If you have turned that dreaded corner with your delinquent mortgage and a legal action has been filed then you are officially in pre-foreclosure. At Barrington short sales we can let you know what steps are best to take in pre-foreclosure, also known as a period of redemption allows you to keep possession of the home while trying to refinance or sell.  If you are unable to do either, in the end, your home will be auctioned off on the courthouse steps.  There is hope however the friendly staff at Barrington Short Sales can see you through this dilemma with expertise and efficiency. They would love to discuss the scope of your alternatives with you and these alternatives may not be as limited as you think.

Generally, by the time an action is filed, you have already received a package of documents from your lender asking if you want to short sale your home. A short sale, in essence, is where the lender will allow you to sell your home for less than the mortgage amount while eliminating the rest of the debt obligation at closing. To sell your home under this procedure will have a more positive effect (as opposed to foreclosure) on your credit report and may save you from a bankruptcy action.

Maybe the Realtor that sold you your home was your brother, your next-door neighbor or your best friend, so you feel an obligation to contact them to list the home. If you are doing a short sale, fulfilling this obligation might be the worse decision that you could make. First, the Realtor listing your home is typically the authorized third party that will be negotiating with your lender.  If the Realtor that has your home listed does not know anything about the proper procedures to carry this type of transaction through to closing, you could be lost in paperwork for months. That nis why at barrington short sales you will have a Realtor that has completed many short sales and knows how to get them done.

While the lender really does not want to take your home in a foreclosure action, they have neither the time nor the desire to teach you or your authorized third party the proper process. It is up to your Realtor to know what has to be in the negotiators file before the lender can accept an offer. It is up to your listing agent to make sure that all of your paperwork (hardship letter, financial statement, tax returns, bank statements, etc) are all up to date when an accepted offer is sent to the negotiator. It is also up to your Realtor to make sure that any accepted offer is presented with buyer qualifications as well, even if the buyer is working with a different Realtor.

The Realtors at Barrington Short Sales have been trained as specialists in dealing with loss mitigation negotiators. Lender short sale files are very susceptible to being rejected or closed if paperwork is not received in a timely manner. If this happens, the process with your offer has to start over. It may surprise you to know that improper or untimely paperwork submission is the primary reason that these types of transactions take months to close. You are the person in control though.  Will you allow your inexperienced best friend to handle this fragile string between you and complete financial disaster?  On the other hand, will you be calling the friendly Realtors at Barrington Short Sales for a quick and efficient closing of your short sale transaction?