Real Estate Short Sale - Many Financial Providers Issue Lack Of Conclusions Which Hold Homeowners Financially Responsible

Realtors must submit additional paperwork and abide by specific guidelines when listing distressed properties.

Florida, FL (prHWY.com) September 30, 2012 - Florida, Sep 30, 2012 - Realtors must submit additional paperwork and abide by specific guidelines when listing distressed properties. Overall, the process of selling preforeclosure properties can be tedious and typically not profitable for agents.

Real Estate Short Sale - Loss mitigators do not make final conclusions regarding any type of lender transaction including deed in lieu of foreclosure, mortgage refinance, forbearance agreements or loan modifications. The main duty of bank loss mitigators is to keep bank losses at a minimum by bargaining the best deal for the bank.

Additionally, banks do not allow house owners who possess accrued home equity or own financial assets that could be sold to cure mortgage arrears to enter into a shortsale deals.

If homeowners are unsuccessful in making direct contact with their lender, they should send a certified letter of hardship to the lender. Hardship letters should include the details of financial problems, along with any action taken to correct the problem.

Each bank's short sale protocol is different and the process varies by lender. In addition to the letter of hardship, most banks require financial records such as earned wages and two years of income tax returns, along with a detailed list of income and expenses.

It is best to work with a real estate lawyer or short sale specialist to ensure proper protocol is followed. While this can be an additional expense, hiring professionals to negotiate and complete paperwork can save money in the long run.

For the difference between the financial loan balance and cost. Deficiency conclusions remain on credit history until fully repaid and can prevent debtors from obtaining any form of credit for years to come.

King Auctions - Borrowers who have received a foreclosure notice are ineligible for this option. Additionally, banks do not allow homeowners who possess accrued home equity or own financial assets that could be sold to cure mortgage arrears to enter into a shortsale transactions.

A loss mitigator is assigned to work as a mediator between borrowers and lenders. Loss mitigators do not make final decisions regarding any type of lender transaction including deed in lieu of foreclosure, mortgage refinance, forbearance agreements or loan modifications.

About the Author:
Real Estate Short Sale - Fortna Auctioneers & Marketing Group is a creative, innovative, people-oriented and technologically-savvy real estate auction firm. Our work consistently delivers personal satisfaction and success, resulting in mutual pride by all parties involved in the sale.

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Fortna Auctioneers & Marketing Group
26 E. Main Street * Annville, PA 17003
Phone: 717.867.4451
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