Is time running out to prevent foreclosure? Have you come to a point where nothing you’ve tried so far has worked…and now you just want to get out of your home to avoid a pending foreclosure…and the burden it entails?
After receiving a Notice of Default (NoD), most homeowners, at some point, contact their lender or other agencies to inquire about their options to avoid home foreclosure.
Loan modification? Forbearance? Bring the loan current? Deed-in-Lieu? Bankruptcy? Short sale? Walk away? Other?
If your lender, the HUD-approved agencies, the government programs, etc., have not come forth with a solution for you…and a Notice of Trustee Sale date is pending or is already set, time is running out.
Although an option exists to simply walk away and let the lender foreclose, it’s not a course of action that Second Chance Opportunity (SCO) endorses.
Significant credit report hit. Stigma. Ugh.
Short Sale
In essence, a “short sale” boils down to an arrangement being made with the lender whereby the lender accepts less that what is owed on the home. And, the home is sold.
But, why the rush?
Unfortunately…and as has been reported to SCO by our homeowners, many of the “companies” contacting our homeowners appear to be trying to rush the homeowner straight into a short sale…right out of the gate.
To SCO, that’s irresponsible behavior…and really nothing more than attempting to take advantage of a homeowner who’s in a distressed situation…and perhaps not thinking as clearly as they normally would.
Is it a scam? You decide…
SCO’s approach
If it’s down to the wire, options may be more limited. But, SCO would like our homeowners to explore what options may be available to them…no matter where they may be in the foreclosure cycle…before simply going straight to straight to short sale.
Together with SCO, let’s explore options first. But, if and when options seem to be exhausted, that’s when it may be appropriate to discuss short sale.
If you feel that a short sale is in order, SCO has an experienced professional team in the San Jose metropolitan area ready to assist in getting a short sale done for you.
Of course, whether or not a short sale is approved is the lender’s call. And, a buyer’s needed.
SCO Short Sale Services
SCO offers two effective options for conducting a successful short sale.
One involves listing the property as a short sale with our brokerage team partners. There are a lot agents out there giving short sales a try for the first time. Our local brokerage partners are experienced at it.
Another option, for select properties, is for SCO or one of our partners to negotiate the short sale with your lender on your behalf…and purchase the property.
Our combined team has helped hundreds of homeowners in short sale situations. We’re here to assist you, too.
As always, SCO recommends that homeowners check with their attorney, CPA, etc. to determine the best course of action for their given situation.