New Horizon Short Sales – What You Should Know

If you’re facing foreclosure on your home and have a mortgage loan from New Horizon, it’s a good idea to start thinking about a short sale to avoid foreclosure.

Convincing them

To start the process you need to have a set of documents ready. First you would need copies of the bank statements of all your accounts for the last 2 months at least. You also need to furnish tax returns for the past 2 years and W2s for the previous 2 years. You also need to submit your pay slips for the past 2 months to show that your income no longer supports the mortgage payment. You will also need to provide New Horizons Fund with a handwritten letter describing why you need a short sale. The letter would need to have clear and factual evidence stating why you cannot afford the mortgage payment.

Having liquid assets

If you have any liquid assets then you can be rest assured that your chances at short sale will get reduced. If New Horizon Fund gets to know that you still have some mode of paying off the mortgage then you will not receive an acceptance of the short sale offer. Even if you have existing liabilities which could possibly be consolidated to pay off the mortgage then too the bank could turn down your offer. The bottom line is that you need to be in absolutely no state to be able to afford payment.

Being aware of scams – and avoiding them!

Scams are everywhere and are more so in the case of short sales. The moment you are listed on the market you will start receiving plenty of mails offering to help you out of this crisis. However, as they say there is really no ‘free’ lunch. So beware of anyone offering a helping hand (once you have an experienced short sale agent on your side). These entities will most likely be looking for a way to rip you off your money. Many homeowners have fallen prey to such emails especially when their repeated efforts to contact New Horizon have failed.

What I Did In My Short Sale

What I did (hiring a real estate agent with short sale experience) worked for my situation. It may not for your short sale, but I found it the best option. Working with a real estate agent you at least can get a background on the person, and if they work for a larger brokerage you know they have resources to help you. Think short sales are hard for you? They are equally as hard on the real estate agent! Getting a short sale deal done (especially right now with the overwhelmed lenders like Countrywide) takes alot of work. I do think its the best option vs. foreclosure though. You can also read my 7 steps to a successful short sale guide.

You Need An Experienced Short Sale Agent!

From my blog here I’ve developed an extensive network of real estate agents that have short sale experience. If you’d like a referral, fill out the form below and I’ll have someone available in your area to help with your short sale ASAP.

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