What Is The Rhode Island Short Sale Process?

    Rhode Island short sales may take time and additional work for the seller. Our team of knowledgeable Rhode Island short sale agents will be with you every step of the way to make a smooth transition for you and your family. So what exactly happens when you decide to short sell your property?
   
    The Paperwork
        There is quite a bit of paperwork and history you need to present to the bank to prove you are qualified. Your Rhode Island short sale agents will provide the complete list, but here a just a few pieces you will need

• Completed Financial Statement
• Your hardship letter
• 2 years worth of tax returns
• 2 years worth of W-2’s
• Comparative market analysis or recent comparable sales

    The Procedures

        After you submit your offer to the bank, it may take ten days to a month before you are approved. Don’t worry, your Providence short sale agents will keep you informed. 
      
        Once a negotiator is assigned to your case (which usually takes 30-60 days), a BPO is ordered. A BPO (Broker Price Opinion) is generally not disclosed.

        Your case will then be sent to a PSA for review. The Pooling Servicer Agreement will secure your loan with an investor. This may take 14-30 days. Next, all parties involved will need to sign an Arm’s-Length Affidavit. This is a commonly used agreement to prevent mortgage fraud.

        Once all of your paperwork is submitted, your bank will issue your approval letter. At this point, your Rhode Island Short Sale Agent can assist you with finding a qualified buyer. Though the process is lengthy, you will have enough time to decide what your family’s next move will be. Our agents can help you locate your next home or apartment, and you can become adjusted to the idea of moving.

        For more a more in-depth look at the process of short sales, please call your Rhode Island Short Sale Agents today for a free consultation.

Should You Call Rhode Island Short Sale Agents, Or Chose Foreclosure?

    When you contact Rhode Island Short Sale Agents, you may have questions on whether you should choose short sales or foreclosure. Here are a few key differences:

If you allow your home to go into foreclosure, your credit will be negatively impacted for at least seven years. You may get denied for any type of loan until the foreclosure has been dropped off, including credit cards, car loans, even your job application. If our Rhode Island Short Sale Agents assist you, your credit will be impacted, just not as severely.

In the case of a short sale, you are still in control of the sale. You can choose one of our helpful and friendly Rhode Island Short Sale Agents to walk you through the process. However, if your home is foreclosed upon, the bank has the right to do as it wishes with your home. Foreclosure is a forfeit of any control over your home.

Calling Rhode Island Short Sale Agents may help eradicate any future payments related to your home. The Mortgage Debt Relief Act is in place to assist those who decide to short sale by exempting your loaner from claiming their loss. Once you allow your home to become foreclosed, your lender is mandated to report the loss to the IRS, who will in turn charge you for it.

You are already aware choosing foreclosure will impact your credit. This extends just a step further - it will be increasingly difficult to purchase a home within the next seven to ten years. With a short sale, you could buy a home with a Fannie Mae backed mortgage in just two years, and a FHA loan in three.

Rhode Island short sale agents can attest- the short sale process can be a lengthy one. The benefit of a longer process is that you may stay in your home for as long as it takes to sell it. During this period, you can look for other housing options and adjust to the idea of moving. If you allow your home to be foreclosed upon, the bank has the right to evict you in as little as five days.

This brief list of foreclosure and short sales differences may help you and your family decide how to proceed. Our seasoned Rhode Island Short Sale Agents would be happy to assist you in your decision-making process. Call Joy and her team of Rhode Island Short Sale Agents today for real answers to all of your questions.

Should You Consult With Rhode Island Short Sale Agents?

    Rhode Island Short Sale Agents are always available to counsel you and your family on short sales. This brief questionnaire may help guide you in the right direction.

- Do you have a personal financial hardship that will prevent you from making future mortgage payments?

- Do you need to sell your home?

- Do you currently live in the property?

- Do you owe more on your mortgage than your home is worth?

- Are you are behind or struggling to make your mortgage payments?

- Are you feeling burdened by your home? Would you feel better if it were no longer your responsibility?

    If you answered yes to any or several of these questions, a short sale may be in your best interest. Contact Joy Riley and her knowledgeable team of Rhode Island Short Sale Agents for a full consultation. Don’t spend another day worrying about mortgage payments - call today!

How Rhode Island Short Sale Agents Can Help You Today!

 How can Rhode Island Short Sale Agents help your family? 

   Although it has been years since our housing market crashed, homeowners across the nation are still trying to repair their financial state. Many people feel that their home has lost its equity or value. With foreclosure looming near, most families decide to ride out the roller coaster instead of looking for other options. But there are other options available. Short sales will help you move on with your life without completely wrecking your credit. In addition, short sales will:

• Allow you to gracefully bow out of your home, without the embarrassment of foreclosure
• Cancel out future mortgage payments and taxes, thanks to the Mortgage Debt Relief Act
• Give you the chance to purchase another home in as little as 12 months (in most cases)

    So what, exactly, is a short sale? Say you’ve recently had your home appraised. If your home’s value is appraised at less than what your mortgage is currently worth, this is an “upside down” situation. Normally, if you were to sell your home for its appraised worth, you would still be held responsible for the rest of the loan. However, if you are represented by Rhode Island Short Sale Agents, your specialist will negotiate with your bank for you. Most cases will allow you to sell your home for its current worth, and erase any leftover debt associated with the property. 

   

    It is an unfortunate and distressing ordeal when your dream home becomes a nightmare. If you feel a short sale would provide a reprieve for you or a loved one, please reach out to one of our specialists today. Rhode Island Short Sale Agents would be happy to educate you further, and stand by your side throughout the selling process.

Contact Joy And Her Team Of Professionals Today!