Are you a Massachusetts homeowner that has missed mortgage payments, know your going to miss mortgage payments or have received a foreclosure notice?Learn about Massachusetts Short Sales.
It is important to remember you have options to foreclosure and understand the Massachusetts short sale process.
In just about all pre-foreclosure situations you are better off trying to avoid foreclosure with one of the five options than allowing the bank to take your home in foreclosure.
Call Kevin Now to Prevent Foreclosure- 978-360-0422
Kevin Vitali has experience with Massachusetts Short Sales and a short sale team that has effectively closed numerous short sales over the past several years.
As well as providing short sale services in Massachusetts, Kevin will explain all the options that are available to you and help you decide which options are best for you.
What Is A Short Sale?
In a nutshell, a short sale is a real estate transaction where a home is sold for less than what is owed to various lien holders.
In a short sale transaction, permission must be obtained from all lien holders to sell the home.
Why Would A Bank Want To Do A Short Sale?
A bank or lien holder would find a short sale attractive, as it will save the bank thousands of dollars over a foreclosure. In a foreclosure the bank will incur legal fees, carrying costs of owning the home after the foreclosure and possibly costly repairs.
In a short sale, the owner will live and maintain the home until closing. Most banks do not want to be in the business of owning and painting homes.
Why Would A Short Sale Be Beneficial To Me?
Think of foreclosure as an adverse taking of the home where a short sale is viewed as cooperation.
In a short sale, you have some control over the outcome. A short sale is negotiated and many times we negotiate the debt (unpaid deficiency balance) as being settled with no further recourse from the bank.
In a foreclosure, you will automatically have a deficiency balance hanging over your head.
Secondly, a short sale can lessen the impact on your credit compared to a foreclosure. The impact to your score will vary depending on how the bank reports it to the credit agencies.
Regardless of the impact on your credit score, the reporting of a foreclosure will make securing future credit more difficult.
Peace of Mind
While short sales are not easy you at least maintain control and have my short sale team working on your behalf. There will be a resolution.
There will be no wondering what is happening next, if the bank is going to foreclose, if you will owe a deficiency balance, etc…. A short sale will bring you closure and peace of mind. You now can move on with your life.
What Does A Short Sale Cost?
Basically, the short sale should cost you nothing! My short sale team and most closing costs are first contingent on success and the fees are paid for by the bank.
It will be added to the deficiency balance but in the scheme of things it’s minor compared to what you already owe to your lien holders.
What Is Needed To Do A Short Sale?
The banks are usually looking for an offer that can be closed on, a financial package including a financial statement, bank documents, tax returns and supporting documents and a hardship letter describing your financial hardship.
My team will walk you through it every step of the way. They will organize paperwork, submit the short sale package and negotiate on your behalf.
How Long Do Massachusetts Short Sales Take?
It is hard to predict how long a short sale will take as there are many variables. You may have more than one lien which may require approval from the 1st lien holder before we can negotiate with the 2nd lien holder.
My average short sale takes 4-5 months to complete from the start of marketing the property to closing. Some go quicker and some can take much longer.
The Benefits Of A Massachusetts Short Sales
A short sale in generally your last option before foreclosure. A Massachusetts short sale can:
- Help minimize your credit impact. While in some cases the impact on your credit score is quite low, in other cases it can be as much as a foreclosure. There are many variables. Most importantly you will avoid the dreaded foreclosure mark on your credit.
- Avoid the embarrassment of foreclosure. Foreclosures are advertised in the newspaper and are public records.
- Put an end to a trying time and allow you to move forward.
- Potentially avoid a deficiency balance, or worse yet, a deficiency judgment!
- Control. A short sale provides you control over the outcome that you do not have in foreclosure.
If you have any questions regarding Massachusetts short sales or options to foreclosure, call Kevin Vitali at 978-360-0422 or fill out the form below.
Just some of the successful Massachusetts short sales my team has completed. Hire an experiend short sale Realtor with proven results. Whether you own a condo, single-family home or a multi-family, I can help with a short sale.
Massachusetts Short Sales in the Merrimack Valley, Boston North Shore, Boston Metro West including Andover Short Sales, Billerica Short Sales, Boxford Short Sales, Chelmsford Short Sales, Dracut Short Sales, Georgetown Short Sales, Groveland Short Sales, Haverhill Short Sales, Lawrence Short Sales, Lowell Short Sales, Merrimac Short Sales, North Andover Short Sales, Newbury Short Sales, Newburyport Short Sales, North Reading Short Sales, Rowley Short Sales, Tewksbury Short Sales, Tyngsboro Short Sales, Westford Short Sales, Wilmington Short Sales, West Newbury Short Sales.
IMPORTANT NOTICE: Kevin Vitali of Real Brokerage MA provides Massachusetts Short Sale Services and is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your creditS