• If you have attempted a loan modification with your lender and you have been unsuccessful MyBailout.com can help you stop foreclosure and short sale your property today.
• If you have sustained a financial hardship that will be impossible to overcome or if you owe more than your home is currently worth, do not delay and call us immediately so we can get the short sale process started.
  Short sales are very complex transactions that may involve various experts such as a Realtor, CPA, Attorney and negotiator.
• Only 20-30 percent of all short sales are approved and closed successfully nationwide.
• It’s important that you work with a qualified company like MyBailout.com that offers you a full service short sale solution with no upfront fees and a very high success rate!

A Short Sale has many benefits.

• It allows for an easier sale in a depressed market
• You don’t have to continue mortgage payments
• It can alleviate stress because you don’t have to move
• You keep a negative foreclosure or bankruptcy rating off your credit report
• You may be able to avoid deficiency judgments by satisfying debt
• There are no out of pocket fees

1. Free consultation. Call 1-866-352-1493 or fill out the online form and one of our experts will contact you immediately for a free consultation.
2. Short sale package. After a comprehensive evaluation of your financial situation, one of our consultants will determine if a short sale is the best option for you and a short sale package will then be prepared and delivered to you.
3. Marketing. Once we have received the completed forms required for the short sale process we will submit the documents to your lender for review and start an aggressive marketing campaign to get your home sold. A market analysis will be prepared so your property is priced right and listed by a licensed and experienced Realtor. MyBailout.com will also market your property to our established real estate investor affiliates who will often make a cash offer before your home is ever listed.
4. Lender Negotiations. Once the lender has received the full short sale package, an offer from a qualified buyer will be presented. MyBailout.com will start to negotiate terms with your lender. If it becomes necessary for you to work with a legal or tax advisor to assure that your lender will eliminate a deficiency obligation, tax liability, or bad credit rating, MyBailout.com can refer you to our mortgage litigation advisor, CPA, credit repair specialist or Attorney.
5. Settlement. After you review and agree to the negotiated terms, the title company will set up closing documents to satisfy your debt obligation to your lender and pass on title to the new end buyer.

Is a short sale the best option for me?

What are my options to avoid foreclosure and how will each option affect my credit?

You make the choice. Your options include loan modification, short sale, mortgage litigation, deed in lieu of foreclosure, or bankruptcy. See explanations below.

Consult with one of experts at MyBailout.com before you make a decision!

You should attempt a loan modification if your home is worth more than you owe and you would like to remain in your home but you have sustained a temporary financial hardship. Every lender has different conditions and guidelines in order for you to qualify and there are several ways that your lender can report a loan modification to your credit. Consult with MyBailout.com before you negotiate terms with your lender to assure that your loan modification will not have a negative impact on your credit report. If your lender decides not to remove a derogatory mark from your credit report we can refer you to one of our credit repair specialists.

If you are upside down in your home and your lender will not agree to a loan modification your best option is to short sale your property. A short sale may report as a mortgage debt settled for less than the amount owed on your credit report. However, the negotiators that we work with are often able to eliminate negative credit reporting as part of their negotiations. If your lender does not agree to change the reporting according to Fannie Mae guidelines, you should be eligible to purchase a home within 2 years. A short sale may or may not show on your credit report but it is usually less harmful to your credit than other options since you have taken positive steps to fix your situation. If your lender decides not to remove a derogatory mark from your credit report we can refer you to one of our credit repair specialists.

If you think your lender has violated certain lending laws or foreclosure proceedings, a forensic audit can be performed to verify if your lender has committed loan violations. If violations are discovered during the audit you have the right to hire an Attorney to proceed with legal actions against your lender. Mortgage litigation can be a great solution. However, it can be a drawn-out and expensive process. Your Attorney can potentially negotiate and reduce your outstanding principal and interest and negative reporting off of your credit report if there are violations.

Deed-in-lieu of foreclosure is an option that allows you to voluntarily deed your property to your lender and give up your claims and rights to your property in exchange for a release from all obligations pertaining to your mortgage. This might seem like the best solution for you and your lender because of the advantages for both parties but it is the most unlikely solution because of the many factors involved. If your total debt is higher than the current market value of your home or if you have a second lien the chances of a successful deed-in-lieu of foreclosure are very low. A deed-in-lieu can report on your credit for up to 7 years and it might take up to 4 years before you can qualify to purchase another home.

Unless you are days away from foreclosure and have no other way to stop foreclosure, bankruptcy should be your last option to consider because it has more of a negative impact on your credit than all of your other options. If you file a Chapter 13 bankruptcy, and successfully complete it, the reporting will show up on your credit report for 7 years from the date of filing. If the bankruptcy is not completed, the derogatory will stay on your credit report for 10 years just like a Chapter 7 bankruptcy. A bankruptcy will also make it difficult for you to buy another property for up to 5 to 7 years.

Can I do a short sale myself?
Yes. However, a short sale can be a very long and complex transaction that requires specific documents and expertise that most homeowners do not possess. Most homeowners do not have the time to negotiate a short sale or the time required to market a property aggressively.

Is it too late to start working on a short sale?
No. You can start the process anytime before the foreclosure auction date. However, it is unwise to wait. The odds of a successful short sale are less the longer you wait. Most short sales will take three to five months depending on the area and lender requirements.

Will my lender agree to a short sale?
Yes, in most cases. It is usually a win-win solution for the homeowner and the lender. Your lender will avoid expensive foreclosure costs and possibly receive less money at a foreclosure auction. As the homeowner, you can save your credit from a negative foreclosure rating that can last up to 7 years.

Can I make any money from my short sale?
No. Because the lender takes a loss on the loan they will not allow a homeowner to make a profit.

What is a mortgage deficiency judgment? Will I be responsible for a mortgage deficiency?
When a lender sells a property short of the loan amount a deficiency occurs. For example, if your loan is $500,000.00 and you sell for $250,000.00 the lender loses $250,000.00 on the note. You may be obligated to pay taxes on this deficient amount. It depends on the state. Some states allow for personal liability and deficiency judgments and other states like California consider all purchase money loans on one- to four-unit dwellings exempt from deficiency judgments. In a short sale, the lender voluntarily accepts the new buyer’s purchase price as the full payment of the outstanding loan so the seller should be protected by any deficiency judgment. However, it is important to make sure that the negotiator includes this issue as part of the negotiated terms with your lender. Otherwise, you will have to pay extra income tax if the bank sends you a 1099 for the deficiency. Consult with your Attorney or we can refer you to one of our professionals. You may also consult IRS guidelines for additional information.

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