Albuquerque Short Sale Specialist – Realtor
As an Albuquerque Short Sale Specialist, we have been helping home owners avoid foreclosure by using a short sale. A short sale occurs when the lender accepts less than they are owed when a home is sold. One of the major goals by an Albuquerque short sale specialist is to sell the home and convince the lender to waive their right to pursue a deficiency judgement against the home owner. A deficiency is the net difference the lender receives from the sale of the home and the amount the home owner owes plus any other fees.
There have been two articles recently discussing foreclosure debt and how banks are going after home owners that had the home foreclosed. Both articles, one by Les Christie and CNN Money and the second by Michelle Conlin and Reuters tell a similar story. Home owners had their homes foreclosed by their lenders because the home owners could no longer afford to make their house payment, or walked away because they chose not to make their house payments.
Well years later the lenders have foreclosed on the home and have been awarded a deficiency judgment against the home owner by the courts. Home owners trying to rebuild their lives now realize they have a big payment that is owed to the bank. At this point the ex home owner has three choices, pay the amount of the deficiency, settle with the lender for less than is owed, or file bankruptcy. None of these options are good options
Even though this “news” is being reported now, as an Albuquerque short sale specialist, we have known this is what happens in cases after foreclosure. New Mexico is a jurisdictional state and it can take several years for lenders to work through the court systems to foreclose on a property. Although these laws are designed to protect property owners, the laws have a negative affect also.
Many home owners facing foreclosure will leave their homes for various reasons and start to rebuild their lives emotionally and financially. Most mortgages have a minimum time frame from the time of a foreclosure to the time they can take out another mortgage. In New Mexico, it could be several years from the time the home owner moves out of the home and the foreclosure actually takes place. Home owners may have cleaned up their credit and the foreclosure shows up on their credit several years later and they cannot buy another home.
Home owners facing foreclosure should contact an Albuquerque short sale specialist to understand their options in avoiding foreclosure. Not all short sales are successful, but the benefits of a successful short sale almost always are superior to a foreclosure.
Myers & Myers – Albuquerque Short Sale Specialist – Call Today! (505) 401-7500
If you considering short selling your home, we are Albuquerque short sale experts and can guide you through this challenging process. In most cases there is little to no cost to short sale your home. We utilize the latest, cutting-edge, real estate marketing tools to expose your property to the widest range of potential buyers. We are here to get your Albuquerque home for sale aggressively marketed to sell as quickly as possible and for the best price! Our goals are to get your home sold and negotiate with your lender to waive their right to pursue a deficiency judgment against you..
We are premier Albuquerque short sale specialists and our extensive knowledge of the short sale process allows us to guide our clients intelligently.
Please call us today or fill out the online contact form. we will set up a no cost confidential appointment to assess your situation and provide you with your options. We look forward to speaking with you!
John Myers, Owner and Qualifying Broker
Myers & Myers Real Estate
Your Albuquerque Short Sale Specialist
Certified Distressed Property Expert
Office: 505 401-7500
Map of Albuquerque, New Mexico