If you are facing foreclosure and can no longer afford your home, you may qualify for a Short Sale - even if you don’t think you can (or haven’t been able to) sell your home.Mortgage stress and foreclosure threats can have you asking, "What can I do?" As a Short Sale Specialist , I can help you answer all your foreclosure questions and share with you the solutions that can help lead you out of the tough times and into peace of mind.
My name is Jim Ngo and I am a real estate agent with United Empire Realty. I specialize in working with home sellers who are underwater on their mortgage or are facing foreclosure. For many home sellers, foreclosure is a dark time in life. Through my work, I provide a much needed beacon of hope for my clients to lift out of such a crisis.
While the prospect of losing a home is a hard reality, it's important to know and understand your options, including modifying your existing loan, listing your home for sale (if you have equity in your home), or asking your lender for a short sale approval (if you owe more than the fair market value of your home).
If you or someone you know is facing foreclosure or unable to make mortgage payments, know that there are OPTIONS available and PEOPLE you can trust. Call me today to turn the "heavy lifting" over to someone who can help.
What is a short sale?A short sale is one alternative to foreclosure. In a short sale, the home owner, real estate professional, and lender work together to form an agreement to sell a home at current market value; this agreed upon value is typically below the existing balance on the home owner’s mortgage. The property is able to transfer hands to a new owner, removing the overhead and risk from the lender’s portfolio and relieving the existing home owner of the burden of an underwater mortgage. The short sale process can prove challenging, stressful, and time consuming; it requires persistence and dedication. As a specialist in short sales and foreclosures, I am well-versed in the ins-and-outs of this process, and knowledgeable about the ways to move such transactions to completion. My work allows my clients to realize the freedom they desire from the unwanted weight of an underwater mortgage.
A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds. Depending on your situation, you may be required to make a financial contribution to receive a short sale.
A short sale is an alternative to foreclosure and may be an option if:
- You are ineligible to refinance or modify your mortgage
- You are facing a long-term hardship
- You are behind on your mortgage payments
- You owe more on your home than it’s worth
- You have not been able to sell your home at a price that covers what you still owe on your mortgage
- You can no longer afford your home and are ready or need to leave