Ryder Realty, Inc. www.RyderRealty.net

What is a Short Sale?

A Short Sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a Short Sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds. Fannie Mae’s program is called Short Sale/HAFA II.

A Short Sale is an alternative to foreclosure and may be an option if:
◾You are ineligible to refinance or modify your mortgage
◾You are facing a long-term hardship
◾You are behind on your mortgage payments
◾You owe more on your home than it’s worth
◾You have not been able to sell your home at a price that covers what you still owe on your mortgage
◾You can no longer afford your home and are ready or need to leave

With a short sale you may have the option to sell your home for less than the amount owed on your mortgage. By doing this, you may be released from your obligation to pay back your primary mortgage under its original terms. Your mortgage servicer may accept the proceeds of the sale as payment in full. This option can help you avoid a foreclosure sale and may be considered even if the foreclosure process has started.
Depending on your situation, you may be eligible for a short sale through the federal government’s Home Affordable Foreclosure Alternatives program, or through a different program.

As the homeowner, you:
• Avoid a foreclosure sale — in some cases the foreclosure sale may be postponed once a written, signed offer is received and approved
• Can live in your home until the new owner closes, giving you time to make other living arrangements
• May be released from your obligation to repay your mortgage balance
To get the process started, call to discuss a short sale.
Here’s what you can expect:
• You provide us with your financial information, explain your situation and why you are unable to make your mortgage payments.
• We review your information and determine if your mortgage may qualify for a short sale.
• If your mortgage qualifies, we’ll work closely with you to determine an acceptable sales price and the amount of time you have to list and sell your home. Together, we’ll work through the details and steps to sell your home at an agreed-upon price so you may avoid a foreclosure sale. Please keep in mind that the buyer of your home may not be anyone you have a close relationship with, including family or friends.

Note: Please be assured that your e-mail address and information will never be sold, shared or used for any other purpose without your permission.
Massachusetts RE Broker License #138165 Massachusetts Corp. RE License #7988

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