Pre Foreclosure Sales in Massachusetts
Times are tough, this year has been especially difficult for property owners to keep up and many face late mortgage payments and you might find yourself in a situation where you are contending with a bank foreclosure on your property which has many downsides, the first and the obvious one would be losing your property. The second and probably the more damaging on the long run is the negative effect a foreclosure would have on your credit score and your ability to secure any future financing from any reputable bank or lender. If you find yourself in this difficult situation then you absolutely need a compassionate and professional team of realtors to execute a preforeclosure sale, more commonly known as short selling a property to aggressively negotiate with your bank or lender and who know all the tricks in the book to make sure that you don’t take more losses than you should.
Preforeclosure Listings in Massachusetts
So the question you should ask yourself: is Short selling my home or a having a pre-foreclosure sale on my property in Massachusetts going to help me navigate a difficult patch of my life and come out on the other side as unharmed as I can be? The answer to that is a yes, but it is extremely important that you have the right team by your side as you navigate heaps of paper work, real estate jargon, legalese and tough negotiations with banks that really have one thing in mind; that is their bottom line. Many people find themselves in a situation where they are being forced to accept lower prices and low evaluations. We at Cambridge Properties have stood by thousands of home owners over the years and helped negotiate successful Pre-foreclosure sales or short sales on various properties all around the state of Massachusetts and we have insider and in-depth knowledge on every major financial institutions paper work and processes for short sales. You can trust Cambridge Properties team to help you navigate this difficult time and we you have our word that we will be as mindful and as honest about the best deal you can have based on the market value of your property and give you a realistic price range that you are comfortable with and move on with the process.
What should I consider before Short Selling my property?
Before going down the path of short selling home or property you need to make sure that you have exhausted all other options, namely requesting a loan modification from your bank, refinancing your loan at a lower interest rate or giving you a longer forbearance period if your financial setbacks are only temporary. You should consider a short sale after you made sure all of the above avenues have been unsuccessful.
Another thing to note is that a short sale is a move that you should do to protect your financial future, as the effect of having a percentage of your debt forgiven by the bank is much less harmful than having a foreclosure on your credit records. So a Pre-foreclosure sale doesn’t mean that all your financial problems are gone instantly as some banks might require you to sign a promissory note to pay the amount lost by them due to the short sale, but this really depends on your real estate team negotiation with the risk management department in the said bank and we at Cambridge properties have been quite successful at negotiating this bit out of the contracts but it really depends on many other factors, i.e.: the amount of money owed in late mortgage payments, your financial situation and the short sale price agreed upon with your lender.
What Paper Work is required for Short Selling house in Massachusetts?
Most lenders and financial institutions usually require the following documents to be submitted with the Short sale request:
How long Pre foreclosure Sale Takes?
Depending on your financial situation and number of mortgages you have it can be anywhere between 1-6 months. Sellers with one mortgage are looking at an up to 90 day approval and sellers with two or more are looking at up to 6 months.
What happens if my request to short sell my property is not approved?
Cambridge properties having been authorized by you will have to re-apply and negotiate with the loss mitigation department at the lending organization to make sure any extra paperwork is filed and to speed the process along and protect you from bank foreclosure.
What Does Pre-foreclosure Mean?What is a Pre foreclosure?
There are three main factors that would make a prospective sale a short sale or a preforeclosure sale in Massachusetts State.
Why should I hire Cambridge Properties to help with Pre foreclosure sales in Massachusetts?
We offer our short Sale and Pre-foreclosure sale services statewide in Massachusetts so give us a call and get your FREE consultation today, know your options and make an informed decision:
Boston, Cambridge, Somerville, Arlington, Medford, Lexington, Winchester, Stoneham , Malden , Everett , Chelsea, East Boston , Charlestown, Revere, Winthrop, Lowell, Lawrence, Worchester.
If your city or town is not listed, we are 100% sure that we cover it. So get in touch and we will be on your side through this process.