A short sale is an "arrangement" between the current owner of a home and the bank that holds the Mortgage on the home. This arrangement allows the homeowner to sell the home and accept an offer for less than the total amount owed to pay off the Mortgage. This is particularly useful if you are "upside down" on your current Mortgage. If you are in this unfortunate position as are many families in Las Vegas and across the Nation, and your Mortgage is owned by Fannie Mae, then you should contact Valley West Mortgage and let our Mortgage Professionals help you decide if this tool is for you!
Before you decide to do a Short Sale, let us help you to qualify for a Short Refinance. The principle is the same as for a Short Sale, but you get to keep your Home by Refinancing your existing loan down to the Current Market Value. In some cases that we have seen, this has saved Hundreds of Thousands of Dollars off of the amount now owed on the Mortgage while cutting the Monthly Payment in half! You owe it to your family to at least try! If you don't ask, they can't say yes. Give us a call today, you have everything to gain and nothing to lose by trying!
Check to see if your loan is owned by Fannie Mae: Fannie Mae Loan Look Up
Check to see if your loan is owned by Freddie Mac: Freddie Mac Loan Look Up
On June 1st of this year, Fannie Mae announced changes and improvements to their Loan Modification Processes. Guidelines were changed which simplified the Short Sale process a little more in favor of distressed homeowners. If you had been turned down by your Fannie Mae Servicer prior to June 1st for a Short Sale Agreement, you should try again under the revised guidelines. One of the changes provides incentive for Realtors to want to help you sell your home. The commission limit that had been placed on Realtor Commissions has been removed and replaced with allowing for "usual and customary" commission fees. Since having a competent Realtor with experience in Short Sales is essential, this change will encourage those professionals back to the marketplace. Another really big improvement is that the Deficiency (the difference between the amount owed and what the bank collects at the short sale) must be Fully Released by your Loan Servicer! They cannot make further attempt to collect the Deficiency from you after the sale is complete. Even if your mortgage is not owned by Fannie Mae you should stay informed on this subject because most other Lenders starting with Freddie Mac will adopt similar guidelines!
Give us a call to find out how we can help you refinance or sell your house for less than you owe.
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Las Vegas Residents Call: 1-702-696-9900