Hartford Short Sale

Short Sale in Hartford CT

If you are like so many other Americans, you are probably already behind on your mortgage payments or are in danger of falling behind. Fortunately, there is an alternative to foreclosure! Unfortunately a lot of people do not realize there is another option. A Hartford short sale occurs when the lender working with your realtor sells your home or property at a price more comparable to what it is worth rather than the amount still owed on the mortgage.

Before you can apply for a Hartford short sale you must meet a few requirements. First, the home should be valued at less than the amount that is due to the lender. Second, the homeowner must to be in a financial hardship that is preventing them from making payments. And finally, the homeowner has to no longer be able to afford the home. A financial hardship can be many situations such as going through a divorce, a decreased income, relocation for work, unexpected medical expenses, to name a few.

It is required that you prove your hardship by preparing a hardship letter detailing the problem and exactly how it is hindering you from being able to pay the mortgage. Along with the hardship letter you will need to submit a number of other financial documents to the lender. These documents and the letter are considered a real estate short sale package.

Hartford Short Sale Benefits

A Connecticut short sale will allow the homeowner to avoid foreclosure, which is the biggest benefit of all. After going through a foreclosure, it could remain on your credit report for years and that may affect any future employment as well as loan applications. A short sale will show up on your credit report as paid in full, therefor helping you avoid the stigma that normally follows losing your home to foreclosure.

In some instances, the lender will forgive the borrower of the unpaid amount at closing. For example, if you owe $200,000 on your property and it sells for $150,000, you would be forgiven of the $50,000 deficiency. This is not always the case and it depends on factors such as your Hartford short sale specialist’s experience, the remaining balance on your loan, and your lender’s individual policies.

There are some lenders that offer Short Sale Incentive Programs which may include relocation money to help them get back on their feet once the home is sold. Yet another reason to hire an experienced real estate agent who is familiar with your lender’s short sale practices. Keep in mind that services provided by your Connecticut short sale specialist are completely FREE to you! The lender takes care of all commission and closing costs.

If you want more information on Hartford short sales or need help finding a Connecticut Short Sale Specialist near you call us now! 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Our short sale specialist Realtors are highly advanced and experienced in short sales and are ready to help you with yours!  Call today to see if you qualify for a short sale!  Our Hartford CT short sale specialist Realtors are here to help, and are certified and trained in the Connecticut Home Affordable Foreclosure Alternatives, or HAFA short sale program.

Copyright First Coast Realty Associates 2011

Preparing a Mortgage Short Sale Package

The time has come, and you are ready to sign that home loan so that you can proceed with the life you have worked so hard for. However, did you have a back up plan? Did you consider what could happen if a certain situation caused you to no longer be able to own your home anymore? When an exciting moment like buying a home is at the top of your mind, it is very hard to think about the possible negatives that could occur later down the road.

 If a time should ever arise where  you can no longer afford to keep your home, please, understand that you do have options available. One of these many options is a short sale. A short sale is simply asking your lender for permission to sell your home for less than the original value. 9 out of 10 times the lender will typically agree because of the costly proceedings of a foreclosure, and with a short sale, they still make money.

• It is very important to speak with your lender right away should you be in a financial bind. Your lender will only know what you tell them, so be honest. Your lender will more than likely ask you to put together a short sale package. This package may be your ticket to the qualification of your short sale. The following items are what to expect in most short sale packages.

• The Hardship letter

This letter will not be an emotionally easy letter to write. You are likely to express all kinds of different emotions into it; sadness, anger,guilt, etc. But it’s ok. Your lender is not looking for a letter that isn’t going to have your heart poured out on to it. You will want to explain to them how your hardship started, how it has caused you to not be able to meet your financial obligations, and steps you have tried to overcome it. It’s okay to be honest. Honesty is what they want.

• Proof of income and bank statements

Your lender will typically ask you to obtain certain financial documentation such as: Bank statements, pay stubs, W-2′s, etc. The reasoning for the asking of these things is to show proof of your struggle.

This is only a few key points on preparing a short sale package. It is highly advisable to contact a Hartsford short sale Realtor so that they can help you acquire your needed documents and help you get through your hardship letter.

If you are looking for a promising ending to your short sale, then contact an experienced short sale specialist. Contact a Short Sale Specialist or if you have any additional questions on short sales, get in touch with us right away. 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Contact a local short sale expert.

If you have been searching for a Hartford short sale specialist to help you with your short sale, then you are in the right place! Our Hartford area Certified Distressed Property Expert real estate agents are here to help, and are trained in the Connecticut Home Affordable Foreclosure Alternatives, or HAFA Government short sale programs.

Copyright First Coast Realty Associates 2011

GMAC Mortgage Short Sale Qualifications

GMAC can aid customers that are at risk of foreclosure. Our economy is struggling, leading to a decline in jobs and property values. These are two key factors that may possibly cost you your home. Many homeowners are finding it impossible to afford their home or property. With the real estate market in the shape it is in, the mortgage companies are feeling the repercussions as well. The percentage of foreclosures is the highest it has ever been, but a GMAC short sale can help you avoid a foreclosure sale. You may be able to sell your home for a price less than the amount still owed on the home. When a home is in distress; there are a few options available to you. The most beneficial of these is a short sale. If your home or property is valued at an amount which is less than what you owe the mortgage company and you are in a financial hardship you may be able to qualify for a GMAC Short Sale.

Not all homeowners in distress will meet the qualifications for a GMAC Short Sale. It is important to understand that a short sale is designed to help customers who HAVE to sell their home and not for customers who simply WANT to sell. To find out if you can apply for a short sale, you should first find a real estate agent that specializes in short sales.  This agent should be familiar with the ins and outs of a GMAC Short Sale. After selecting the right Short Sale Specialist they can lead you through the process and be your representative with GMAC, dealing directly with the company. The homeowner applying for a short sale must be behind on payments or at risk of falling behind, and have a financial hardship.  A financial hardship is a situation that can cause you to fall behind on payments. Some of these include:

• Losing a job
• Being relocated by your job
• Divorce
• Death or illness of family member
• Increased medical expenses

Once your agent has concluded that you meet the qualifications for a short sale with GMAC, you can begin the application process. GMAC and your agent will need to have access to your financial records, including the most recent income and expenses.  You will receive several documents to fill out and will have to prepare a hardship letter, proving and detailing your financial hardship.  All of this will be considered your Short Sale Package.  In order to ensure the price is fair, GMAC may have the property appraised and even compare similar listing prices in the area. After a price is set, the sale can continue as it normally would. Any offers on the home must be presented to GMAC for approval. When a short sale is complete, you may be forgiven of any unpaid debt. Be sure that the Hartford short sale specialist you select explains any other Short Sale Programs available to you. There are also Short Sale Incentive Programs available that may assist you after the sale with relocation.

If you are a homeowner in distress or are currently facing foreclosure, it is highly recommended that you seek out the FREE services of a GMAC Short Sale Agent. Contact the Short Sale Specialist Network to be connected to a local real estate agent!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you running out of alternatives to foreclosure?  We have your solution!  A Short Sale with GMAC mortgage .Our Short Sale Specialists are ready to help you sell your home. Our stop foreclosure specialists provide FREE short sale expert services to  homeowners in hardship. Call today to see if you qualify for a GMAC short sale! Need a Distressed Property Expert certified in GMAC short sales to offer free short sale services? Our area GMAC Short Sale real estate agents are here to help, and are Certified and trained in the GMAC HAFA short sale program.

Copyright First Coast Realty Associates 2011

Hartford Has Help for Foreclosures

You may be one of the many behind on their mortgage. These realities may be disheartening but hold on to your hope. You may have a few options available to you that you may not be aware of. Have you ever heard of (HAFA)? This is the Home Affordable Foreclosure Alternative; within this program you may receive an incentive of $3,000.00 to help relocate you. The options within is the deed-in-lieu (DIL) and a short sale.

A short sale is the more preferable choice. When your home is worth less in today’s market than your original purchase your lender will accept less at the close of the sale. A DIL is where you sign your home back over to the lender and you regain part of the investment without losing it all with foreclosure.

When facing these options you need a professional’s guidance. This is where a  Distressed Property Expert comes into play. They will guide you through your options and help you make them a reality. They speak on your behalf to the lenders and would help in the sale of a short sale.

Distressed Property Experts certified in Short Sales are specially trained to know exactly what to do when a homeowner’s home gets depressed. It’s nice to have a clear minded defense system when you’re overwhelmed with emotions that are willing to look out for your better interest.

Due to the economy the housing market has had a turn for the worse. Before this short sales were very rarely accepted by lenders. Now in today’s market with short sales becoming more popular many agents have never worked with this type of sale and cannot assist in your time of need. There are agents who consider themselves short sale specialists and are actually certified in Distressed Property Short Sales. Only one fourth of agents out of the millions are Distressed Property Experts Certified in Short Sales.

Why wouldn’t you want to find an expert in your time of need to help be the key to your success in such an important aspect of your life? If you need more information on a Hartford Distressed Property Experts and want to find one locally call a short sale specialist today 1-877-737-4903.

While it is important to have a trained short sale specialist there is no substitute for experience. To contact us today to get in touch with a experienced Hartford short sale specialist call 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Call today to see if you qualify for a short sale! Need a Distressed Property Expert Certified in short sales to offer free Chase short sale services? Our Hartford CT area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Connecticut Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011-Sharon Molnar

Wachovia Bank is a division of Wells Fargo Bank and it has earned repute in America for providing a number of financial services. Among others, it has been offering mortgage loans to a number of people and in this regard, Wachovia Bank stands distinct among other banks because Wachovia short sales do not take as much time to close as other banks do. The sole reason for this difference is that Wachovia bank, unlike other banks, is a portfolio lender that provides loans independently. It does not have to come into negotiation with actual lenders and waste a lot of time in the short sale process.

How Wachovia Bank takes less time as compared to other banks will be clarified if we first try to learn the typical process of a short sale followed by contemporary banks.

How do typical banks do short sales?

Sellers often complain about the indifferent behavior of banks saying their requests are turned down without any reason, banks do not process their applications on time and lenders do no pay heed to accepting short sales. Besides, these banks require a plethora of documents along with short sale requests. This includes last two years of tax returns, W2s, payroll stubs, complete financial statement, bank statements, and hardship letter.

Then a lot of time is consumed by lenders who have to approve the short sale requests because they are the persons who will have to bear the brunt of the short sale. Sometimes, more than one lender is involved in a mortgage and in such cases banks have to obtain the final approval from all lenders. All this consumes a lot of sellers’ time. Now consider how Wachovia bank processes short sale requests.

Wachovia Short Sales:

Wachovia bank is famous for approving short sales within a small amount of time. They does not require tons of paperwork; neither do they waste time in communicating with third persons because the bank itself owns the mortgage loans. While doing a Wachovia short sale you will be asked to furnish fewer documents, such as:

• Buyer’s duly signed proposed offer
• A letter clarifying that the buyer is eligible to obtain mortgage
• The copy of agreement signed between the seller and his listing agent.

Once you have submitted your application, the bank will appoint an agent to contact you and ask some questions to assess your financial hardship. He is also assigned to conduct the house survey and give the BPO. On the submission of the agent’s report, the bank will decide whether you are eligible to do a short sale or not. Within a few weeks, you will receive a bank notification approving or rejecting your request. Once approved, you will have to close the deal within thirty days.

All in all, Wachovia does not test the patience of sellers and buyers. Neither does it take such a long amount of time that by the time a short sale is approved, the buyer appears to have relinquished from his offer. Get in contact with a Hartford short sale specialist so that you can gain more knowledge on the Wachovia short sale process!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you looking for a Hartford CT short sale Realtor? Look no further! Our stop Connecticut foreclosure specialists provide FREE short sale expert services to Hartford homeowners in hardship. Call today to see if you qualify for a short sale! Need a Hartford Certified Distressed Property Expert in short sales to offer free short sale services? Our Hartford CT area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Connecticut Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011-Sharon Molnar

The BPO is one of the important components of a short sale. It is the abbreviation for “Broker’s Price Opinion” and plays an important role in evaluating the property’s current market value. No short sale is approved unless it matches the BPO.

A homeowner who cannot afford his mortgage payment submits a short sale request to his bank. The bank first reviews his application and other documents to decide whether he is eligible to do the short sale. Then they hire a real estate agent to get an estimated idea about the current value of the house.

The bank’s agent gives his opinion after performing the following actions.
a) He makes a visit to the house and inspects it thoroughly.
b) He prepares a list of repairs and assesses how much they will cost.
c) He conducts a survey in the market to learn the market value of the house.
d) He presents his report based on his evaluations to the bank.

On the basis of his opinion, the bank will demand the seller to search for buyers who can pay the amount, no less than the short sale’s BPO. For instance if a house was obtained at $200,000 and its current value has been estimated by the broker to be $150,000, now the lender as well as the loan servicer will not approve the sale unless they are offered $150,000 or more.

Since the lender has decided to approve the short sale, it means he has agreed to accept less than what he deserved previously. However, it does not mean that he is willing to accept any offer made by buyers. In fact, he restricts the buyer’s offer to be within the range of the short sale BPO. If an offer does not match the BPO, it will meet rejection and the seller will be required to find a different buyer who can pay a higher amount.

Some homeowners mistakenly equate the rejection of a short sale offer to the rejection of the short sale and surrender to the foreclosure process. If a lender rejects a short sale offer, it does not mean that the short sale has been denied altogether. It only implies that the lender did not agree to accept this offer. If a buyer comes with a higher offer, it is more likely to be approved by the same lender without any hesitation. Keep in mind, your short sale Realtor will make sure you are aware of all of these specifics.

An important matter here is to influence the broker to give an accurate opinion. It is customary that brokers consider it a part time job and do not discharge their responsibility honestly. They just take a few pictures of the house and make their subjective analysis about the price. In a similar way, some brokers go to a city or town where they do not sell real estate and are not familiar with the marketplace. As a result they make inaccurate reports and give an estimated price which might be higher than the real worth of the property.

Therefore the listing agent should influence the BPO. He can do this by apprising the broker of the buyers’ opinion about the value of the property and also about the reasons it is not selling for a higher price. An accurate BPO always helps sellers find some great offers and close the short sale within the given time frame.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a Hartford Realtor who will offer FREE short sale services to you in your time of need? Our Hartford CT area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Connecticut Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011-Sharon Molnar

It is now estimated that 2.2 million homes in the US are underwater and 900,000 of these homeowners have stopped paying their mortgage. Unfortunately, over 70% of delinquent borrowers are not seeking any type of loan workout program. Most of these people are simply unaware of the fact that there are viable alternatives to foreclosure. While some lenders will require borrowers to attempt a loan modification before resulting to more serious measures, in most cases loan mods prove to be a short-term solution to a long-term problem. Many desperate borrowers have found short sales as a way out of debt.

A short sale takes place when a lender allows a borrower to sell their home for an amount that will not satisfy their mortgage. Borrowers must first prove to be in a financial hardship such as decreased income, divorce, relocation, death/illness in the family and other similar situations. Since Connecticut is a non-recourse state, borrowers are forgiven of the deficiency. This means, if you owe $400,000 on your home and it only sells for $300,000, you are automatically forgiven of the $100,000 deficiency.

It is very important to hire a Rocky Hill CT short sale Realtor to lead the way. Experienced short sale agents have closed numerous transactions and are very familiar with the entire process. Your agent will be responsible for keeping in touch with your bank, therefore it is important to hire a Realtor who has dealt with your lender in the past.

Your lender will pay all traditional seller closing costs in a short sale, including your Rocky Hill CT short sale Realtor‘s commission. If you are considering a short sale, you really have nothing to lose by trying!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Contact an experienced short sale specialist Realtor to see if  you qualify for a short sale today! Our short sale experts offer FREE short sale services! Our Rocky Hill CT area Certified Distressed Property Expert real estate agents are here to help, and are Certified or training in the Connecticut Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011-Sharon Molnar

Mortgage loan modification refers to any amendment that takes place in the actual mortgage agreement which had become a legal document after both of the parties, lender and borrower, signed it out of their mutual consent. This change can be in any part of the agreement including the total amount of loan, the interest rate, the terms for repayment schedule, late charges, and what amounts to the breach of agreement.

Earlier on, lenders were adamant to modifying the loan agreement and surrendering any part of it which otherwise ensured their benefit; however, due to the increasing number of homes going in foreclosure, they are now showing flexibility in this regard and accepting borrowers’ requests for loan modifications.

How A Loan Modification Benefits a Borrower:
The borrower is offered a substantial relaxation in interest rates and repayment schedules. As for the interest rate, it is either lowered down or transformed into a fixed rate; repayment schedule is modified to give the borrower extra time so that he can easily pay his mortgage loan. Thus the borrower can stop Hartford foreclosure with its far reaching consequences that are often calculated to further aggravate financial hardship. However, it does not mean that the lender agrees to these relaxations only out of courtesy; he in fact accepts loan modification requests in order to prevent greater loss at the cost of less loss, thus choosing a beneficial path.

First Step: Submission of Loan Modification Request
First of all, the debtor reviews his monthly income and expenses and tries to restructure his budget in order to meet his loan requirements and avoid becoming deficient. But on realizing that there is a huge gap between his current loan and the corresponding value of the home, he is forced to think of quitting on his loan agreement either by short sale or foreclosure. Both of these options are accompanied by a number of complicated issues and negative outcomes. So the best way to avoid any trouble is to submit an application asking the bank to modify the loan agreement.

Second Step: Bank scrutinizes the Application As mentioned, the lender considers the request as per his prescribed policies. Generally, he requires the borrower to prove that he is suffering financial hardship, that his loan is higher than the real value of his home and that he possesses no other assets to meet his increasing expenses. Complying with these conditions and furnishing all of the required statements do not often lead to the rejection of a loan modification request.

Third Step: Modification Request is either Approved or Rejected
The lender goes through the borrower’s request and analyzes it in accordance with his policies. He then either approves it or rejects it accordingly. Usually, rejection comes when borrowers are found to have furnished fake documents, sold out their mortgage or possessed assets to meet their expenses. On the other hand, genuine requests are approved and sent to the loan servicing department to amend the previous conditions and give relief to the borrower.

Until the issuance of modification notice by the bank, the borrower is supposed to comply with the conditions of the previous loan agreement. However, after the modification notice, the borrower will have to follow the new terms and conditions while enjoying certain relaxations.

www.Short-Sale-Specialists.com

877-737-4903

Contact a local short sale expert.

Are you looking for a Hartford CT short sale Realtor? Look no further! Our stop Connecticut foreclosure specialists provide FREE short sale expert services to Hartford homeowners in hardship. Call today to see if you qualify for a short sale! Need a Hartford CT Certified Distressed Property Expert in short sales to offer free Chase short sale services? Our Hartford area Certified Distressed Property Expert real estate agents are here to help, and are Certified or training in the Connecticut Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Connecticut.

Copyright First Coast Realty Associates 2011-Sharon Molnar

Home Owner – Should he short sale?

There are two options before the homeowner. He can go in either for a short sale or a foreclosure. He is in an unenviable position between the Devil and the deep sea, and both options have their disadvantages. However, he will have to choose the one with the lesser drawbacks. A Hartford CT short sale is a much better option.

A short sale will, in effect, stop Connecticut foreclosure, and you will be saved the damages that would affect the dignity of your family and your credit ratings. Later, you will be able to go in for another mortgage. Foreclosure will eliminate the possibilities of your getting a loan for seven to ten years.

Lender- Why would he prefer a short sale?

Sometimes the value of the property may drop to more than 40% of its cost. In such an event, it would be difficult for the homeowner to find a buyer for the house. The market value would have dropped far below the mortgage on his house. When this happens, the lender would agree to a short sale for much less than the mortgage amount.

The lender would not be able to realize the amount that is due to him. However, if he were to opt for a foreclosure, he will be left with a property that he would find difficult to sell. He would then have to carry out the repairs on the house and maintain it until it is sold. After this, the lender will also have to pay a commission to the real estate dealer and there will, as well be other costs that the lender will have to meet when he tries to sell the house. Therefore, a short sale will be a better solution.

Walking Away Is Never an Option to the Homeowner

After the recent financial crisis, the banks have found many cases where the homeowner has simply walked away from paying the mortgage, even if he is financially capable of it. This is known as “Strategic Default.” This could adversely affect the homeowner, because he will then be foreclosed and his credit rating will drop by about 100 to 300 points. Moreover, all his attempts to get a mortgage will be blocked for at least 5 years.

How Is A Short Sale Good For The Lender?

So far as the lenders are concerned, a non-performing loan is a liability that they would not like to hold on to. Moreover, they have, from experience, learned that a foreclosure will cause them to be saddled with a house that they may find difficult to sell off. This will entail the cost of maintenance, and the cost of selling the property at a lower value, especially if the market value of the house is now far less than the mortgage amount. Therefore, it will be better for the lender to accede to a short sale.

When Do Lenders Go In For Short Sale?

The lender will not go in for a short sale, unless they have filed a notice of default. The homeowner can take this opportunity to make payment until the filing of such notice. He can, in the meantime, make some payments that will revive his loan, and that will give him a chance for a fresh start.

A Short Sale or a Foreclosure?

As a homeowner, in case you are far behind on your payments or want to leave the house, and you do not have the cash to pay off the mortgage, it will best for you to sit back and think of all the options that are available to you and then decide what action you should take. A short sale, when compared to a foreclosure, could save you from having your credit lowered. Additionally, through a short sale you can receive complete forgiveness of any deficiency on the mortgage thanks to help from experienced short sale Realtors. Short sales are completely FREE to borrowers!

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of where your home stands in today’s market, fill out the form below.

Are you looking for a Hartford CT short sale Realtor? Look no further! Our stop Connecticut foreclosure specialists provide FREE short sale expert services to Hartford homeowners in hardship. Call today to see if you qualify for a short sale! Need a Hartford CT Certified Distressed Property Expert in short sales to offer free Chase short sale services? Our Hartford CT area Certified Distressed Property Expert real estate agents are here to help, and are Certified or training in the Connecticut Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Connecticut.

Copyright First Coast Realty Associates 2011-Sharon Molnar