how to stop foreclosure with a short sale

How to Stop Foreclosurewith a Short Sale

CONTACT:RE Acquisitions1-866-772-4846

info@sellhomeowner.comhttp://www.sellhomeowner.com

Are you wondering how to stop foreclosure with a short sale? If so, chances are that you are one of the victims of the recent real estate boom and bust and may be in the unenviable position of living in a home you can no longer afford.

As interest rates rise and properties devalue, your mortgage payment can skyrocket. The best option is to sell the house for full value and walk away thanking your lucky stars.

If you aren’t quite as lucky, there are still options that can help you avoid foreclosure. One of which is the short sale. A short sale simply means that the bank agrees to let you sell the house for less than what remains on the bank note.

And though this doesn’t mean you won’t be responsible for the balance, it causes less damage to your credit rating and your life.

But before you jump in, it is important to find a company that has high ethical standards and qualified employees.

“Unfortunately, there are some companies who take advantage of someone who is in need of help. If you are upside down in your mortgage and are considering a short sale, do a bit of research before settling on a representative.

This will save you from the potential of making a difficult situation disastrous.” says a representative from RE Acquisitions (www.sellhomeowner.com). RE Acquisitions is a short sale specialist company that helps stop foreclosure in Portland, Oregon.

To help you identify the qualifications of your seller, we have compiled a Top 5 Short Sale Questions list.

Anyone who can’t answer these questions in a satisfactory manner is not someone who deserves your trust.

1) Do you charge the seller any fees for a short sale? The only answer here is “no”. This question is your first line of defense…anyone who is charging an upfront fee is likely to be unscrupulous.

2) How are you paid? A logical question if they aren’t charging you a fee. The best answer here is “through a percentage of the sale”. Getting paid via a percentage of the sale means that your mortgage broker will work doubly hard to ensure the house sells for the best price.

3) How long have you been working with short sales or foreclosure prevention? If the answer is a short time, this can indicate someone who has recently joined this market in order to make a quick profit.

4) Are you a licensed and bonded mortgage broker? Again, there is only one correct answer here, “yes”. In order for you to get the best possible deal, you need to work with someone who has experience and strong relationships with lenders.

5) Who reviews your contracts? This answer should include the word “lawyers”. They are the only qualified people to review something as important as a contract.

If you are stuck in a house you can’t afford, remember, there are thousands of people just like you. Don’t let shame or embarrassment keep you from taking steps to prevent foreclosure. Find a solid company to represent you and move forward.