Steve Young
Advantage Realty & Mgmt

2120 Crown Center Rd #400, Charlotte, NC 28227

NC License Number: 200854

Advantage Realty & Mgmt
2120 Crown Center Rd #400 Charlotte NC 28227

Are You In Default Or Facing Foreclosure?

Are your monthly mortgage payments more than you can handle?

    Did You Know You Have Options?

 

If the market value of your property is less than what you owe on your mortgage, you may qualify for a legal, lender approved solution known as a Short Sale. 

 

We are specialists in Short Sale transactions. We have been very successful at negotiating with banks and lending institutions to accept a sale on properties for less than what you owe on your mortgage balance. We have helped many people who thought they had no way out by assisting them to sell their property on a short sale and move on with their lives.

 

Question: What is a "short" sale?

Answer: A short sale is best described as a sale that is less than what the borrower actually owes on the property. When an owner needs to move or sell but the amount of the mortgage is greater than the value of the property; the owner is said to be financially "upside down." If the property is sold at a loss, the owner is still responsible for repaying the entire mortgage.  But, many times owners do not have enough cash to re-pay the loan and so we try to work with the lender to pay less than is owed -- a short sale.

 

Question:  What is the advantage of doing a short sale vs. foreclosure?

Answer:  There are many advantages including:

·         Your property is saved from FORECLOSURE thus helping you to save your credit rating. Allowing your property to go to FORECLOSURE may negatively affect your credit for 7-10 years.

·         You do NOT need to file for any form of bankruptcy protection. Bankruptcy protection is short term, and is not the solution to your problem.

·         You are not forced to make any more payments and the harassing phone calls from your bank will be stopped!

·         You are out of an unwanted property or property that is worth less than what you owe.

·         You avoid the embarrassment of foreclosure

 

Question:  What will it cost me?

Answer:  YOU PAY ABSOLUTELY NO FEES! All closing costs and Real Estate fees are paid by your lender.   However if the lender takes a loss, that loss may be reported to the IRS as income to the borrower -- money not actually received by the borrower, but money that is taxable.

 

Question:  Will I receive any monies from the sale of my home:

Answer:  No.. Typically your homes value is far less than what you currently owe on the property, as such the bank takes a loss in most sales.

 

Question:  What information will be needed?

Answer:  When we first meet with you we ask that you bring your last month's mortgage statement as well as any other correspondence from the mortgage company.  Also, your home owner's association information.

 

After we meet with you and you agree to let us assist you we will contact the mortgage company on your behalf.  We will begin aggressively marketing your property for the best possible price.

After initial contact with the bank we will request a work-out package.  The bank will then need the following information from you.

·         HARDSHIP LETTER-----This letter describes the hardship that caused the loan to go into default and describes your preferred solution to bring the loan current. The hardship should be involuntary, such as divorce, job layoff or medical reasons.

·         PAYSTUBS---One or two current pay stubs, so the lender can determine the feasibility of any repayment plan, or to determine foreclosure is inevitable.

·         TAX RETURNS---Often borrowers will need to provide the last two years tax returns. With self employed borrowers, the lender will use the tax returns to determine income levels.

·         FINANCIAL STATEMENT----A statement outlining all of your income, expenses, assets and liabilities. This statement provides a "snapshot" of your financial situation allowing the lender to determine if the economic hardship can be overcome.

A successful Short Sale or Deed In Lieu of Foreclosure will be dependent on the lender being able to determine there was a financial hardship and that foreclosure is inevitable.

 

Be sure to exercise your options before it is too late!

To be sure your "Short Sale" is done legally and professionally, call us or

CLICK HERE TO EMAIL US

 

WARNING! Do not transfer title to your property to 3rd party holding companies. The IRS views such a transfer as illegal, and 3rd party holding companies as a scam. In most cases your lender will not work with these companies, and the property will be foreclosed upon in your name. This will leave you with ruined credit and heavy tax consequences. Be careful!