Have you seen this latest article on the market bottoming later on It goes on to say how long real estate will continue to go down and by how much. It could take a long while for it to crawl back. Interest rates on the rise the past week. New construction starts slumped. The market will have to over correct to get rid of the inventory. If you think you may owe too much on your house and you want to possibly sell your house for less than what’s owing, than a short sale is the answer. We have 3rd party negotiators to negotiate with your bank to help get your house listed and hopefully eventually sold for less to a new buyer. Our Minnesota Short Sale Home article talks in depth about how short sales work, the process, and answers a lot of the most common questions. Obviously the negotiator is going to do their best to try to negotiate away the deficiency. Also in other cases after the sherif sale during the redemption period , typically 6 months in most cases the negotiator will try to get the short sale done if that particular lender does short sales after the sheriff sale. We would like you to contact us right from the moment you are about to be behind on a payment, well before the initial notice of mortgage foreclosure or if you are listed in the finance and commerce or local legal newspaper. We can get started on the process right away. You can speak to our 3rd party negotiators on their best ideas to get a release of deficiency on a short sale. We have short sale agents here in minnesota to assist you for your area. They are up to date on the latest minnesota foreclosure laws. These are short sale specialist, they have practiced on hundreds of transactions over the years in Minnesota. These negotiators contact the lenders loss mitigation department and that’s where the file is worked on almost daily. Remember a seller has certain redemption rights in minnesota where they can rent, sell etc the property. In the redemption period though as the seller you will have to pay off the loan in full to keep the house. What I mean by this, is after the sheriff sale it’s too late to then try to reinstate the loan. You may want to talk to an attorney about your mortgage foreclosure rights in the state of Minnesota. Our negotitators deal with foreclosure sales and rules every day of the week. Please contact me by email ron@minnesotainvestors.com so we can talk to you about your short sale situation.
