Avoiding a foreclosure in NW Arkansas
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to my "Short Sale" Website for more detailed information
What is a Certified Distressed Property Expert?
A CDPE is a highly educated & trained REALTOR® who specializes in helping homeowners in Northwest Arkansas who are in financial distress by avoiding the devastating affects resulting from a foreclosure most likely through negotiating a successful short sale. I am also referred to as a "Short Sale Specialist".
There are many people in this situation and most are too embarrassed or humiliated to ask for help. I know what you are going through and understand how difficult this can be for you and your family and I want to help. You need a REALTOR® you can trust, with the tools, training, information and tactics who can effectively help you through this financial crisis. I have the tools and training to negotiate with your lender to get a short sale approved and end your distress. Most Real Estate Agents don't have the formal training and most likely don't understand what a short sale is, let alone how to handle one.
It may not seem like it now, but this difficult time in your life will pass and you will feel much better knowing that you did everything you could to avoid the harsh financial consequences of a foreclosure that so many people are facing today.
Due to the current market crisis these days, more and more Lenders are willing to accept short sales. They really don't want to own your property and have to deal with the great expense of going through the foreclosure and selling process and most likely having to sell the property for much less than they would have recovered from a short sale.
Go to my "Short Sale Website for more detailed information
What is the difference between a Short Sale and Foreclosure?
A SHORT SALE is when a Lender or Mortgage holder agrees to accept payment of less than that is owed and in most cases will forgive the balance. If there are no late payments on your mortgage or other bills, a short sale will result in a lowered credit score of as little as 50 points and its affect can be as brief as 12 to 18 months or in some cases as little as 6 months. At this time a short sale is not reported on a credit history as a "short sale". There is no specific reporting item for "short sale". The loan is typically reported as 'paid in full, settled'.
If you decide to SHORT SALE your home, you the homeowner cannot receive any funds from the sale. You will have to qualify for a SHORT SALE. The basic requirements are 1) you must have a hardship or a foreseeable hardship in the near future 2) you must have a monthly shortfall and 3) you must be insolvent. If you have all three of these requirements you will qualify to sell your home through a SHORT SALE.
A FORECLOSURE is a legal process that a Lender must go through in order to take possession of a property for which it holds a mortgage. In Arkansas, this process normally takes 120 days. The homeowner is notified that they are entering into the foreclosure process and the legal documents that they have sent you will tell you the date your home will be sold on the courthouse steps. If the home does not sell on the courthouse steps it becomes a bank owned property, also known as an REO (Real Estate Owned) and will have to be listed and sold. However the home is sold, it is most likely sold for much less than owed on the mortgage and they will obtain a deficiency judgment against the homeowner on the balance. If you had a mortgage of $200,000 and the property sells for $150,000 they would pursue collections against the homeowner for $50,000.
A foreclosure will stay on your credit history for 7 to 10 years, or longer, and can never be "repaired". It will also lower your credit score 250 - 300+ points and will affect your credit score for over 3 years. Other consequences include: ineligibility for a Fannie Mae backed mortgage for a period of 5 years; Security clearance in almost all cases will be revoked and position will be terminated; Employment will be affected where employers are requiring credit checks and a foreclosure in many cases is grounds for immediate reassignment or termination.
Another important fact you must be made aware of, is that there are only two things that will follow you for the rest of your life and that is a felony conviction and a foreclosure. It is true that after 10 years the foreclosure will drop off your credit report, however every lending institution will ask a borrower "have you ever had a foreclosure"?. If you have, you must answer yes. If you answer no, it would be considered fraud.
Can a short sale keep your home from going into foreclosure?
YES! but the sooner you act, the better. The more time we have to get your home under contract before the foreclosure process starts, the better. My knowledge and training allows me to analyze your situation and see if you qualify as a candidate for a short sale. If you are qualified, I will negotiate with your lender, or lenders, the sale of your property for its current market value. Even if the market value is less than what you owe on your mortgage.
In the current real estate market, dealing with a CDPE© (also known as a Short Sale Specialist) is a necessity. I will explain to you why a short sale is the best alternative to a foreclosure.
It is critical that you act as soon as possible. Please call me at (479) 200-9914 or fill out the form below and I will get back to you as soon as possible.
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