If you have experienced a material change in financial status between today and the day you originally established the mortgage loan on your property, and said material change is affecting your ability to pay the mortgage, this section may be of interest to you.

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiatble when it comes to these transactions.

Technically, a Short Sale is defined as follows:

• A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
• A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

• Financial Hardship - There is a siutation causing you to have trouble affording your mortgage.
• Monthly income Shortfall - A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
• Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage (though many are allowed retirement assets).

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE Designation (Certified Distressed Property Expert) and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me personally for a free consultation.

Many consumers do not understand the short sale alternative, and as a result do not explore this option. If you are facing a financial hardship and even if you have received a Notice of Default from  your mortgage lender(s), in many cases it's not too late to avoid foreclosure.

Understanding your options now could mean all the difference in the world.