Frequently Asked Questions

What Is a Short Sale?

In simple terms, a Short Sale is when you sell your home for less than the amount owed on your mortgage. You are selling your home short of what you owe. What is great about it, is that the lender will pay a majority of your sales costs, including commissions, title and escrow fees, taxes and sometimes additional closing costs. You get to sell your home for a price less than what you owe and avoid foreclosure!
 
 
What are the advantages of a short sale?

A short sale can minimize the damaging impact to your credit and can minimize your financial exposure and liability. A 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.
 
 
Why would my lender agree to short sale?

In most distressed mortgage situations, foreclosure is a last resort for all parties involved. Simply put, both the homeowner and the lender usually want to avoid foreclosure at all costs. A short sale gives the lender the ability to cut its losses upfront thereby avoiding the expense and time of a foreclosure and potentially greater losses. Lenders want to make loans, they do not want to be in the business of owning and managing real estate.
 
 
How much will a short sale cost me?

Absolutely nothing. Unlike other loss mitigation companies, Real Estate Mitigators provides our short sale negotiation services at no cost to the homeowner. Our fees are never paid by the homeowner, and we are only compensated if we successfully negotiate a short sale.
 
 
Why shouldn’t I negotiate with my lender directly?

Just as most borrowers use a professional to initially get into a mortgage, we firmly believe that it is in their best interest to do so if they are in the unfortunate position that they need to get out of a mortgage. At best, you only get one shot to negotiate your way out of foreclosure, and while it is certainly possible to negotiate with the lender yourself, it is highly inadvisable. We have excellent working relationships with the lenders’ loss mitigation departments and we will leverage our network and expertise to help you solve your problem.
 
 
Will you work with my real estate agent or must I work with a realtor from your network?

Real Estate Mitigators has a national network of realtors who are well versed in the intricacies of valuing, listing, marketing, and selling short sale properties. Once we begin working with you we will assign a local affiliate realtor from our network to assist in quickly getting offer(s) on your property, so that we can negotiate a short sale with your lender. If you have a preferred realtor that you would like to use, Real Estate Mitigators can partner with them as well, provided they agree to conform to our standard realtor terms and conditions
 
 
Will a Short Sale work for me?

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 “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.
 
 
How long does a short sale typically take to complete?

Every short sale situation is unique and follows its own timeline. Typically a short sale is completed within one to four months from the time we have a complete short sale package ready to present to the lender. Having said that, we have successfully negotiated a short sale in as little as two weeks. Timing depends on how quickly we can begin negotiating with your lender.

We want to help you stay in your home as long as possible and help you stop your foreclosure, at no cost to you. All we ask from you is for your information below to get started immediately!