Palm Beach Real Estate and Loans

At the beginning of last month I went over the basic information regarding Short Sales and (hopefully not) Foreclosures on Palm Beach real estate (see Part I and Part II).

If you have started to get behind on your mortgage and there just does not seem to be any way of bringing it current and keeping it that way you need to sell it before the bank takes it from you.

You need to price it so that it sells quickly - BUT if the mortgage balance is too high, you're going to have to try for a short sale.

Do not wait for the last minute!  The bank just might forgive what you owe to them IF a high enough offer comes in - however you have to prove to them that there is a REAL financial problem.

Get the following together immediately:

• Mortgage statements for every current loan on the property
• Copies of the your latest income taxes
• Copies of the last 3 months bank statements for every account that you have
• Copies of your last 2 months paystubs
• A list of all of your credit cards, how much you owe and the minimum monthly payments
• A list of your monthly housing expenses- all utilities, phone, cell phone, cable, food, entertainment
• Details on other debt - student loans, car loans
• The reasons for the current situation so that a Hardship Letter can be prepared and sent to the lender(s)
• In addition, the lawyer involved will have papers such as a Release & Authorization for you to sign.

Having the above items ready is extremely important if you want the process to be as smooth as possible.

Someone told me that they thought some of the items were 'intrusive' and none of the banks business.

Completely wrong!  Remember - you are asking the lender to forgive you for a debt that you voluntarily accepted.  They might, but you have to prove that there is a REAL reason.

Short sales are not easy, nor are they fast - but if your only option is forclosure they are a much better choice.

Call or email me if you have any questions.