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Carolinas Metro Realty


Fox Run Business Park
17232 Lancaster Hwy
Suite 108
Charlotte, NC 28277


Short.Sales@CarolinasMetro.com

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Short Sales in Charlotte NC and Metropolitan Area

It is estimated by the U.S. government that by year’s end of 2010, over 50% of home owners who have a mortgage on their home will owe more than the value. While loan modifications can offer short term solutions, unfortunately nearly all of these home owners will be unable to qualify for any debt forgiveness.

Many home owners are delaying the inevitable, cashing out hard earned retirement accounts, using credit cards to pay bills and borrowing money from family members to try to keep their heads above water. True financial relief from a short sale is what most homeowners in hardship need.

Stop the foreclosure by contacting short sale negotiators in Charlotte NC who will return sanity in your life. If you need to know how to short sale your house or just need to know short sale vs foreclosure or what is deed in lieu of foreclosure we have an answer for you at Carolinas Metro Realty. Our short sale company and our real estate professionals have an extensive expertise in short sale process in Charlotte NC. Most short sale companies, individuals and investors rely on Carolinas Metro to negotiate a short sale on their behalf.

If you’re in preforeclosure it is not too late. We can still stop the foreclosure by initiating a short sale and save your credit from your lienholder(s).

We are a local real estate firm based in Charlotte, NC that specializes in short sales and bank negotiations for homeowners like you.
Our agents work to get you forgiven of your debt 100%, regardless of what you owe on your home
You do NOT always have to be in default to work a short sale on your home
We are NOT investors, and are not here to attempt to "steal" your house and profit from your misfortune
We will assign you an experienced local short sale specialist to market your home and negotiate the short sale with your lenders
We will guide you through the entire process and answer any questions you have along the way
A short sale done properly will stop the foreclosure of your home
Our services are ALWAYS 100% free for you, your lender pays ALL fees and closing costs, period

Contact us to discuss your personal unique situation with our short sale specialist in Charlotte NC by filling online form on the right or contact us

Call 704.405.0634
E-mail at short.sales@carolinasmetro.com


We are looking forward to the opportunity to work with you!
COMING SOON QUESTION:

What is a short sale?
When short sale is a best option for a property owner?
Will Short Sale affect my credit?
If my loan in Foreclosure, can I still be considered for a Short Sale?
I'm an investor, can I short sale my rental property?
If I filed Bankruptcy, can I still be considered for a Short Sale?
What is "financial hardship" and why is it so important?
What is the benefit for my lender to approve a short sale?
What kind of properties does CMR handle for short sales?
Can I deed my property to my lender through a Deed in Lieu of Foreclosure?
What is HAFA and how homeowner can benefit from it?
Can I stay in my house during a short sale process?
Do I have to pay my Realtor in a short sale transaction?



ANSWER:

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What is a short sale?

A short sale is the process by which homeowners can sell their home for less money than they actually owe on the mortgage(s). This is accomplished by providing proper short sale documentation to the lender(s) to convince them to reduce the mortgage balance to allow the sale. If the sale is approved, the mortgage lender(s) will take a loss on the mortgage and cover all Realtor’s commissions, outstanding property taxes and other property liens. In other words, the home (or any other real estate property) can be sold for a price lower than the amount owed to the lender without the seller having to come up with cash to cover the shortfall.


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When short sale is a best option for a property owner?

Prime candidates for short sales are properties that are heading towards a foreclosure. This usually means the property owner is at least two payments behind, and the foreclosure process has already begun. Recently however, more mortgages that are simply behind are considered short sale candidates without actually being in foreclosure. In other situations, the homeowner might not have equity or has a negative equity in the home where the total balance owed to the lender is equal to, or greater than, the price at which the house can be sold. Many such situations are considered a "strategic default" by the lenders but would still be considered for a short sale approval.

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Will Short Sale affect my credit?

Yes, a Short Sale may affect your credit rating. After completion of a Short Sale, your lender may report to the credit agencies "Account paid in full for less than the full balance". Even though this is considered a “derogatory” item on the credit report, such an item is significantly better than “Foreclosure” or “Bankruptcy” that might be reported if property owner simply abandon their property or file a bankruptcy. Most lenders and FHA will approve a new loan after two years of short sale closing. Back to the top



If my loan in Foreclosure, can I still be considered for a Short Sale?

Yes, however the foreclosure process may continue during the process. Please contact CMR ASAP as time is of the essence in such a situation.


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I'm an investor, can I short sale my rental property?

Yes, however investors don’t generally qualify for HAFA relief and the "hardship" element must be present. For investors there may also be some income tax issues resulting from mortgage relief, so remember to consult your tax advisor prior to considering a short sale.


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If I filed Bankruptcy, can I still be considered for a Short Sale?

Yes, however consult your Bankruptcy attorney regarding the process of selling your property during a Bankruptcy.


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What is "financial hardship" and why is it so important?
"Financial hardship" is a critical part of a short sale approval process. Each short sale package will require a “Hardship Letter” explaining why lender should approve a short sale. Three most important things in a Hardship Letter are: reason for a hardship, how long borrower expect situation to last (generally hardship has to be permanent for short sale approval) and what borrower requests from the lender (short sale, deed in lieu of foreclosure, loan modification, etc.) Lenders will make the borrower to pay the shortfall if there is no hardship situation.
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What is the benefit for my lender to approve a short sale?

The only reason a lender will approve a short sale is if they determine that a short sale will net them more proceeds than a foreclosure. Understanding the homeowner's financial hardship plays a major role in the lender's short sale approval. If a borrower is current on his/her mortgage, it is very difficult to get short sale approval from the lender unless they can determine “imminent default” situation.


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What kind of properties does CMR handle for short sales?

CMR handles residential properties such as single family homes, condos and townhomes as well all other types of commercial properties in all price ranges duplexes, apartment buildings, office condos, shopping centers, convenience stores, etc.


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Can I deed my property to my lender through a Deed in Lieu of Foreclosure?

This may be an option however most lenders would recommend the Short Sale option first before considering a deed in Lieu of Foreclosure.


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What is HAFA and how homeowner can benefit from it?

Recently announced by Obama Administration Home Affordable Foreclosure Alternatives (HAFA) initiative as part of Making Home Affordable Plan introduces new benefits for those homeowners who are no longer able to retain their home but would still like to avoid foreclosure. If qualified under HAFA, the homeowner can receive financial assistance of up to $3,000 to help with relocation expenses.


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Can I stay in my house during a short sale process?

Generally an owner can stay in the house all the way until the closing of a short sale transaction as long as showings for potential buyers can be arranged. In most cases, the foreclosure is postponed by the lender to allow enough time for a short sale which in some cases can enable homeowner to occupy property for additional 3-6 months or even longer without making mortgage payments.


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Do I have to pay my Realtor in a short sale transaction?

No. When short sale paperwork is submitted to the bank, Realtor commissions are included in a payoff calculations and lender would usually cover agent’s commissions. The bank may negotiate Realtor’s fees but usually this does not affect the homeowner.


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