Elk Grove Short Sales – Don’t make these 5 critical mistakes

Elk Grove distressed homeowners:  The five critical mistakes you can make:

1. Attempting a loan modification, without speaking to a Realtor or Lender
2. Not answering phone calls or opening mail from your Lender
3. Paying someone up front fees, that promises to lower your mortgage payment or save your home.
4. Walking away from your home; without knowing the difference between shortsales and foreclosures.
5. Not making a mortgage payment for over 90 days, before contacting a Realtor.

If you are a homeowner who has missed a payment or is about to miss a payment, has suffered a hardship, or is simply upside down in your home, contact Lori Mode and Bruce Durham, Elk Grove short sale specialists at (916) 405-5737 or Lori@modeanddurham.com to learn more about your options to avoid foreclosure and for a free no obligation confidential consulation.

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2 thoughts on “Elk Grove Short Sales – Don’t make these 5 critical mistakes”

  1. A short sale will lower your credit score by 100 or more potins.You do need to show a hardship to the lender in order to qualify or get the ok from the lender to short sale your house.Short sales are NOT a quick way to get out of your house. Banks notoriously will sit on offers for months and sometimes not even approve of any of them in the end, which will send you into foreclosure if you stop paying on the mortgage.My guess is, if you cannot show a hardship, you are not going to be granted a short sale.You also would not be buying another house anytime soon with a short sale on your credit report.Just because you are underwater does not mean you can get out from under your obligation.

    1. Vivi, our short sales are taking less time than they had in the past due to faster processing by most banks. However, not all agents are created equally and not all understand how to package a short sale. This is critical. Short sales are a better option than foreclosure although you are right they are NOT a quick way to get out of your home; the quickest is to walk away. This option has more ramifications however and a short sale can be the BEST option for a lot of homeowners.

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