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What is a Short Sale?
A Short-Sale is where a property is now valued less than what’s owed against it, regardless if there is one lien or multiple lienholders involved. These situations have become very common within our marketplace since 2007 and will continue to increase over the foreseeable future. While quite complicated, Short-Sales can be the best way to get out from under your property and potentially avoid future liabilities. There are various laws regarding deficiency taxation, judgments and credit impact so please contact us about your specific scenario so we can provide accurate information. Advantages of a Short-Sale:
¨ No Cost Out of Pocket
¨ Negotiate Release From Future Deficiency Judgment
¨ Lesser Credit Impact vs. Foreclosure
¨ You Don’t Always Have to be Delinquent on Payments
¨ Purchase Again Sooner vs. Foreclosure
¨ Often Times Much Quicker Process Than Foreclosure
¨ Doing The Right Thing
*Wachovia & World Savings Loan Short-Sale Specifics*
Wachovia & World Savings Portfolio Loan products, now underneath the Wells Fargo label are eligible for a streamlined process wherein the timeframe is extremely shortened and financial hardship requirements are much simpler as well. We have direct contacts within these lenders to expedite the process and they will also release any future ability to obtain a deficiency judgment, thus leaving you without future stresses and monetary commitments in that regard.
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