In order to qualify for a Short Sale, the homeowner must have a hardship. Examples of acceptable financial hardships are:

• Loss of employment
• Income reduction
• Business failure
• Damage to property
• Death of spouse or wage earner
• Death of non-wage earner
• Severe illness
• Inheritance
• Divorce
• Relocation
• Military service
• Payment increase or mortgage adjustment
• Insurance or tax increase
• Separation
• Too much dept
• Incarceration
• Combination of any of the above

If you have any of these hardships and are unable to make your monthly mortgage, then a short sale is an option for you.

If the property is your Primary Residence, you may qualify for "Home Affordable Foreclosure Alternative (HAFA)."

Homeowner Benefits of HAFA Program:

• Faster decisions: in 10 days once an offer is submitted.
• A lender-recommended list price is provided before listing the home.
• Deficiency is waived
    * The mortgage dept will be settled through the program
    * No legal action can be taken on/against the outstanding mortgage dept.
• $3,000 at closing for relocation assistance
• No cash contribution or promissory note required to release any lien.
• Foreclosure process put on hold.

Reasons to Avoid Foreclosure!

1. You will always have to disclose that you have had a foreclosure on any mortgage application and many job applications you submit in the future, and this can have an adverse affect on your future mortgage rates. This is the only credit item that is asked specifically and does not rely on what is on the individual's credit report.
2. Credit scores will be lowered by 300+ points, and a foreclosure is the most devastating credit issue in relation to future credit availability.
3. A foreclosure is the one credit report item that is almost impossible to have "repaired."
4. Your lender can seek a deficiency judgment against you and collect for any amount they do not recuperate at bank sale.
5. Many employers run credit checks on prospective employees, and foreclosure is one of the top items that will put a potential new hire in jeopardy.
6. Many current employers run credit checks, and a foreclosure can put a current position in jeopardy.
7. Security clearance and government positions, including but not limited to military and law enforcement, can be jeopardized by a foreclosure.

Being a Certified Distressed Property Expert (CDPE) I am qualified to help you work with your mortgage lender to get you approved for a short sale. Feel free to call me Michael Guerndt 843-685-0498 anytime if you have questions!

Thank you,

Michael Guerndt