Rock Realty Group specializes in Short Sales

Are you struggling with your mortgage payments? You have options. Rock Realty Group can help you avoid foreclosure, get out from under your mortgage and get you a fresh start.

Rock Realty Group works with high end distressed homeowners to avoid foreclosure, remove their largest financial burdens and mitigate the associated negative credit impact. We provide an array of loss mitigation solutions and services including short sale processing and negotiation all included in our short sale service.

We understand that navigating through the foreclosure 

process can be a daunting prospect, especially in light of the other stresses you are dealing with. Our goal is to connect with you as early in the process as possible in order to educate you about the options available to you. By conducting a thorough analysis of your particular situation we can assist you in identifying and implementing the best possible solution.

If for whatever reason you are currently behind on your mortgage payments - or foresee that you will soon be unable to continue making your payments - take heart: you do have options. Rock Realty Group is here to help you.

If you owe more than your house is worth and you are struggling with your mortgage payments, Rock Realty Group can assist you with every aspect of the short sale process — from getting your house successfully listed to expertly handling all negotiations and dealings with your lenders. We do it all for you.

Foreclosure situations tend to be extremely time sensitive so please contact us today for a free consultation today.

 

What is a Short Sale?

Also known as a real estate short pay-off or a pre-foreclosure workout, a short sale is an agreement with a lender to accept less than the amount owed by a borrower via a sale of the property to a third party. With this agreement, the lender releases the borrower from the mortgage, thereby preventing foreclosure.

Do I have to be behind in my payments to qualify?

No, you do not.  If you are still making your payments, that will actually help mitgate your credit damage.

How do I qualify for a short sale?

 

In order to be eligible for a short sale, a homeowner must be able to prove to the lender that they are a victim to a financial “hardship” and are therefore unable to continue making payments on their mortgage.

A hardship situation is one that is the result of some extenuating circumstance that forced the borrower into a position where they can no longer afford their mortgage payments. While every situation is unique, some common examples of hardship include:

 

• Unemployment or loss of primary income source
• Inability to work due to health crisis
• Mounting medical expenses
• Employment relocation
• Failure of business
• Bankruptcy
• Death of spouse or significant other
• Divorce or separation

When should I begin the short sale process?

As soon as you possibly can. Foreclosure situations tend to be extremely time sensitive. The sooner we can begin the negotiations with your lender, the greater the chances of a successful resolution. There is no need to wait until the lender sends you a notice of default or initiates formal foreclosure proceedings against you. Time is of the essence! Please contact us today to schedule a free consultation with our team of specialists.

How long does a Short Sale typically take to complete?

Every Short Sale is unique and follows its own timeline. Typically, a Short Sale is completed within 2 to 4 months from the time we complete a Short Sale package ready to present to the lender.

How much will a Short Sale cost me?

Absolutely nothing. Rock Realty Group’s fee is paid for by the lender, and Rock Realty Group pays for you to have an expert Short Sale consultant working on your file.

What are the advantages of a Short Sale?

 

Short Sales minimize damaging impact to credit: Foreclosure can remain on your credit for up to seven years while a short sale usually gets reported as a “settled debt” and is significantly less damaging. With a Short Sale, your FICO score will not be as negatively impacted as it would be with a foreclosure, and you will be able to get into a new home much sooner as well.

Short Sales minimize financial exposure/liability: In many foreclosure situations, the lender will ultimately sell the property at a significant discount once they foreclose and repossess the property. The homeowner can then be financially liable to the lender. While the same may be true with a short sale, the difference is with a short sale the homeowner is still involved in the process and can therefore contribute their input and have more control over the sale price of the property and the potential associated liabilities. In a foreclosure, however, once the lender repossesses the property, the homeowner is typically defenseless with respect to what follows next.

Foreclosure vs. Short Sale

     Foreclosures:

  • A Foreclosure on your credit report is said by mortgage and credit experts to have the 2nd worst possible result, the first is filing bankruptcy
  • The bank can still take full legal and financial action against you after a Foreclosure.
  • If you have multiple liens on your property, you will have multiple mortgage lates every month until the trustee sale. This makes it very difficult to get your credit back on track.
  • Foreclosure does not allow you to procure an offer of the highest price possible in order to minimize your tax consequence.
  • Foreclosures can stay on your credit report preclude for up to 7 years, preventing you from qualifying for another loan.
  • After a trustee sale the lender can initiate a sheriffs order to lockout and evict you and your family leaving you unprepared to move.

     Short Sales:

  • Allows you to list and sell property as soon as hardship hits which minimizes the credit impact.
  • Only shows on your credit as “settled debt” allowing you to re-enter the home buying market as soon as just 2 years.
  • Property value is based on current market price, minimizing any potential financial liability.
  • Short Sale sellers are widely seen as less risky than foreclosed sellers from a credit stand point.
  • Allow you and your family the time to secure a new home and move.
  • Allows you to negotiate the outcome of a deficiency judgment before the close of escrow.
  • Short Sales put you in control of your future and your finances, giving your family and you a fresh start.
Call Us For Help

Rock Realty Group can help you get through these financially challenging times. We discreetly work with high end sellers and clients to get out from under their financial burdens, help manage the delicate process of change, and lead them to a comfortable fresh start. Call us today at 323-656-1800 to schedule a brief consultation and find out how we can help your situation.