Life is constantly changing. through no fault of your own you can become financially overwhelmed and trapped in a mortgage you can no longer afford. Foreclosure is NOT the only way out.

With an estimated 2.5 million foreclosures projected for next year this country, the emotional and financial costs are astronomical. Neighboring home prices drop in resposne to surrounding foreclosures. this negatviely affects all our communities, as prices continue to fall.

Foreclosures are a legal process by which your lender covers the amount owed on a defaulted loan by taking ownership of and selling your home, which secured the loan. This process doesn't happen overnight, however, and if you get the help you need, it doesn't have to happen at all.

I am confident that I can help. As a Certified Distressed Property Expert with an MBA in Finance I've helped may homeowners to avoid foreclosure. I've been able to help homeowners to stay in their current home others were able to avoid foreclosure through short sale

A "Short Sale" is a relatively new phrase to many homeowners, but this type of sale has been part of the real estate market for many, many years. Regrettably, many Realtors® in our community are not specifically trained in this area. Since I'm a Certified Distressed Property Expert, I thought it would be helpful to briefly review the basics of a short sale. I've also provided an extensive glossary to help you understand the language found in your mortgage and used in home finance transactions. CLICK FOR GLOSSARY

What is a Short Sale?

• A homeowner seeks to sell for less than what is owed on the mortgage.
• The lender authorizes and accepts the sales price as a payoff and releases the mortgage.
• The seller avoids foreclosure, and often can also avoid a judgment.
• The seller avoids a negative report to the credit reporting agencies by the lender.
• Sellers won't get any money at closing, but they will avoid the financial and emotional toll a foreclosure can cause.

What is a Certified Distressed Property Expert?

• As a Certified Distressed Property Expert I have received detailed training to quickly assess a homeowner's situation and determine which alternative to foreclosure makes the most sense.
• Working together, we will explore all of your options and I will do everything in my power to help you avoid the stress, heartache, and consquences of foreclosure.
• I have had a great success selling homes in short sale situations. An MBA in Finance and years of real estate experience enable me to negotiate with lenders, on your behalf, to get your short sale completed as painlessly as possible.

How Does a Short Sale Help Me?

• Avoiding a foreclosure will help preserve your credit. Typically a foreclosure will drop your credit score up to 300 points. A short sale has no impact on your credit score.
• A foreclosure will stay on your credit report anywhere from 7 to 10 years, which affects your future purchasing power and your borrowing rates.
• I may be able to help you avoid a "deficiency judgment" from the lender after the foreclosure as they try to recoup their losses.

How Do I Pay the Realtor Commissions, Taxes and Other Expenses Associated With a Home Sale?

• The homeowner DOES NOT PAY any of the expenses associated with the sale of the home, such as commissions and other closing costs. Those expenses are paid by the lender.
• In December 2007, President Bush signed into law the Mortgage Forgiveness Debt Relief Act which eliminates the income tax that used to be levied on the forgiven portion of the primary home's sale. The tax is still in force for second homes and investment properties. For additional information refer to www.irs.gov.

Why Would a Lender Agree to Lose Money?

• It is often less expensive for a lender to agree to a short sale than to foreclose, hold, and sell a property.
• Lenders are in the business of lending money. The more capital they have tied up with foreclosed properties, the less capital they have available to lend.

I've Already Received My Forclosure Notice. Is It Too Late For a Short Sale?

• The short answer is no, but there are a few variables that can affect the foreclosure timeline.
• As a Certified Distressed Property Expert, I am sometimes able to negotiate an extension of the foreclosure timeline for months.
• A short sale of a home can be done and approved up to the day of the bank sale or auction of the home.