Q: What options do I have to be granted a short sale?
A: Typically you have three options open to you: do it on your own, have your real estate agent conduct the transaction or hire a loss mitigation company.

Q: How much does a short sale usually cost?
A: Most loss mitigation companies charge between $1500 and $2500. However, our service is completely FREE to you.

Q: How long does the short sale process take?
A: A short sale typically takes between four months and a year to complete. With our system, your anticipated wait time will range between six to eight months and we can begin the process even when there are no prospective buyers.

Q: Does a short sale affect my credit?
A: We are able to remove your late mortgage payments and the entire short sale process will not appear on your credit report in a vast majority of scenarios.

Q: How do I qualify for a short sale?
A: In order to qualify for a short sale, you must prove to the bank or lender one or more of the following conditions:

• Loss of job, and difficulty in finding new suitable job
• High medical expenses due to disability, injury or illness in family
• Overextended Credit
• Adjustment in mortgage payment due to interest rate or an unforeseen increase in living expenses
• Unable to afford the loan in the first place
• Economic Changes

Q: Why would a lender accept a short sale?
A: Merely because the only other alternative is foreclosure. Just as with the borrower, there are significant consequences to the lender if they foreclose:

• The legal costs of eviction and repossession
• The loss of loan payments during the foreclosure process until it is re-sold
• A foreclosed house will need work before it can be resold
• After the foreclosure, the bank has two options: sell it on public auction or out on the open market. If they resell in the market, they are penalized by the government by freezing three-ten times the loan amount so that the lender cannot lend those funds to another borrower.

Q: What if my property needs a lot of work, can I still apply for a short sale?
A: Yes. In fact, lenders are more motivated to do a short sale on a property that needs work than on a property that doesn't. The lender knows the risk of loss goes up when they foreclose on a property that needs lots of work.