In order for you to qualify for a short sale when selling your Plano home or DFW area home, you must show proof of a financial hardship. Proof must be in the form of a signed letter submitted to the mortgage company along with additional support documentation.

Acceptable Financial Hardships

A hardship is a material change in your financial situation that is or will affect your ability to pay the mortgage on your Plano TX home. Acceptable hardships are:

1. Loss of job
2. Business failure
3. Damage to property
4. Death of a spouse
5. Death of family members
6. Severe illness
7. Inheritance
8. Divorce
9. Mandatory job relocation
10. Medical bills
11. Military service
12. Payment increase or mortgage adjustment
13. Insurance or tax increase
14. Reduced income
15. Separation
16. Too much debt
17. Incarceration

Also, you must be financially insolvent for the lender to consider accepting a short sale. This means you owe more on your Plano TX home than you have in liquid cash or assets that could be used to buy-down the mortgage. A short sale is not a ‘get out of your mortgage Free card’. You must be in financial distress.

If you or someone you know are in a distress situation, don’t hesitate. Call me at 972-562-0896! Every moment counts. I am a Certified Distressed Property Expert, specializing in Short Sales and I can help save your your home and your family!

North Dallas home owners who are behind on their mortgage payments have options other than foreclosure. Below are possible strategies to avoid foreclosure.

Short Sale
Lender agrees to sell the property for less than the loan balance for homeowners facing a hardship.

Mortgage Loan Reinstatement
Paying all missed payments, late fees, and legal fees that are due up to the date the loan is re-instated.

Forbearance or Re-Payment Plan
Negotiating a repayment plan to pay the monies due over a period of time.

Mortgage Modification
The interest rate is lowered on the existing loan to lower the payments.

Refinance
The loan is replaced with new financing at lower interest rates. Sometimes the homeowner’s credit is too badly damaged for this option.

Short-Refi
Refinancing with a reduction in the principal balance, as well as the interest rate.

Rent the Property
Lease the property to keep up with mortgage costs.

Deed-in-Lieu of Foreclosure
Referred to as a ‘friendly foreclosure,’ with the homeowner giving the deed back to the bank.

Service members Civil Relief Act (SCRA)
Temporary relief provided to service members.

Bankruptcy
Bankruptcy stops foreclosure giving the homeowner time to reorganize his debt.

As a trained Certified Distressed Property Expert, I have the skill and knowledge needed to help assess your individual situation so you can choose a strategy to avoid foreclosure based on an educated decision. Give me a call for a private consultation. I can help save you, your family and your home.

Being in a distress situation and facing foreclosure and the the loss of your DFW area home can be devastating.  Many Plano TX home owners simply give up once they miss a mortgage payment. Below are reasons why you don’t want to give up and should seek help to avoid a foreclosure:

• You will always have to disclose that they have had a foreclosure on future mortgage applications and many job applications, having an adverse affect on future borrowing and employment. 
• A foreclosure on your credit report can have an adverse affect on future borrowing rates.
• Your credit score will be lowered by 300+ points.
• Foreclosure is the one credit report item that is almost impossible to “repair.”
• Your lender can seek a deficiency judgment after the foreclosure, meaning that the foreclosure is not the end of financial burden.
• Many employers run credit checks as part of the hiring process, meaning that a foreclosure could put future employment in jeopardy.
• Many employers run periodic credit checks on current employees, which can put current employment in jeopardy.
• Security clearances and government positions such as military service and law enforcement can be jeopardized by foreclosure.

As a Certified Distressed Property Expert, I have the skills and knowledge needed to help you and your family avoid foreclosure.

Do not hesitate to call me at 972-562-0896! Every moment counts. My team is experienced in short sales and we cover the entire DFW area.

Recent statistics show over 12 percent of all United States mortgages are in default, meaning more than 8,760,000 families are in distress situations and facing possible foreclosure of their homes.  If you are a Plano TX home owner in distress, I can help. As a Certified Distress Property Expert (DCPE), I have the experience and training to help families in distress.

Foreclosure is not the only option for Plano TX home owners. A short sale may be able to save you, your family and your home. When I suggest a short sale to many Plano TX and DFW area home owners, they often ask, “What is a short sale?”

A short sale is when you owe an amount on your property that when combined with closing costs and commissions is higher than the current market value.

A short sale can take place when a negotiation is entered into with your mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is considered ’sold short’.

A short sale is a very involved process that takes time, patience, good communication skills, organization and professionalism. I have the skills necessary to help you save your home.

If you or someone you know is behind on your payments or have a hardship situation, give me a call for a private consultation. Together we can look at your options and plan a course of action to save your Plano TX or DFW area home. My team covers the entire DFW Metroplex