Short Sale Help Losing Your Home In The Town of Babylon? Feeling Helpless? Let Me Help You Sell Your Home As A Short Sale!

Short Sale Help – Losing Your Home In The Town of Babylon? Feeling Helpless?

Let Me Help You Sell Your Home As A Short Sale!

You are behind in your mortgage payments.
You feel trapped and helpless.
You are tired of getting phone calls and letters from the bank that holds your mortgage.
Above all, you feel like you let down your family and yourself.

Losing a job, getting divorced, suffering an illness is why homeowners can’t pay their mortgages. After months of not paying, some give up their homes to foreclosure. It doesn’t have to be that way.

As of now, a short sale is better on your credit than a foreclosure. From what I’ve learned, selling your home as a short sale means you will not be able to get another mortgage at 3 to 5 years down the road. A foreclosure on the other hand, you are looking at a minimum of 7 to 10 years before you can get another mortgage, if at all.

I see all too often homeowners bailing out of their homes only to lose it to foreclosure. It really doesn’t have to be that way.

I know, you are saying I have no idea what you are going through. But, yes I do. We have all been at one time or another faced with loss of income, illness and divorce. I’ve been there as well. I came close to losing my home years ago due to a divorce. My former boss cut our salaries at that time because times were tough. I had my emergency money saved and thought I would be fine but I used that up in 1 year. The cut in salary lasted for 2 years. I had to go out and get a part time job in order to keep my home and pay other bills. Thanks to my Mom for being there to watch my son while I did this. Even though my financial situation wasn’t my fault, I felt sad, angry at my former boss, and a loser. I felt like I was the only person in the world going through this. I’m sure you feel the same way now.

Not everyone can go out and get a part time job like I did. Most do not have someone to watch the kids and it doesn’t make sense to work part time in order to pay for a babysitter. If you been struck with an illness, a part time job to pay the bills is out of the question.

That is why a short sale is better. The bank will get more money for your home than with a foreclosure providing your home is in great condition. I’ve seen some beautiful homes in perfect condition go to foreclosure. Why? The homeowners just gave up due to lack of knowledge about short sales. They are losing their homes anyway so “why bother” is how they end up feeling. Like I stated above, it’s better on your credit and you have a better chance in the future to get another mortgage. That is the way it is now. Who knows if this will all change in the future. Time will only tell.

You are not alone……
There are 180 homes on the market as short sales in the Town of Babylon.
59 in Lindenhurst.
1 in North Lindenhurst.
10 in Babylon.
46 in Copiague.
52 in Amityville.
45 in West Babylon
17 in North Babylon

Letting me assist you with selling your home as a short sale, I will be there for you throughout the entire process and after. It’s hard to face the fact that you are losing your home, but I will be there for you every step of the way.

Contact me today and let me help you help yourself.

Jackie Connelly-Fornuff
Coldwell Banker Residential
Babylon, NY 11702
Direct: (631) 274-1937
Cell: (631) 703-0201
Email: Jackie.Connelly-Fornuff@cbmoves.com
Website: www.longislandrealestatelady.com

Finding A Realtor To Help Sell Your Home As A Short Sale In Lindenhurst, West Babylon And Babylon Area Of Long Island Suffolk County

Finding A Realtor To Help Sell Your Home As A Short Sale In Lindenhurst, West Babylon And Babylon Area Of Long Island Suffolk County

What is a Short Sale?
A short sale is when you owe more on your mortgage than what the market value is on your home. This is simple to understand. It is also better on your credit than a foreclosure. As of now, you will be able to get another mortgage 3 to 5 years down the road. A foreclosure on your credit means at least 10 years before you can get another mortgage.

What Are The Steps To Begin The Short Sale Process?
In order to do a short sale, you have to claim a hardship like: job loss, illness, divorce, etc., anything that has prevented you from being able to pay your mortgage. Your obligations must exceed your income or no Short Sale for you! The bank will not approve it. You have to sit down and hand-write a Hardship Letter explaining what has happened to prevent you from paying your mortgage.

Documents Needed
You need to have the following handy and ready to go once you have a buyer: W-2’s, most recent tax returns, Profit & Loss Statement if you are self-employed, 2 months of bank statements (savings account, checking, etc.), recent pay-stubs if you and your spouse are still working. You also need to include your hardship letter. All of this is part of the Short Sale Package that your bank requires.

Hire A Realtor
The best thing to do is hire a Realtor. Going it alone is not worth it especially a short sale! Not having representation is not a good idea. A Realtor experienced with short sales will help you along the way. Even hold your hand. This is a difficult time in your life and you need someone who can handle the difficulties short sales can bring and maybe even a shoulder to cry on. Your Realtor will even call the bank to find out what other documents they will need just in case. Not all banks are the same and it’s the job of the Realtor to find out what is needed to help keep things going smoothly. Also, you have to send in a Letter of Authorization giving your Realtor permission to speak with your bank during the short sale process. This can be faxed to your bank most times. Without this, your Realtor’s hands are tied. Coldwell Banker has a Letter of Authorization that we can give to our seller clients.

Market Value
Determining market value is the same as if you were selling your home under normal circumstances. We have to price your home based on what buyers are willing to pay. Me, your Realtor, is in charge of that. Once I determine market value, then we can place your short sale home on the market.

You Have A Buyer! Now What?
You have a buyer and now the waiting begins. Your short sale package, purchase agreement, your buyer’s mortgage pre-approval letter, Hud-1 Statement and the Listing Agreement must be sent into your bank for approval.

How Long Does The Approval Take?
I’m glad you asked because there is no clear-cut answer to this. Having 1 bank on the mortgage is better than 2 or more. If there are 2 mortgages then both banks have to approve the short sale. Here is a perfect example of a short sale deal I’m in now: Bank #1 wants to give Bank #2 $10,000 Bank #2 says they want $15,000 and here comes the back and forth negotiations over a $5,000 difference. We went into contract on 12/23/09 and I found out today (3/12/10) that Bank #2 approved the short sale. We are now waiting on Bank #1 to get things in order before we close. In other words, Bank #2 agreed to the $10,000. Who knows at this point when we will close.

Banks are so overloaded with short sales than ever before that it’s difficult to determine how long it all takes. Having 1 bank on the mortgage does simplify things.

Please keep in mind that all banks are not the same when it comes to the short sale process. Consult a Realtor to help you with what paperwork your bank will need from you.

As of April 5th, 2010, President Obama created a Federal Short Sale Program I just hope it’s going to work!

If you have any questions regarding short sales, you can reach me at: (631) 703-0201 I’m here to help.

Jackie Connelly-Fornuff
Coldwell Banker Residential
Babylon, NY 11702
Direct: (631) 274-1937
Cell: (631) 703-0201
Email: Jackie.Connelly-Fornuff@cbmoves.com
Website: www.longislandrealestatelady.com