KAREN KINDER
(419) 266-7911

KEY REALTY
3330 Tejon, Toledo
Office (419)266-7911

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SHORT SALE HELP
Distressed Property Experts

Call Toll Free 1-866-236-6041 ext #4021 for a free recorded message about getting help now!

There are several local resourses that may help you stay in your home and stop the foreclosure process!

Please visit the following websites for help.
savethedream.ohio.gov and also www.kaptur.house.gov




If you still feel you will need to sell your home prior to foreclosure after looking into all the other options available we may be able to help you with a short sale. If you are falling behind on your mortgage payments or feel you may be running into some diffuculties, please call us. We are certified distressed property experts and can give you valuable information on the short sale process. There is a solution other than foreclosure!

So, what is a short sale? A short sale is a loss mitigation solution. The easiest way to explain a short sale is this: “How much do you owe on your home?” the answer is more than what the current value of that home is. Very simply put, a short sale is when the value of the mortgage is greater than the value of the property.

It is said that 90% of homeowners do not understand the difference between a foreclosure and a short sale.

A foreclosure is the process of the bank taking back ownership of a house due to the homeowner’s inability to pay their mortgage. The home is now an REO or bank-owned property, and the lender will sell it for the listed price.

A short sale, on the other hand, is sold by the homeowner before a foreclosure takes place. The listing price is determined by broker price opinions, recent comps in the area and the condition of the home. And ultimately, in a short sale, the lender agrees to accept less payment than what is actually owed to them.

By definition, any homeowner that is two months late on their mortgage payment and can also demonstrate the inability to pay their mortgage would be considered a short sale candidate. The homeowner is considered pre-foreclosure when the bank officially sends a notice of default or a notice that they’re taking legal action against the homeowner to collect the debt.

A short sale can still take place during the foreclosure process. There are only two reasons that a homeowner is not eligible for a short sale:

The foreclosure has already taken place and the home is up for auction

The homeowner files for bankruptcy

Much of the population are unaware of short sales and their process. It’s a win for the seller because they’re going to be forgiven for a large portion of the money they owe and are saving their credit. It’s a win for buyers because they can obtain a property that is priced right.

What’s more, stopping a foreclosure before it happens is in fact helping the economy and the real estate market. In an already down market, any loss in home value is detrimental to everyone involved.

Another reason a short sale is a better option than foreclosure is because it saves the seller’s credit from being damaged.

A foreclosure can drop a homeowner’s credit score by 300 points or more.

A short sale will affect a homeowner’s credit score by 80 to 100 points on the average.

It reads on your credit report as a paid lien or paid judgment, and is much easier and quicker to repair than a bankruptcy or foreclosure.

Call Us Today with your Questions-we are hear to help! Thank you, Karen

















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This site last updated on Aug 31, 2010

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