It is important to know that 90% of homeowners nationwide who try to do a "short sale" selling their home still end up losing their home through foreclosure because they hire an uneducated or lazy agent.
Unfortunately most of the agents that are trying to help have not been properly trained and do not have the experience in negotiating with the lenders to get the job done. Don't be part of the 90%, we can help if you contact us today through our form below.
A frequently heard definition of a short sale goes something like this:
"A short sale occurs when the lender agrees to take less than the full amount required to pay off existing loans in full because the outstanding loan balance is greater than the proceeds realized from the sale of the property."
This sounds simple enough, and it is the definition most agents will give you. The problem is in the details of a lender approval of a short sale. The terms of the "approval" are almost always put forth by the lender, and most agents and many sellers assume any approval is a good thing. However, once the loan is viewed as a potential short sale by the lender, the once friendly lender is now a debt collector, looking out solely for their best interests.
If you are considering a short sale in New Mexico, you need to know all the options and the potential long term consequences of each option. That is why working with agents that are versed in short sales, the deed in lieu option and the foreclosure process is a must.
Fill out our contact form to get more information and educated about the issues concerning short sales in the Greater Albuquerque Area and the State of New Mexico.