How to Prevent a Foreclosure

With a high hope for market recovery, many individuals who were knee deep in mortgage loan payments lost their houses. One reason why homeowners were so hopeful was because the government foresaw and reassured a market recovery. Many residential units are vacant now, because occupants, who failed to make their payments, had to face foreclosure.

Do not delay your decision and take action to prevent foreclosure.

What is Foreclosure?

When mortgage loans build up because a borrower cannot make due payments to a lender, the lender has the right to take a legal action in the form of a foreclosure. The lender in this situation can be another individual or a financial institution. Under a foreclosure, the property is seized and sold off to attain the cost of the loan. The forced sale of the property leaves the borrower shelter less in addition to a black mark on their credit history.

Save yourself and your family from foreclosure today. A short sale program can prevent you from undergoing a foreclosure.

What is a Short Sale?

Instead of the lender taking a legal action against a borrower and forcibly selling the property, the two negotiate under a short sale. Under the negotiation, the lender permits the borrower to sell off the property at a less amount than was actually owned. Therefore, when the market value of the home is lesser than the mortgage balance, the property is considered to be a short sale.

Not every lender will agree to the idea of a short sale. Therefore, you require the help of a REALTOR.

What Role can a REALTOR play?

You might come across brokers and real estate investor who take the responsibility for your property; however, they fail to close the deal as a short sale. Main reason for this incompetency is their lack of qualification as short sale specialists.

Putting your home on a short sale is a challenging period of time. You do not want to make it more difficult by hiring the wrong person for it.

Who should I Hire?

Jim McCormack can be your specialist and real estate problem solver. Being a REALTOR, a broker, short sale and foreclosure specialist, real estate investor, and cash house buyer, he has a long list of success stories on his resume. One such story is when Jim was handed down a case that was mishandled for several months by a Loan servicer. Residents of 210 Whitt Dr, Murfreesboro in Tennessee received a full release from their mortgage loan after Jim’s helps. Their first Loan Servicer was Chase (Loan Investor unknown) and the second Loan Servicer was Chase. Within a period of 150 days, Jim sold the property for $235000.

Working with an agent who has experience in short sales is a wise decision.

Jim’s fee is paid by your bank and he never charges any upfront fee. He is known to handle every step of the short sale in a professional manner. Contact him today.

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