If your house is behind in payments, or about to be behind, and you owe too much on the house to sell for what’s owing.  We would negotiate with your lender to get them to take less than what’s owing (short sale). Please contact us today so we can get started on selling your house on a short sale.  It’s going to be much better for your credit if you sell the house on a short sale rather then just giving the property back to the bank and losing it in foreclosure.

Questions about credit..
Todd Rooker who is the owner of Armor Financial Services Credit and Debt Specialists. Any questions regarding tax, bankruptcy, credit and financial planning, foreclosures, how it affects your future purchases, how to improve your credit score, etc.  Todd Rooker is excellent when it comes to understanding how all these situations relates to short sales.
Todd will then refer you to a CPA or Bankruptcy attorney if needed. Todd’s phone number is 763-383-0959.  Tell him Ron Orr told you to call him.

Questions on how to find another place to live now…
Generally speaking, most foreclosure process, include 3+ payments behind before you get a NOD-Notice of default.  At this point you have to come up with the full amount to reinstate the loan.  Soon after in most cases the banks will file a foreclosure proceeding, and will advertise your property in the legal newspapers for 6 weeks advertising a sheriff sale.  Their is a 6 month redemption after the sheriff sale, in most cases, their are situations where 1/3 of the principle balance is paid off or you have 10+ acres where the lenders would give 12 month redemption.  The choice is yours, if you feel it’s in your best financial interest to save up a down payment from the foreclosure process and redemption period.  We won’t advise either way. We would encourage meeting with an attorney, CPA, and/or financing planner. If you did decide to save up the money along the way,  What we will say is we have some nice new construction available for as little as 5-6% down payment. Our lenders are telling us that some buyers can finance a house in as little as 2 years after foreclosure.  Please keep in mind this is a short sale, and that’s not the same as a foreclosure. http://www.minnesotainvestors.com

What are the next steps…
1. First you have to want to sell on a short sale, and help provide us with your info. After you submit this form, we’ll email a lot of paperwork for you to review and sign.
2. We will need information about your loan and financial situation
3. Your information and signatures will be provided to our agent
4. The negotiator will submit your info and paperwork into your lender
5. The negotiator will work on negotiating with your lender
6. The property will get listed on the MLS for sale
7. We will try to find agents that have buyers
8. We should eventually get an offer from a buyer for less than what’s owing
9. We would set up a closing date
10. We would close the property
Again, It will be important that you put an effort to get us your paperwork in a timely manner.