AVOID FORECLOSURE & SAVE YOUR CREDIT!

WE ARE SHORT SALE SPECIALISTS!

As difficult as your situation may seem, The LaMonica Group can help! If you are current with your payments, months behind or days away from foreclosure, we have the resources. Due to our extensive experience and longtime relationship with the banks, we are able to convince lenders to postpone action in order to implement a short sale 99.9% of the time.

What is a Short Sale?

Short Sale: (Also called “Short Pay” or “Pay Off”) A process in which a lender agrees to accept a lower amount of an owed debt in exchange for the sale of the property to a third party. For example: If a homeowner facing foreclosure,has an existing first mortgage of $300,000. An offer of $250,000 is acceptable as full payment for the loan. This is a “Short Sale”.

Decreased property value, change in an adjustable interest rate,
interest-only loan now due, loss of income or employment, divorce, medical issues - all contribute to a home owner’s inability to meet the monthly mortgage payment. You should consider a short sale if you are unable to make those loan payments or experience month to month difficulty trying to (often at the expense of other payments due, i.e. utilities or car).

A short sale can offer the homeowner an opportunity for their credit history to reflect a settled debt as opposed to a foreclosure which, as lenders will confirm, will prevent the purchase or refinancing of real estate for seven to ten years.

Usually a home is the biggest purchase and the largest debt for a
family. Acknowledging that debt is now unmanageable is a sad and difficult decision, but a short sale is an alternative which offers hope for the family’s financial future.

Why do a Short Sale ?

The plunge in the real estate market has placed many homeowners in an unfortunate financial situation. More properties have gone into foreclosure in recent months than in the past decade. These are difficult times and many are struggling to keep their homes and maintain credit worthiness.

Until a foreclosure is removed from a credit report it can prevent the purchase or refinancing of real estate at a respectable rate and prevents eligibility for any low interest loans (credit cards, installment loans, credit lines, etc.).

Banks welcome an alternative to foreclosure! Protect yourself and your family, don’t procrastinate! Let us help you identify your needs, seek out your options and achieve your goal.

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