New Bern's Short Sale experts

The Short Sale Process

First of all, what is a short sale? A short sale occurs when a home is sold and there is not enough proceeds left from the sale to pay the lender back all that is owed on the note.

While some short sales occur because the owner is behind on the mortgage payments, most occur because

  • The owner must sell their property.

  • Market values have decreased since they bought their property.

  • The property value no longer exceeds the amount of debt on the property.

In negotiating short sale issues, you should understand that the mortgage servicer who collects your mortgage payment may not be the party to who you need to the talking with. The parties with a vested interest in your home are the note holder and the mortgage insurer, if their is one. It will be one of them that will have the final say as to what they will accept for payment if it is less than what is owed on the property. Your mortgage servicer, the person you make your payments to, can tell you who you need to contact to discuss the possibility of a short sale.

Before a lender or loan insurer will decide whether they will consider a short sale, loan modification or repayment plan is the best recourse, the following factors are often taken into consideration.

  • Loan Status : Usually a loan must be in default or default must be imminent to induce a lender to accept less than the amounts due under the note. However, in some situations, such as a declining market with a 100% loan, or if the property is not worth what is owed may be sufficient to induce a lender to a short sale.

  • Hardship : The property owner will be required to demonstrate that there are circumstances beyond their control which impacted their ability to make the scheduled payments. The circumstances may be involuntary loss of employment, extended illness, divorce, or escalating loan costs due to an adjustable rate mortgage.

  • Financial Status : The lender may, in addition to verifying the owners income, require documentation of the owners assets and liabilities to determine whether the owner has other resources from which to pay the loan before allowing a short sale. If you have enough assets to satisify the loan the lender may want you to use them before considering a short sale.

  • Loan Fraud : If the loan goes into default within the first 2 years the lender may audit the documents and make a determination if any fraud was involved by the owner in obtaining the loan.

  • Property Value : The lender will require a current property appraisal in order to determine the fair market value of the home.

How does a second mortgage affect a potential Short Sale?

If you have a second mortgage on your home it may not be possible to arrange a Short Sale. The seller will not be able to convey clear title to the property until the first and second lien holder has been paid in full or an acceptable agreement has been made. If you cannot work with both lien holders the short sale will not work.

We hope that this web page will give you some insight about the short sale process. If you have any additional questions about this process please feel free to call me at 252 514 9157. We have helped many clients determine if this may be an option for our clients.

Search for Homes in New Bern and the Surrounding Area

Waterfront Homes
Waterfront homes in the New Bern area
Historic District
Historic Homes in the New Bern area
Golf Course Homes
Golf course homes in the New Bern area
Popular Retirement Communities
New Bern has some really nice retirement communities
Oriental Homes For Sale
 title=
Homes Creekside Elementary
Steve and Jana Tyson have over 40 years experience selling real estate in New Bern
New Home Construction
Steve Tyson is a general contractor and knows the best builders in the area.
Homes Near Cherry Point
Steve Tyson built new homes for 15 years and knows the best builders in the area.
Waterfront Lots-New BernCherry Point Marine Air Station.
Homes $100,000-200,000
Homes for sale $100,000-$200,000
Homes $200,000-$300,000
Steve and Jana Tyson have sold over $150 million in Real Estate
Homes $300,000-$400,000
There are many great neighborhoods to choose from in New Bern
Homes $400,000-$500,000
In this price range you can buy a waterfront home or a house on a nice upscale golf course
Homes $500,000-$700,000
The real estate market bottemed out in New Bern late 2013
Homes over $700,000
Luxury homes in the New Bern area
4+ Bedroom Homes
The Tyson Group are New Bern's number 1 Realtors
Condos and Townhomes
Condos and townhomes for sale
Homes on Duke Energy
Duke Electric will save you money




**********

Links Of Interest

Google+

Home

SEARCH MLS for HOMES

New Bern NC Neighborhoods

New Bern Waterfront Homes

Golf-Retirement Communities

What is my Home Worth?

Retire to New Bern

Bank Owned-Forclosures

New Home Construction

New Bern Taxes

Meet the Tyson Group

Steve and Jana Tyson

Testimonials

Homes for Rent

E-Mail Steve

Home Buyer Resources

The Home Buying Process

Your Credit Score

Closing Costs

Home Inspections

Termite Inspections

Surveyors

Real Estate Appraisers

New Bern NC Real Estate Attorneys

New Bern Homeowners Insurance

Flood Insurance

New Bern and surrounding area Utility Companies

How to get a Dock or Bulkhead Permit

New Bern You Tube

Stay In New Bern Cheap!

Seller Resources
When is the best time to sell my home?

What is my house Worth?

Sell Your Home Quicker

Closing Costs

Seller Mistakes

Short Sales

Free Home Audit

For Sale by Owner Tips

Dave Ramsey ELP

New Bern NC Real Estate Blog

Commercial Real Estate
Commercial Real Estate

1031 Tax Exchange

New Bern area Demographics

New Bern Employment

Cherry Point Economic Benefits to Area

New Bern Chamber of Commerce

New Bern Waterways and National Forest
Neuse River

Trent River

Creeks in the New Bern area

New Bern Marinas

Fishing in New Bern

Flanners Beach

Croatan National Forest

New Bern History
New Bern History

The Battle of New Bern

James City - Home of the Freedmen

Tryon Palace

Remember In New Bern When

New Bern Bears

Wounded Warriors

Clubs-Organizations-Things to do
New Bern Clubs and Organizations

New Bern Civic Theatre

Calendar of Events

New Bern Now

Local Links
Craven County Regional Airport

New Bern Golf Courses

Craven County Government

New Bern Tennis

New Bern Dining

New Bern Convention Center

New Bern Weather

New Bern Newspaper

New Bern Schools

New Bern NC Homes for Sale

Cherry Point PCS

Local Services
New Bern Churches

New Bern Moving Companies

New Bern Electricians

New Bern Plumbers

New Bern Heating and Air Contractors

New Bern Engineers

New Bern Carpet Companies

New Bern Dentist

New Bern Chiropractors

New Bern Photographers

New Bern Carpet Cleaners

Termite Companies

New Bern Gyms and fitness Centers
Other Local Links
Craven County Politics

New Bern Map

Brices Creek-HWY 70 Neighborhoods
Lake Clermont

Oakview

Hunters Ridge

Hardee Farm

Deer Run

Crump Woods

Reedy Creek

Tucker Creek

Taberna

Carolina Pines

Creekwood

Brices Crossing

River Bluff

Neuse Harbour

Stately Pines
New Bern Neighborhoods
Greenbrier
New Bern Best Buys
Incredible Waterfront Value
Contact Steve
Steve Tyson


1320 McCarthy Blvd

New Bern, NC 28560

Cell: 252-514-9157

Work: 252-514-9157

* Email Steve Tyson *

Our Privacy Policy

Real Estate license number  56806



© 2007-2012 Steve Tyson.
All Rights Reserved.