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"Options and Solutions"

For Homeowners Facing Foreclosure

Using A Short-Sale to Avoid a Foreclosure May Be One Option!

Due to the current economic situation, lenders are foreclosing on property owners who are behind on their monthly payments. Recent statistics show that mortgage foreclosures and lender mediated Short-Sales and loan modifications are at all time high levels.

In a short-sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is "doing the other a favor;" a short-sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than foreclosure or continued non-payment would entail. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short-sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Lenders may accept short sale offers or requests for short-sales even if a Notice of Default has not been issued or recorded with the locality where the property is located. Given the unprecedented and overwhelming number of losses that mortgage lenders have suffered from the 2009 foreclosure crisis, they are now more willing to accept short-sales than ever before. This presents an opportunity for "under-water" borrowers who owe more on their mortgage than their property is worth and are having trouble selling to avoid foreclosure as a result.

Minnesota foreclosure procedures are complex and complicated. Thus, if you are facing foreclosure and need to sell; a Short-Sale may be one of your options. In a Short-Sale situation you should work with a professional to assist you in the negotiations with your lender(s).

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