Short sale Services Help Homeowners Avoid Foreclosure
As part of Bank of America's home loans commitment to successful home ownership, its first priority is to keep owners in their homes through loan modifications or other remedies. However, sometimes these solutions do not work and a "Short Sale" is deemed to be the best course for the homeowner.
- Los Angeles-Long Beach, CA (1888PressRelease) December 23, 2010 - The objective of a short sale is to help avoid a foreclosure when it is no longer possible to remain in one's home. In a short sale process, the home is sold, and mortgage debts are settled for less than the amount owed. A borrower is eligible for a Bank of America Short Sale if he/she has a hardship such as a job loss, a divorce or a medical emergency and is unable to afford current monthly mortgage payments.
Once an offer is received for the home, Bank of America will begin working to gain approval of the first mortgage short sale request from all necessary parties. An offer is presented and if all parties agree to the terms of the offer (buyer, seller and any other debt holders), the short sale offer will be approved. Bank of America is committed to continually evaluating and improving its short sale processes.
Short Sale Services are provided by many real estate companies/agents. They help the seller carry out the extremely complex process of dealing the short sale process with the bank. Every bank is different, while some banks are open to helping with a short sale, others won't even speak about it. Having an experienced short sale service provider can make all the difference.
A Short Sale Expert specializes in helping homeowners avoid foreclosure by doing a short sale. Short sale experts are well versed about the Short Sale Process and have relationships with banks. They help clients in selling their home and getting the deal done.
A Real Estate Short Sale occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Short Sales are a way for homeowners to avoid foreclosures on their homes and still be able to pay off their loan by settling with the lender. The total amount owed against the property is subtracted from the estimated proceeds of the sale. When a lender agrees to do a short sale in real estate, it means the lender is accepting less than the total amount due.
A short sale will prevent foreclosure. Less credit is affected through a short sale and the time for recovery is less.
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