Short Sales – Save Your Credit From Foreclosure

Over 70% of homeowners in foreclosure never talk to a professional about it because they are embarrassed.  Save your credit – do a short sale!  Short sales happen when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Not all lenders will negotiate a short sale, and that is why a real estate agent  can be a tremendous help.

On Monday, November 30th 2009, the US Treasury set new guidelines to simplify the short sale process.  They have set limits on how long it takes for a bank to approve an offer.  Mortgage servicers have 10 days to approve or disapprove a request for short sale, and when done the transaction must fully release the borrower from the debt.  It also prohibits mortgage servicing companies from reducing real estate commissions on the sale.

If you are experiencing a hardship and need to sell your house, contact your friendly Real Estate Downtown Expert, Michael Sharp at 612-720-4300 or visit www.MichaelSharp.com

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