DO YOU QUALIFY TO DO A SHORT SALE?
Did you buy your home when the market was high? If your payoff is more than the current market value, then your home is upside down or underwater, this is considered a short sale!
CARE’s professional team provides a full service working with all of your lienholders, to obtain approvals til closing. If the bank appraises your home higher than the list price, we will dispute the value until they have agreed to lower, so you can sell your home. Also, we work with your your bank to stop the foreclosure on your home!
***** NO UPFRONT FEES***** You have the option of electing options, be sure to sign our short sale contract.
Ready to get started?
WHAT IS THE PROCESS?
First, fill out the authorization form on the left side. Make sure to sign your name, as the banks are verifying signatures, due to scammers taking advantage of homeowners.
Call into your bank and check to see if you need to go thru the financial process, to qualify for a short sale. The banks will mail you the financial welcome package or you can click on BANK FORMS to see if we have the application.
There are 3 phases to a short sale…
Phase 1: Processing – Review LIST OF DOCS NEEDED and we will confirm with the banks what financials are needed. Make sure to review this form, so you can send over additional information needed. Once all financials are submitted, the bank will process and underwriting will make the final determination, if you qualify to do a short sale.
Phase 2: Negotiating – once the file has been activated for short sale a bank negotiator will be assigned to your file. They will order an appraisal and you may have to update your financials, if more than 30 days. Your CARE rep will be able to alert you of any additional docs needed. Once the bank appraisal comes back, then this is when the banks will either accept or counter the offer submitted.
Phase3: Closing – If the bank accepts the offer, they will issue an approval letter. Once we have the approval letter, we will email you to review before scheduling closing.
DO YOU HAVE A FORECLOSURE / SHERIFF SALE SCHEDULED?
Contact us IMMEDIATELY!!! We work with your bank & foreclosure attorneys to get your sale postponed. If we have more than 30 days we will work with your lenders and there is no fee!! If you are aware of a sale date where we have reached out to you and you do not contact us where we have less than 30 days there will be a fee of $500. Each additional postponement thereafter will be an additional $250 per occurrence. Banks need a full short sale package 10 days prior to a sale, otherwise your home will be sold!!
HOW IS MY CREDIT RATED?
Short Sale – the banks will clear your balance to $0 when they state they will release the lien. After you close we provide a credit building service so that you can buy a home again in 2-3 years.
Deed-In-Lieu – this is a voluntary repossession….the banks can attach a judgment and this can stay on your credit report for up to 7 years. You will be able to purchase a home 4 – 5 years once you surrender your property.
Mortgage Foreclosure – if you WALK AWAY from your home and your property goes to sale, you will end up with a mortgage foreclosure on your credit for 7-10 years. Plus the banks will send you a 1099 and attach a deficiency judgement.
BANKS OFFERING DEED-IN-LIEU?
DON’T ACCEPT if you can do a Short Sale. This reports on your credit report as a voluntary repossession!! The bank will not come after you for the money, BUT they have the right to put a judgement on your credit report for the outstanding amount!
LET THE BANKS HAVE THE PROPERTY!!!
First of all the BANKS DO NOT WANT YOUR HOME…they will work all types of options for you to stay in your home. If you WALK AWAY from your home, the banks will put a mortgage foreclosure on your credit report for up to 10 years, attach a 1099 to your gross wages & mail you a form for the income you received and they have the right to attach a deficiency judgment on your credit. Best option – SELL!!
BANK ASKING FOR A PROMISSORY NOTE?
A promissory note, referred to as a note payable in accounting, or commonly as just a “note”, is a negotiable instrument, wherein one party (the maker or issuer) makes an unconditional promise in writing to pay a sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. They differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists. In common speech, other terms, such as “loan,” “loan agreement,” and “loan contract” may be used interchangeably with “promissory note” but these terms do not have the same legal meaning. Whereas a promissory note is evidence of a loan, it is not the loan contract, which would contain all the terms and conditions of the loan agreement.
WANT TO STAY IN YOUR HOME?
FREE CONSULTATION….If you have been denied a loan modification from your lender, don’t give up – we will work with process your file if we feel we can get this approved!! (READ LOAN MODIFICATION CONTRACT)