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Jackie Colson-Miller

Jackie Colson-Miller, CIPS
Direct - (813)629-5757
Homeward Real Estate
3401 Henderson Blvd
Tampa, FL 33609
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Short Sale vs. Foreclosure in Tampa…What Should You Do?

Facing Foreclosure in Tampa? A “short sale” might be the answer…
The drop in Real Estate Values this year, along with Adjustable Rate Mortgages, Sub-prime loans and zero down financing have created a situation where homeowners cannot meet their mortgage obligations.

When a homeowner is facing this issue, he should consider a short sale . What exactly IS a short sale ? A property is sold for LESS than what is owed on the loan and the lender accepts that payment in FULL. The Seller escapes foreclosure and the lender does not report a foreclosure to the credit bureaus, which would affect the sellers credit for 7 10 years. A short sale will have a smaller affect on the sellers credit rating and will show late payments on the mortgage, but it is a much better option than foreclosure.

Foreclosure is a very COSTLY process for a lender, so many lenders are willing to accept a short-sale, in order to cut their losses.

What is the first step in the short sale process? Call your lender and contact the loss mitigation department as soon as you have missed a mortgage payment. Explain your financial situation and ask for a short sale package, to see if you are a candidate for a short sale. You will need to provide them with your financial information and also write a “letter of hardship”., explaining the reason you cannot continue to meet your financial obligations. Next, contact your real estate agent and tell her you are facing a short sale . Your agent is a critical part of the short sale process, and will be negotiating with the lender, on your behalf, after you have submitted all of the short sale paperwork required.

If you have any questions about the short sale process, or think you may be a candidate for a short sale and need representation in the sale of your home.please contact me!

All costs involved in the short sale are paid by the lender, so do not attempt to maneuver through this process without professional help.

You can contact me at 813.629.5757, or via email: mailto:[email protected]

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