My name is Chris Tucker; I am a licensed Realtor with Hope Realty Elite, LLC. As a former bank negotiator, I represented all four top U.S. lenders and multiple smaller banks as a Loss Mitigation Manager. I fully understand how complicated and sometimes intimidating it can be to process a short sale. I have the knowledge and capability to expedite the short sale process with little or no impact to you because of my past experience with short sale negotiations.
As a consumer, I am sure you have heard different options such as loan modification, deed in lieu, foreclosure and finally a short sale option. I am also sure you have been confused by a so-called “customer representative” trying to explain your rights and what the lender is willing to do. Many consumers have come up empty handed and after filling out numerous amounts of necessary paperwork, they are told that they do not qualify for the loan modification that they so desperately need. Consumers are then faced with the option of loosing their home or trying to scramble enough money to stop the foreclosure process and keep their homes. A short sale is a way to alleviate all of your aggravations and financial difficulties in regard to your mortgage.
As a consumer, I am sure you have heard different options such as loan modification, deed in lieu, foreclosure and finally a short sale option. I am also sure you have been confused by a so-called “customer representative” trying to explain your rights and what the lender is willing to do. Many consumers have come up empty handed and after filling out numerous amounts of necessary paperwork, they are told that they do not qualify for the loan modification that they so desperately need. Consumers are then faced with the option of loosing their home or trying to scramble enough money to stop the foreclosure process and keep their homes. A short sale is a way to alleviate all of your aggravations and financial difficulties in regard to your mortgage.
A short sale is when your lender agrees to accept less on the mortgage balance then is owed to allow you to sell your house before it forecloses. The reason your lender is willing to do this is because they do not want to take ownership of the property when it forecloses. They also realize most people do not have any equity in their homes to sell it and most people are upside down on their mortgage. The mortgage lenders are willing to take a small loss now on a short sale, then a huge loss when the home forecloses.
You may have also heard of a short sale program called HAFA (Home Affordable Foreclosure Alternatives). This program was put into place by the Federal Government and then adopted by most major lenders. This program will postpone any pending foreclosure by four to six months giving you and I the time needed to process your short sale. This program also offers incentives of up to $3,000 to homeowners in anticipation of their upcoming moving expenses.
Why should I consider a short sale over a foreclosure?
There are many benefits of a short sale over a foreclosure. If your employment requires a security clearance a foreclosure could pose a serious problem. Outside of a serious misdemeanor or felony, a foreclosure is the most challenging issue against a security clearance. If you are a police officer, in the military, in the CIA, security or any other position that requires a security clearance in almost all cases clearance will be revoked and the position will be terminated. A short sale does not challenge most security clearances.
There are many benefits of a short sale over a foreclosure. If your employment requires a security clearance a foreclosure could pose a serious problem. Outside of a serious misdemeanor or felony, a foreclosure is the most challenging issue against a security clearance. If you are a police officer, in the military, in the CIA, security or any other position that requires a security clearance in almost all cases clearance will be revoked and the position will be terminated. A short sale does not challenge most security clearances.
Current and future employers have the right to actively check the credit ratings of all employees who are in sensitive positions. A foreclosure in many cases is grounds for immediate reassignment or termination. A short sale is not reported on your credit report and is therefore not a challenge to employment.
In 100% of foreclosures (except in those states where there are anti-deficiency laws) the bank has the right to pursue a deficiency judgment. A deficiency judgment is the amount left over on your previous mortgage after the property goes to foreclosure. It may also contain additional processing and attorney fees. In some cases (in all cases with HAFA) after the successful completion of a short sale we can convince the lender to give up the right to pursue a deficiency judgment against you.
Some real estate professionals will tell you that if you are considering filing bankruptcy that there is no point in going through the short sale process because bankruptcy is the worst thing that can be on your credit. I am here to tell you that they are wrong!! Lots of people have filed for bankruptcy and future lenders understand that it was not your intention to become buried with debt. However, by filing bankruptcy you are making the effort to correct the situation and get your finances in order. To future creditors a foreclosure looks like you did nothing.
After a bankruptcy you can begin rebuilding your credit almost immediately and in most cases you can purchase a new home in as little as two years. A foreclosure will stay on your credit for up to seven years. It is always a better choice to sell your home rather the allowing the banks to make financial choices for you.
We at Hope Realty Elite understand that it was not you intention to default on your mortgage. You should not have to face your lender alone. We are experienced, straight- forward, committed, and ready to help you through this process. We understand that you may have heard terrible things about short sales; however we are here to take the burden off of your shoulders. We work expeditiously and always ask your opinion before moving forward. If all else fails, we have a group of investors and developers ready to purchase your home with cash.
It is your decision. The ramifications of a foreclosure can linger for years with one call to Hope Realty Elite you can be moving on with your life in only months. Take advantage of our past experience with negotiations with lenders and let us work for you, the consumer. We are available to take your calls 7 days a week and answer any questions or concerns you may have.
