Short Sale Negotiation 2017-12-08T11:37:55+00:00

Need to sell, but owe more than your property is worth?

Are you facing foreclosure?

If so, we can help.

As Certified Distressed Property Experts, Nicholas Wild and his team has helped hundreds of homeowners and investors over the years get out of from under the weight of foreclosure, and upside down mortgages through the Short Sale process.

What is a Short Sale?

A short sale is when a lender agrees to release the deed on your property, for less than what is currently owed on the mortgage. If you have a home equity line of credit on your property, or another form of secondary loan, this lienholder will have to agree to accept a lesser amount than what is owed as well. If handled correctly, the Short Sale can be a great solution, but it’s not a black and white, clear cut process.

It requires negotiations between multiple parties with intensive follow up and adherence to lender guidelines. It also requires proper disclosures, and accurate reporting, so it is extremely important not to just trust anyone when it comes to handling your short sale. It’s important to have an expert on your side throughout the process — someone who can troubleshoot and help navigate you through the process.

At Gate Properties & Management, Inc. we have rock solid Short Sale Negotiators who have a high success rate, as well as attorneys who are experienced in this process, that can not only help you get to the finish line, but also ensure your best interests are protected when it comes to deficiency waivers and other issues that will arise during the process.

How Do I Know a Short Sale is Right for Me?

There are certain factors that must exist before a lender will consider a short sale. Ultimately, the likelihood of a short sale being accepted depends on  how wide the gap is between the amount you owe on your loan and the amount that is being offered to purchase your property.
It also depends on what the lender has decided is the absolute lowest they will accept on the loan. Other factors such as your ability to adhere to the lender’s requirements and timelines, and your ability to prove that you are unable to pay your mortgage also play a role.

To prove your inability to pay, you will need to provide a hardship letter explaining why you are unable to make your mortgage payments, along with supporting documentation such as financial worksheet, pay stubs or P&L Statements, tax returns, etc. There are other documents as well that are required, but the best way to know if this is the right option for you is to schedule a confidential consultation to discuss your specific situation.

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Please contact me about Short Sale Negotiation.