Facing Foreclosure or Short Sale: Don't Let Time Run Out!
Foreclosure or Short Sale is a devastating financial and emotional process for a homeowner to go through, and in many cases they do so alone and without help of any kind. At RE/MAX Southern Shores our Licensed REALTORS have the tools needed to help you the homeowner find the best solution for your situation to avoid foreclosure and move forward with your lives. Contact one of our Certified Distressed Property Experts today: Toll Free: 800-729-0064 Local: 843-249-5555
These select agent's assist clients in foreclosure avoidance and short sales. This is an invaluable expertise to offer at a time when the area is ravaged by "Distressed" homes. George Forney II george@atmc.net
Jewell Knight or Kristi Knight knightteam@sc.rr.com
Tommie Nobles or Kirk Nobles tommien@msn.com, kirk.nobles@remax.net
Your Information is very confidential, and will be treated as such.
DEFINITIONS RELATED TO “DISTRESSED PROPERTIES”BANK OWNED – Bank owned property is also called “investor owned” and “R.E.O” (for Real Estate Owned by the bank or lender). These are properties that have passed through the foreclosure process (see below) and are owned free and clear by the bank or lenderDEFAULT – A legal condition brought about by a borrower/homeowner failing to pay to the bank/lender the agreed monthly mortgage payment for several months. Default normally is not declared until after at least two months of Delinquency (see below) and the filing of a formal Notice of Default (N.O.D.) by the bank/lender.DELINQUENT – A behind-schedule condition in which the borrower/homeowner owes one or several payment(s) to the bank/lender. Normally a pre-condition for the filing of a Notice of Default (N.O.D.) by the bank/lender.
FORECLOSURE - A Situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.
SHORT SALE - Is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure.