Frequently Asked Short Sale Questions answered
How long does the process take?
Once all required documentation is submitted a decision is typically completed within 90 days. Common reasons decisions may be delayed include low offers for your property which are under fair market value and junior liens held by other banks or individuals that also need to agree to a short sale. Depending on the type of loan, an investor and/or insurer may also need to approve the sale.
How will a Short Sale affect my credit?
The completion of a Short Sale may affect your credit rating. The final disposition of a completed Short Sale may be reported as "Account paid in full for less than the full balance" on your credit report.
Do you or the Lender charge a fee for the completion of a Short Sale?
No, we will not or your lender does not charge a fee for processing or completing a Short Sale.
I signed up with a Short Sale negotiation service. Will my lender pay their fee?
No, as of today 90% of the lenders will not pay any 3rd party Short Sale negotiation or processing fee nor allow this type of fee to be deducted from the proceeds of the sale of the property.
My loan is in Foreclosure. Can I still be considered for a Short Sale?
Yes, however the Foreclosure may continue during the process. About 50% of the Short Sales that we complete are in the Foreclosure process.
My loan is current. Can I still be considered for a Short Sale?
Yes, however the required financial documentation must be submitted along with a detailed Hardship letter explaining the inability to continue to maintain your loan payments.
I have two loans. Can I still be considered for a Short Sale?
Yes, however if the 2nd loan is with another bank they will need to approve the Short Sale separately.
My property is a rental. Can I still be considered for a Short Sale?
Yes, however you must include rental income documentation, which will include bank statements, rental agreements or an explanation letter if rents are not being generated.
Do property taxes and water bills need to be paid during the Short Sale process?
Yes, if your property taxes are not escrowed as part of your loan payment and they become due they should be paid. In some HAFA Short Sale Approvals we are seeing that the water bill needs to be current.
I filed Bankruptcy. Can I still be considered for a Short Sale?
Yes, however consult your Bankruptcy attorney regarding the process of selling your property during a Bankruptcy.
I want to deed my property to my lender. I have heard this is possible through a Deed in Lieu of Foreclosure. Is this an option?
This may be an option however it is recommended the Short Sale option is reviewed first.
We Can Help Right Now!
Short Sales are common in . You have nothing to be embarrassed about…But you DO need to act Quickly though. We understand the State of and are here to answer your Short Sale Questions. Rick Giese and Southeastern Michigan Short Sale Help Specialists are standing by so call now Toll Free 1-800-274-5656 or GET SHORT SALE HELP IN SOUTHEASTERN MICHIGAN NOW by requesting help online. This is a NO COST Service to you… Your lender will pay our fees…So there are NO Fees to worry about so we can get your short sale started today. When you call Toll Free 1-800-274-5656, Rick Giese will schedule a time to meet and answer all of your questions should you want to discuss about short sale vs. foreclosure options. WE CAN HELP YOU - but you must act now. Call Toll Free 1-800-274-5656 Now.
Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County
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As one of Southeastern Michigan leading Short Sale experts, servicing Macomb Oakland and Southern St Clair Counties. Rick Giese wrote this article to Help ensure that homeowners were and are being given sound advice about How to Stop and Avoid Foreclosure