 Short Sale
Making the right decisions on how to resolve a mortgage problem requires good information. Whether you are looking for help on how to hold on to your home, or the safest way to let it go or sell it, I have built this site to provide you with tools to help you make an informed decision.
Selecting An Agent To Handle Your Short Sale
Selecting the best agent to both get your home sold and reach a settlement with your lender can be challenging.
When you are ready to select a real estate agent to handle the sale of your property, you will want to find an agent that meets the following criteria:
An agent you believe you can trust.
It helps if you have experience with the agent or if the agent was referred to you by someone you trust. Look for an agent with whom you feel comfortable. Short Sales are not always easy; you want someone you can talk to.
An Agent who listens.
Your agent will need to gain a real understanding of your situation, and to do that they will have to listen. The agent will also need to listen to your lender to determine the best way to get your Short Sale approved. Active listening is a critically important component to a successful short sale.
An Agent With Patience
Sometimes Short Sales move quickly, and sometimes Short Sales move more slowly. It will take an agent with patience and a steady hand to get Short Sales approved.
An agent with experience in handling Short Sales.
Short Sale transactions involve issues that don’t come up in traditional real estate transactions, and you want an agent that gives you the best chance possible of getting your Short Sale approved on terms as favorable as possible.
Loan Modification
For those homeowners who are ready to roll up their sleeves and go to work to save their home, a loan modification is a good option. Getting your lender to approve a loan modification will require persistence and patience, but it’s worth the effort.
It’s never a bad idea to consult with multiple information sources to settle on the best answers for tough situations. For information on mortgage difficulties, here are a few of our favorites
Hope Now
www.HopeNow.com
The Hope Now Alliance was formed for the purpose of providing assistance to homeowners committed to saving their homes. Hope Now is a non-profit organization that receives much of its funding from the mortgage industry and whose efforts are widely considered to be pro-homeowner.
1-888-995-HOPE (4673)
A toll free number, manned by counselors trained to help homeowners having trouble with their mortgage.
Center For Responsible Lending
www.ResponsibleLending.org
Established specifically to address the problems related to predatory lending, the Center For Responsible Lending is a good source for information on issues related to problem mortgage.
Call Your Lender
Your lender wants to speak with you – they really do. It may not always be easy to get in touch with someone when you call, but don’t take that as a signal that your lender does not want to talk.
The mortgage delinquency problem is affecting people all over the country, and it is a big job to speak with everyone that wants to talk. Lenders often have a difficult time handling the incoming call volume.
If you don’t get through right away, keep trying. Here are a few tips to consider when you do get through:
• Note Your Conversation.
Make a note of who you speak to – note the day, date and time. Do your best to take notes on the conversation. Don’t be afraid to ask the lender representative to repeat what they said so you can note it.
• Get a Direct Line.
If you can, get a direct number for the person with whom you speak. It makes it easier to work out your mortgage problems if you can work with the same person throughout the process.
• Avoid The Collection Department.
At all cost, avoid dealing with the Collection Department. The Collection Department is paid to collect and is usually not a good source for solutions. Get to the “Loss Mitigation” Department and you will normally be dealing with someone who is more solutions oriented.
• Be Polite.
If it is help you are looking for, you are more likely to get it if you make a friend, as opposed to an enemy. Treat the lender representative politely and respectfully.
• Do Not Misrepresent Your Situation.
The lender can’t help if they don’t know what the real problem is. Provide an accurate picture of the challenges you face and you stand a better chance of ending up with a solution that will address the problem.
• Ask For What You Need.
It doesn’t do any good to settle on a solution with your lender that does not really solve the problem. Take a hard look at what you need – and ask for it.
• Know What You Want.
Are you looking for a way to keep your home, or are you just asking for enough time to get it sold. Ask yourself what you really want before you call. Then, when you call the lender, outline what you are hoping to accomplish.
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