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Portland Foreclosure: > First time buyers > How to avoid foreclosure |
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 Pre-foreclosure or short sale
Upside down? There may be help If you owe more than what your house is worth, the lender may allow you to sell the house and accept a lower amount than what you owe, before the house is foreclosed upon. Ask the lender if there will be a “deficiency judgment,” which is the amount uncovered after the sale of the house, filed against you for the difference. Ask for a written agreement clarifying the status of this deficiency. Steps to negotiating a short-sale Step 1 Verify the value of your property. If you are selling the property through a real estate broker, your broker will provide you with an estimate of market value. If you are selling the property yourself, do your own market analysis of the area and your property. Step 2 Add up all the costs of selling the property. If you are using the services of a real estate broker, the broker will provide an estimate of closing costs. If you are selling the property on your own (for sale by owner), call a local title company or real estate attorney and ask, as a seller, what the closing costs will be. Step 3 Determine the amount owed against the property. This will be the total of all loans against the property. Step 4 Do the calculations. Subtract the total amount owing against the property from the estimated proceeds of the sale. On a short sale, this will be a negative number. Step 5 Contact the lender or lenders. Talk to someone in the customer service department and tell them the situation. They may direct you to a specific department. Talk to a supervisor or manager if possible; this person will have more authority. Step 6 Ask the lender what its procedures are for a short sale. Some lenders are willing to work with you by reducing the amount owed or making other arrangements. Others will look to the agents involved (if any) or anyone else who's making money off the transaction to see if they are willing to make concessions to make the transaction happen. Still other lenders will tell you that your debt is your responsibility, one way or the other. Step 7 Sell the property. Alternatives to foreclosures include:
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PortlandForeclosure.com: Portland Foreclosure. Educating the public on foreclosures in Portland and Portland foreclosure related issues. If you are a first-time home buyer, seasoned investor or home owner, you've found the right place to discover. Our online resource and help center on foreclosures is the most extensive foreclosure website in the Portland metropolitan area. We actively update foreclosure data for counties including Multnomah, Clackamas, Yamhill, Washington and Clark County. Location: 1030 NW 12TH AVE #TH4-1, Portland, OR 97209 Phone: Contact Page Email: Contact Page Copyright © 2010, Portland Foreclosure. PortlandForeclosure.com. All rights reserved. Report web site corrections and broken links only to corrections.  Privacy policy.
Disclaimer: Information provided is of public record. We do not guarantee the accuracy. In some instances, homes have been brought current, their default has been cured and they are no longer in the foreclosure process. |
AVOID FORECLOSURE: Forbearance or repayment plan Mortgage loan modification Partial claim Pre-foreclosure or short sale Deed-in-lieu of foreclosure Cash-for-keys Fannie Mae’s Deed for Lease program Making home affordable program Filing Chapter 13 Bankruptcy Filing Chapter 7 Bankruptcy |
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