Help for Underwater Mortgages
Nearly half of all homes in the U.S. are now worth less than the amount still owed on their mortgages, known as being "upside down" or underwater on your mortgage. For many owners this is a frightening situation. They can't afford to hold on to their house (or may need to move for other reasons), but they can't afford to sell either. While "strategic default", simply walking away from your home and mortgage, has been much in the news, this is rarely the best solution. Much better is a negotiated Short Sale, in which the mortgage holder agrees to accept less than the full amount of the mortgage balance when you sell the house. A short sale can get you "above water" again, while leaving your credit intact and allowing you to buy another home. Many banks have instituted programs specifically to work with borrowers who see a short sale as their best option, and Rebecca Stewart is at the forefront of working with these programs.
Why Can't I work directly with the Lender?
You still need to sell your house, and a realtor who specializes in short sales and understands their unique requirements is your best option. Many buyers are nervous about going into a short sale after hearing stories about sales that were not approved. I work with the buyers to help them understand the process and allay their doubts.
Short Sale Programs
For Wells Fargo/Wachovia Mortgage Holders
The new Wells Fargo Fast Track Short Sale (WFFS) program can aid Wells Fargo and Wachovia Bank (now part of Wells Fargo) mortgage holders.
- 7 Day Approval I will set up a meeting with a Wachovia Short Sale Manager at your home to obtain approval.
- $2500 in moving expenses from Wells Fargo/Wachovia if a short sale is your best option.
- Verbal income and asset verification
- No deficiency liability against seller upon approval.
- STOP the foreclosure process while your short sale is under way. All you need is an offer in hand and we can STOP the clock.
- Obtain settlement letter from any junior lien holder (ie. 2nd loan)
- Closing in 45 days or less.
I am trained in Wachovia and Wells Fargo Fast Track Short Sale programs. With my help you can prevent foreclosure and get out from underneath your burdensome mortgage.
For Other Mortgage Holders
Many other lenders have instituted short sale programs. But the thing they all have in common is that you must have a buyer. My special training in short sales makes me the ideal real estate agent to work with you on this critical process. Contact Rebecca Stewart, your short sale specialist, for the latest details.