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Posts Tagged ‘Short Sale NC’

Divorce Short Sales, Wilmington NC

Tuesday, January 19th, 2010

Short Sale: Wilmington, NC I’m Getting Divorce and Cannot Afford to Pay the Mortgage

Nilesh Jethwa: Wilmington NC Short Sale Expert

Couple of days ago, I had received a called from a lady and mentioned that she is getting divorce and cannot afford to pay the mortgage alone on her house and also asked “Do I have any options to avoid foreclosure?”

She bought the house together with her husband but now they are separating and her husband is moving out of the house and doesn’t want to pay the mortgage.  It was really sad to hear about her current situation and now she is confused what to do with the house.
 
She tried to refinance and loan modification but bank denied her loan modification due to her high debt to income ratio and couldn’t get refinanced because her house value has gone way down than the loan amount.  She thought foreclosure is the only option at this time.

I explained about short sale and its advantages and disadvantages over foreclosure.  She realized that there are options other than foreclosure and successful short sale will avoid foreclosure from her credit history.

The good news is that her husband is cooperating with the short sale and ready to sign the documents which are required for short sale.  I have sent all the required documents to her so that we can start working on short sale.  At least, after successful short sale, they can move forward on their life without worrying about their mortgage payment and foreclosure.

If you know anyone in the same situation in the Wilmington and Leland NC area, going through divorce, cannot afford the house payment and cannot qualify for loan modification then please refer them to me so that I can help them to sell their house and avoid foreclosure from their credit history.

Please feel free to check my other posts on my website www.shortsalewilmingtonnc.com for more information on short sale or contact me directly at 910-622-0319.

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Short Sale Wilmington, NC Part 1

Tuesday, July 21st, 2009

What makes a successful short sale? It’s simple, everybody has to believe that they are a winner.

  • · The seller needs to know that they’ve gotten out of a bad situation with less credit damage and a new start.
  • · The buyer wants to make a purchase of a property below the true market value, at least in the near future.
  • · The lender must believe that the short sale will net them more money than a foreclosure action.

If we’re the buyer, then our interests are best served by a purchase at the lowest possible price that will be approved by the lender. The seller gets no cash, so we are just showing them a way out of a foreclosure action.

Here’s what you’re looking for as the buyer in a short sale transaction:

  • · A homeowner upside-down in their loan. Their home is worth less than they owe on it in various mortgages.
  • · Clear title and no prohibitive liens or claims against the property.
  • · Enough time to complete the process before foreclosure action.
  • · A willing seller with a desire to help in order to avoid foreclosure.
  • · A current valuation that will allow you to buy the home at a bargain price, creating instant equity.
  • · True hardship on the part of the seller to convince the lender of the necessity of a short sale.
  • · If VA or FHA, the situation meets their criteria for short sale.

In short, you are looking for a homeowner owing more on their home than they can get in a sale, and a situation where the lender will approve a purchase price that meets your investment goals.

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