Tags: CDPE, CDPE designation, Certified Distressed Property Expert, current market value, determine market value, foreclosure, mortgage, North Metro Atlanta area, real estate services, relocation assistance, short sale, short sale process, Tamra Wade, Tamra Wade and Partners
Is a Short Sale Right for You?
The number of homeowners selling their home for less than the outstanding mortgage, known as short sales, is growing, according to government data. Chances are, you or someone you know is facing the possibility of foreclosure. Today, one out of every 10 homeowners in America is behind on their mortgage payments. These are tough times for many people but foreclosure can be avoided, your credit can be saved and your financial future can be salvaged.
Here are a few things homeowners should consider when pursuing a short sale of their property:
1. Explore other options. Could you qualify for a loan modification that would make your home affordable? Your lender may be willing to lower the interest rate or extend the length of the loan to lower the payments.
2. Determine the current market value of your home and compare it to the outstanding balance on your mortgage. A licensed Realtor with the CDPE designation can help you determine market value and also be very helpful in navigating the short sale process.
3. Assemble your financial documents — tax returns, pay stubs and bank statements. Lenders will want to look at those documents, as well as, a hardship letter before approving a short sale.
4. Be patient. Short sales are sometimes a lengthy process and waiting for a response from your bank is sometimes very tedious.
5. Check to see if you are eligible for the $1,500 in assistance the Obama administration is making available to some sellers who participate in a short sale. For the first time the government is offering moeny to the distressed homeowners themselves, as “relocation assistance”.
Tamra Wade
Tamra Wade is a licensed Realtor with the CDPE designation – Certified Distressed Property Expert. The Tamra Wade and Partners Team was recently named the #6 Team in the State of GA! Let our knowledge and expertise of all aspects of Real Estate, work for you!
Call 1-855-770-HOME or email tamrawade@tamrawadeandpartners.com for more information.
Click Here for Tamra’s Team Website to learn more about the team or real estate services. Also, to view available homes in the North Metro Atlanta area.
Click Here for Tamra’s CDPE Website to learn more about foreclosures and short sales.
[caption id="attachment_241" align="aligncenter" width="252"] Bring One for the Chipper[/caption] The "Bring One for the Chipper" Campaign is taking place all across Atlanta. If you haven't heard, "Bring One for the Chipper" is a Christmas tree recycling program in Atlanta. The 2011 event celebrates 20 years of "treecycling" in the state of Georgia. This is a great opportunity for families in North Metro Atlanta area to recycle within their communities at local drop-offs. Gwinnett County: In...
[caption id="attachment_250" align="aligncenter" width="300"] Photo By www.knowpickens.com[/caption] The "Bring One for the Chipper" Campaign is taking place all across Georgia TODAY. If you haven't heard, "Bring One for the Chipper" is a Christmas tree recycling program in Georgia. The 2011 event celebrates 20 years of "treecycling" in the state of Georgia. Information for all drop-off areas in Georgia is available by zip code on the "Bring One for the Chipper" website at www.KeepGeorgiaBeautiful.org. ...
