

Different Lenders, Different Rules

Not all lenders participate in the HAMP program, however they may offer their own loan modification program if they do not participate or if you do not qualify for HAMP.

Your lender may also have recommended solutions if your mortgage is owned, insured or guaranteed by Fannie Mae, Freddie Mac, USDA, VA, or FHA.

If you carry a second mortgage on your property, there may also be specific loan modification programs available to you.

What if I Don’t Qualify?

Since the HAMP program requires that you have sufficient income to support a modified mortgage payment, it is not the solution for everyone. If you don’t have a job or have another financial crisis, you may not have the option of keeping your home.

For individuals who fall in this category, the HAFA short sale program may be a good alternative.

Short Sale Facilitators work with homeowners every day who are struggling with job losses or other personal financial hardships. Sometimes people don’t know what to do and they just wait hoping something will change for the better. Alma Korshak tells her clients to be proactive. Don’t wait for the foreclosure paperwork to show up in the mail. Alma has seven years of short sale experience, and she knows that by listing your home as a short sale, lenders know you are trying.

“Because you’re showing the bank you’re showing them good faith when you actually do list that property with a short sale associate. It just shows good faith on your part. That you’re going to do what you need to do and as long as you have a hardship and they know you have hardship. You know usually you’re OK. “

Short Sale Facilitators Takes the Hassle Out of a Short Sale

Short Sale Facilitators Takes the Hassle Out of a Short Sale

I Need Help

Government programs for loan modifications and short sales can be complex and confusing. That is why Alma recommends you come into the Casselberry Florida office and meet with the team at Short Sale Facilitators just to find out what your options are.

“Schedule an appointment and we will go through all of the documents all they need to do is go to the checklist. We have a checklist and in that checklist it tells, it shows what the seller is going to need to bring to us or what they need to provide us with to start the short sale process but I would much rather sometimes have them come in bring everything. Bring everything and then we could sit here with them and we can do it together.”

It is not always easy to understand, but don’t suffer in silence. Call Short Sale Facilitators and get the answers you need. Alma and her team will help you figure out the programs you qualify for and they will be there to answer all your questions and work through the entire process with you.

10 Reasons to Consider a Short Sale

There are many reasons a homeowner may want to consider a short sale of their property. Ten of the most common reasons are:

1) Underwater Mortgage

Being underwater in your mortgage means that you owe more on your home than the home is worth. Even if you could sell your home, you could not sell it for enough to pay off the mortgage. An underwater mortgage means you have negative equity in your home.

Short Sales Can Help When Suffering Financial Hardships

Short Sales Can Help When Suffering Financial Hardships

2) Financial Hardship

The reasons for financial hardships are often outside the control of the homeowner. These could be loss of employment, divorce, illness or even death of a family member.

3) Loan Modification Did Not Work

Some homeowners work with lenders to modify the loan through the Home Affordable Modification Program (HAMP). If the loan modification does not work, then foreclosure may be a real possibility. A short sale is often considered as a way to circumvent the foreclosure of your home after other methods have failed.

4) Prevent Foreclosure

Many financial hardships do not happen overnight. Often, families suffer from financial difficulty long before they come to the conclusion they can no longer afford to make their mortgage payments. The short sale of your home is a pre-foreclosure process and many people enter into the short sale because they know the lender may start foreclosure. Homeowners do not want a foreclosure on their record, so they turn to a short sale instead.

5) Credit Impacts

There will always be an impact to your credit when you go through a short sale, foreclosure, or bankruptcy. Depending on your credit history when you start the short sale process, a short sale may have less impact than a foreclosure or a bankruptcy. The time you must wait to purchase a new home may also be less than with a foreclosure.

6) Little or No Cost

When a seller decides to list their property as a short sale, there is often very little added financial stress to the seller. There is also no cost to the seller to use a short sale facilitator to negotiate the short sale with their lender. These fees are paid at closing but not by the seller.

7) Avoid Eviction

One thing distressed homeowners worry about is the fear of eviction. With a short sale, you generally stay in your home longer and if you work with a short sale facilitator, they will work to negotiate a specific move-out day for you. This eliminates the fear someone could knock on the door at any time and start the eviction process.

8) Debt Relief

When the short sale is completed, the financial stress of the mortgage will be gone. In addition, you will no longer be responsible for property taxes or maintenance costs for upkeep on a home you cannot afford. The negotiators at Short Sale Facilitators work tirelessly to minimize the potential for a deficiency after the sale. (A deficiency is the difference between what the home sold for and the amount owed to the lender. A strong negotiator works with lenders to minimize the possibility deficiency debt.)

Short Sale Facilitators Negotiates Moving Expenses Whenever Possible

Short Sale Facilitators Negotiates Moving Expenses Whenever Possible

9) Relocation Expenses

In many cases, there are funds available for relocation expenses. Government programs such as HAFA provide for relocation and in some cases, lenders may provide relocation funds as well.

10) Positive Outcomes

When a short sale is complete, the seller has an opportunity for a fresh start without a foreclosure or bankruptcy on their record. The lender has avoided the litigation costs of foreclosure and the buyer gets to purchase property at a good price.

Making the decision to give up your home is difficult and when combined when health, family or financial hardships the stress adds up. There are considerations and pitfalls that you should consider when you list your home as a short sale. Alma Korshak of Short Sale Facilitators of Casselberry Florida encourages you to ask questions!

Short Sale Facilitators. The Power of Negotiation.

Short Sales in Florida and Across the U.S.

Homeowners turn to Short Sale Facilitators in Casselberry Florida to negotiate their short sales across the U.S., in any of the 50 states.

The key to the success of any short sale is having a skilled negotiator like Alma Korshak working out details of the short sale with your lender.

Listing your short sale in any state is similar to a traditional real estate listing.

1. You must find a realtor to list the property

2. If the property is out of state Alma recommends you find a realtor in the area where your property is located.

3. Alma also says it is better if you can find a realtor that understands the short sale process so they are familiar with what must be done.

4. Realtors like working with Short Sale Facilitators because agents know how much time and attention short sale negotiations require.

5. When you list your property for sale, the realtor will visit the property and determine the fair market value of your home.

6. This is why having a realtor in the area where the property is located is important.

7. Sometimes when the owner of the property is not the area to watch over the home, it can fall into disrepair.

Remember, a short sale is a real estate transaction where the lender agrees to accept less money in the sale of the property than what is owed, so having the property in the best shape possible helps. But even abandoned or vandalized property can be sold as a short sale. Even more reason you need the power of negotiation that Short Sale Facilitators offers.

What Do I Tell the Bank?

If you haven’t made payments, eventually the lender will contact you. It is best to answer their calls, or better yet, contact them yourself.

“If you’ve decided to short sale your property my advice would be to contact your lender and explain to them that you are in a financial hardship and that you can no longer afford to make your payments,” Alma said.

“And that you are in the process of listing your property as a short sale. It is much better when the lender knows about your plans to short sale your home.

“If your lender cannot contact you, the lender thinks there is no option other than to proceed toward foreclosure. Honest communication with your lender is best.”

Why Use a Short Sale Facilitator?

Some real estate agents have experience processing short sales and some do not. Short Sale Facilitators only processes short sales so they have the knowledge and skills to manage all aspects of the short sale process when the home is sold.

Even if your property is elsewhere, Alma Korshak will work with lenders to negotiate your short sale. When you list your property as a short sale, it is important to tell your agent you want to work with a short sale facilitator.

Having a strong short sale negotiator is important. There are no fees to you for our services, so that you do not have to worry about going further in debt.

At closing, Short Sale Facilitator’s fees will be paid, but not by the seller.

The one thing Alma does recommend is to include the fact you are using a third party facilitator in the contract when you list the house for short sale.

“And it’s important that their agent disclose when they take that listing, it’s important that they disclose in the attachments that there is a third party facilitator that’s gonna be processing the short sale because that way it doesn’t take the buyer’s agent by surprise.”

Regardless of whether your property is in Florida or in another state, you can call on Short Sale Facilitators to answer your questions and negotiate your short sale for you.

Every short sale has it’s own individual challenges and Alma Korshak has seen them all. She will keep you and your agent aware of the short sale negotiation and contact you immediately when there is news about your short sale. Short Sale Negotiators works on your short sale with your lender every day so you know you are in good hands.

Even though you or your property may be out of state, the negotiation with the lender follows the same process.  Short Sale Facilitators will negotiate with your lender so your real estate agent can focus on marketing your property for short sale.

You can relax and let Alma and her team of professionals manage and negotiate even the most complex short sales.

Alma Korshak’s number one priority is negotiating for you and she will not rest until she has exhausted every possible way to minimize deficiencies and bring your short sale to a successful closing.

Alma has helped short sale clients for over seven years. Call the office in Casselberry Florida to schedule a call or a meeting so they can help put your mind at ease about the short sale of your home regardless of where it is located.

6 Reasons to Pay HOA Fees

Payment of HOA fees is critical in a short sale. Alma Korshak gives six good reasons to pay your HOA fees before a short sale.

1) Late Fees Add Up

Unpaid HOA Fees Add Up

Unpaid HOA Fees Add Up

If your HOA fees are not paid in a timely manner, the HOA will turn the delinquent account pver to an attorney to collect.

Alma says, “Once that account, your account, goes to an attorney to handle, in my experience, I see the HOA dues go from you owing two or three or five hundred dollars, to owing two thousand dollars.”

In addition, once the account has been turned over to the attorney, you can no longer deal with the Homeowner’s Association – you must deal with their attorneys.

2) Lenders Won’t Pay

Several years ago, lenders may have picked up delinquent dues, however, that has changed over the last few years. The servicer is only required to pay 6 months or 1% of delinquent dues so even if they might pay some, they are not obligated to pay all of the fees.

3) HOA Can Put a Lien on Your Property

HOA’s can put a lien on your property for the delinquent HOA fees you owe. The HOA or their attorneys become another party in the negotiation of the sale. This amount must be paid at closing or you risk the property not selling.

4) Estoppel Letters Cost Money

Every time Short Sale Facilitators must order an estoppel Letter from your Homeowner’s Association, it costs money. The fees can be anywhere from $200 – $250. You can see how the fees add up when you think about the original HOA fees due, the late fees, attorney fees and fees for Estoppel letters.

5) HOA Fees Make Negotiation More Difficult

If you have not paid your HOA fees, you make the negotiation of your short sale more difficult. There is now additional debt you owe – often increased because of late fees, lenders have limits on what they will pay, and you may have an additional lien on your property which makes the negotiation of your short sale more difficult.

6) You Pay in the End

Distressed homeowners are already in financial trouble, so ignoring smaller HOA fees and allowing them to grow into larger amounts just increases the debt that must be settled before closing.

If the short sale contract does not close, you end up losing in the end because you are still obligated to a mortgage you cannot afford in addition to the outstanding HOA fees.

“So that’s why I strongly advise all of my clients, once I do get the short sale into office to please, whatever you do,” Alma said.

“I understand, you’re under hardship, you’re no longer able pay your mortgage. But if you are in a community where there is a homeowners association, I really do strongly advise that you do keep up with those because it makes the negotiations of your short sale a lot more difficult when it comes to negotiating with the homeowners association and the law firm.”

Paying your HOA fees helps Short Sale Facilitators negotiate the best possible deal when you sell your home through a short sale and get out of a mortgage you can no longer afford to pay.

Starting a Short Sale

There are some basic steps in understanding what a short sale is in order to start the short sale process. Short Sale Facilitators want you to understand the terms and be informed and involved every step of the way in the sale of your short sale property.

Understanding a Short Sale

What is a Short Sale

A short sale is a real estate sale where the lender agrees to take less money for the property than what is owed on the loan.  The lender is “shorted” on the amount owed on the mortgage.

What is Pre-foreclosure?

Short sales and pre-foreclosures may happen together but a pre-foreclosure has a specific meaning. A property in pre-foreclosure generally means the property is in the final phase before the bank starts the foreclosure process. Most pre-foreclosures properties have missed payments and the bank has notified the owner of their intent to foreclose on the property.

Short Sale vs. Pre-foreclosure

A Short Sale Could Help Keep You Out of Foreclosure

A Short Sale Could Help
Keep You Out of Foreclosure

A short sale is often started when a home is in pre-foreclosure and is often referred to as a pre-foreclosure process, however, a property in pre-foreclosure is not always sold as a short sale. Depending on the lender, a home might be a candidate for a short sale even if the homeowner has not missed any payments.

Sometimes homeowners that are underwater (the property value is less than what is owed on the mortgage) may want to negotiate a short sale with a lender in order to prevent the foreclosure process. Some lenders may actually require that you miss payments before you can short sale.

Sometimes homeowners that are underwater (the property value is less than what is owed on the mortgage) may want to negotiate a short sale with a lender in order to prevent the foreclosure process. Some lenders may actually require that you miss payments before you can short sale.

What is a Foreclosure

A foreclosure property in one in which the bank has started the legal process to take possession of property as a result of the owner defaulting on the mortgage payments.

Short Sales after Foreclosure

Yes, but the success of the short sale depends a lot on how far the foreclosure process has progressed. The best advice if you need to short sale your property is to make the decision sooner rather than later. Short sales and foreclosures involve a lot of paperwork and scheduling and often there are multiple lenders involved. Your chances of postponing the foreclosure process while you short sale your home are much better if you talk to your lender early in the process. If you wait until the foreclosure sale date is close, there may not be enough time to stop the foreclosure from taking place.

First Step in a Short Sale

The first step is making the difficult decision to short sale your home. It is a difficult decision and an important one. Second, it is important to understand your options and what is involved every step of the way. Call Short Sale Facilitators of Casselberry, Florida. They will answer any questions you have about the short sale of your home. Once you have the knowledge you need, your next step will be to list your home as a short sale with a realtor.

Short Sale Negotiation

Short sales are very complicated. There may be multiple lenders and tax or HOA liens on the property, or you may already be in foreclosure. In addition, the property may be worth less than what it can sell for, and a strong negotiator is a person who will work with the lender to minimize any deficiency that may remain once the property is sold. They can often negotiate some relocation assistance to help you move after the sale.

Short Sale Facilitators Help

Alma Korshak negotiates short sales with lenders every day. She knows the process, the paperwork, and the specific requirements of each lender. She uses this knowledge to negotiate the best possible outcome for her clients.

Fees to Negotiate Short Sales

Any fees due to Short Sale Facilitators are paid at closing but never by the seller. You don’t need to worry about how to pay yet another fee. Schedule an appointment to meet with Alma Korshak in her Casselberry Florida office. They will answer your questions and explain what you need to provide in order to start the short sale of your property. Let her help you and your realtor by managing and negotiating all aspects of your short sale.

Short Sale Facilitators. The Power of Negotiation.

Consider a Short Sale Before a Foreclosure

Consider a Short Sale Before Foreclosure

Consider a Short Sale Before Foreclosure

Ideally the decision to list your property as a short sale with a short sale realtor would be made BEFORE a lender begins the foreclosure process on your home. The time before a foreclosure occurs is also known as a pre-foreclosure, Alma Korshak said.

A short sale is often referred to as a pre-foreclosure process, said Alma who has been processing short sales for over seven years.

Short sales are complicated and sellers should not be afraid to ask for help. It is much better to pick up the phone and ask for help from a person who works solely with short sales when you do need help and answers.

Alma understands what it takes to negotiate a short sale especially when a pre-foreclosure or a foreclosure is involved. It’s difficult for homeowners to realize that ALL short sales are different. All foreclosures are different. Just because a homeowner says at the last minute that they will do a short sale doesn’t mean that it can happen.

Call Short Sale Facilitators to get the answer to that question.

“You bought your home for a different amount, using a different lender, owe different amounts, have different loans, liens, credit, financial and income,” Alma said. “Your home mortgage is an entirely different situation from a friend, a neighbor, a family member. Please, don’t assume that a situation is the same, because it isn’t. Your financing is unique to your home.”

Don’t Wait Until it’s Too Late

Decide on a Short Sale Sooner Rather than Later

Decide on a Short Sale
Sooner Rather than Later

If you know you cannot make your mortgage payments, then seek help sooner rather than later. You can sometimes, based on your particular situation, possibly list your property as a short sale if you are in what is known as a pre-foreclosure.

A pre-foreclosure is where the foreclosure lawsuit is not yet filed, but you may have received many, many notices from a lender that if you don’t pay what is owed, the issue could become a lawsuit to receive the money for the property.

If you know you’re late on payment by even a month…This is when you consult with Short Sale Facilitators to find out if short sale is an option for you you. It is but it is best to do this as early in the foreclosure process as possible. You realize a foreclosure lawsuit is in the works. You may have already received a lis pendens.

When a foreclosure and short sale are both in progress, handling the paperwork and staying on top of all the details is extremely important. The lender must be informed throughout the process. The more the lender knows about the status of your short sale, the better. That’s where Short Sale Facilitators’ strong negotiation experience is crucial in the success of your short sale.

“We have to monitor the foreclosure with the short sale lender,” Alma said. “Once we get the contract and it is under contract and there’s a foreclosure sale date, our job is to monitor that foreclosure.”

Unfortunately, there are some cases when the lender cannot or will not postpone the foreclosure. After the courts have established a foreclosure sale date, there may not be enough time to get the foreclosure postponed. Most lenders need a good thirty days in order to start postponing a foreclosure sale date.

“We can’t work miracles but we will monitor that foreclosure and speak with the short sale lender and ask them to please postpone it,” Alma said.

If your home is in foreclosure and you are considering a short sale, call the office of Short Sale Facilitators. The process will be explained in a way that is easy to understand. A checklist will be provided that explains the paperwork needed so you understand your role in the short sale.

It is important that sellers stay involved in the short sale of their property. You must provide all the documentation required before Alma and her team can negotiate your short sale. Once you turnover all the paperwork, they will negotiate with your lender for the best outcome possible.

Understanding your options can help minimize the stress involved in a short sale. The idea of losing your home is difficult and the team at Short Sale Facilitators understands what you are facing. Call 321-397-5505 to schedule an appointment to discuss whether a short sale is a possibility for you.

Will Mortgage Debt Relief Act Be Extended?

If the Act is Passed

If the Mortgage Debt Relief Act is extended, there may be good news on the horizon for homeowners who recently had a mortgage forgiven by a short sale or a loan modification or a foreclosure.

The Mortgage Debt Relief Act is included in a bill approved by the Senate Finance Committee.  The latest extension expired as of December 31, 2013.  Some homeowners were at risk of a tax burden for the amount forgiven. On Thursday, April 3, 2014, the Senate Finance Committee approved a two-year retroactive extension of the bill.  If the bill is enacted, it will be good news for those distressed homeowners who may have otherwise received a tax bill they may not be able to afford to pay.

Mortgage Debt Relief is Only Part of the Bill

But here’s the problem.  The bill on the table contains other concerns – not just The Mortgage Debt Relief Act. The full Senate and the House must approve the proposed bill before it becomes law. There may be hurdles and negotiation because of the other inclusions. It’s still good news and something the National Association of Realtors (NAR) has been pushing for.

Seeing movement on the extension of this bill is encouraging for those who were worried about listing their home as a short sale.  And for those homeowners whose mortgages may have been relieved since the bill expired in 2013, there is hope that the bill will pass.

While some homeowners may have been waiting and hoping for the Mortgage Debt Relief Act extension, others have not had that option. Short sales continue because homeowners are still struggling. We meet with people who simply cannot pay their mortgage. Some are still underwater, some have lost their jobs or are unable to find work.

If you are in a financial crisis and cannot pay your mortgage, call Short Sale Facilitators of Casselberry, Florida.  Steve and Alma Korshak are professionals with seven years of experience negotiating the terms of a short sale in the central Florida area. Attorneys, realtors and homeowners work with them to handle the complex details of negotiating a short sale.

Call Alma Korshak at 321-397-5505 to schedule an appointment to discuss the short sale of your home.  Alma and the team at Short Sale Facilitators will meet with you to explain the process and discuss the options surrounding your individual situation.

Consult a Professional

Short Sale Facilitators always suggests you consult an attorney or a tax professional with any tax concerns you may have in of the short sale of your home. When you are ready, Short Sale Facilitators will be here to help negotiate the best outcome for you and your family.  At Short Sale Facilitators, every client is a priority.

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950 S. Winter Park Dr., #352

Casselberry, Florida 32707

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