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Real Estate Language
Posted by: Administrator, on 1/7/2011
Views: this has been read 455844 times

REAL ESTATE LANGUAGE

- Short Sale:
When the home owner is having difficulty making the monthly mortgage payment due to financial difficulties. Financial difficulties may be due to loss of employment, under employment, medical or any other unforeseen circumstances that may cause financial hardship. The home owner should contact their lender to receive permission to place the house up for sale as a short sale. This is a better alternative to foreclosure in regards to your credit and future home purchases. There are a few documents the lender will need in order for you to apply for a short sale authorization:
(1) A hardship letter explaining your situation
(2) Current bank statements
(3) List of monthly income and expenses
(4) Most recent pay stubs
(5) In most cases last tax return that was filed
The home owner at the time of short sale application must designate a licensed Real Estate agent to represent them to negotiate with the lender. The agent now becomes the contact between the home owner and the lender.

- Pre-foreclosure:
The lender has started corresponding with the homeowner on the lateness of their monthly mortgage payment. In most cases the homeowner is sixty to ninety days behind with their monthly payment. At this point it is in the home owner’s best interest to negotiate with the lender for a possible short sale.

- Foreclosure:
The lender starts the process to foreclose on the home owner’s property after the mortgage has not been paid for ninety days. This process may take up to another ninety days. The end result is the property is given back to the Lender. The Lender then decides whether to auction off or appoint a Real Estate Agent to list the property for sale.

- Deed in lieu of foreclosure:
The home owner signs forms giving the property back to the lender. This is an alternative to foreclosure. The down side to this action is that it does not release you from other liens that may be attached to the mortgage such as a second trust or equity line of credit.
 



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