Sioux Falls Foreclosure And Short Sale Tips For Everyone
Sioux Falls Realtor, Stefanie Stockberger, will share some important information to help you make very important foreclosure or short sale decisions
. For example, if you have missed your mortgage payments and have no idea when the axe is going to fall, the first step in the foreclosure process can be one of the most stressful situations an individual can ever go through. The first month you miss your payments you will start getting phone calls reminding you of your need to pay. By the second month without payments you may be hearing rumbles of foreclosure talk and spending more time worrying about what is coming. By the time you are three months behind you may be afraid that your payments will never catch up and fear that there is nothing to do but let the bank take back your home. If you are in this position, and dont foresee catching up on your payments, dont panic quite yet! There may be some help for you in the form of a short sale, a type of sale where the bank authorizes a sale of your home for less than the remaining balance on your mortgage.
Why would you want to think about a short sale? Because most short sales are mutually beneficial to both the borrower and the lender. The foreclosure process is very expensive for the bank, and if they can recuperate their losses without having to go through the hassle and expense of a foreclosure, they may jump at the chance to do so. If you work with a Realtor to do a short sale, you can be doing both yourself and the bank a favor by saving you both a lot of pain and anguish. While the bank may not authorize a short sale, the risk of wrecking your credit with a foreclosure makes taking the time to work with a Realtor to request one of the bank is worth it!
Most people think of a Realtor as a contact for buying or selling a home when they want to relocate, upgrade or downgrade, but a good Realtor may be able to help you if you are facing foreclosure as well. A qualified Realtor can help you explore other options to avoid the dreaded foreclosure, which will help protect your credit and make it easier to get back on your feet. Below are a few steps to take to make sure you are doing your due diligence in protecting yourself.
Next steps:
1.) Find a Realtor that has experience with short sales and foreclosures. A good reference is a certified SFR (Short Sale and Foreclosure Resource). These agents have specialized training to help guide sellers in these situations. When talking to a Realtor be sure to ask them how many of these transactions they have worked with. A Realtor with short sale experience will be more helpful than one who would be doing his or her first transaction.
2.) Ask your Sioux Falls Realtor to explain in depth what options they see available for you. A great Realtor should ask you about the specific details of your situation, what hardships you may have encountered, and be able to answer initial questions about short sales, loan modifications, and possibly even mortgage forbearance. This will not likely be a fast conversation, but could be one of the most important ones you will ever have.
3.) Contact your mortgage provider with the information that your Realtor has provided and see what they can work out.
When looking for a Sioux Falls realtor, the even more important than finding someone with experience is finding a realtor who truly cares. Yes, this is the Realtors job and the way they make their money, but there are some great agents that will put their heart and soul into your situation and not just think of it as a paycheck. Great agents will pride themselves on putting 100% of themselves into helping a homeowner with hardship.
I can guide you during this time, and possibly help you with the short sale of your property and get back on your feet.
Serious Support for Smart Real Estate,
Stefanie Stockberger, (SFR) Short Sales & Foreclosure Resources Specialists
606 West 33rd Street, Sioux Falls, SD 57105
(605) 310-5562
Send me an e-mail at Stefanie at stefaniestockberger dot com
I will contact you for your free consultation.
PS. When we talk, I will explain how the process works in more detail and answer any questions you may have. Call me today at (605-310-5562)
PPS. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
by: Sioux Falls, SD 57105
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