Short Sales/Foreclosures

Helping Homeowners Navigate Troubled Waters

Short sales and foreclosure are two methods of liquidating property if a homeowner has fallen behind on their mortgage payments and/or they owe more on their mortgage than a home is worth. While these circumstances do happen, we can help you find a way forward with options that simplify the process and help you relocate as details wrap up.

Short Sales

A short sale consists of negotiating with a mortgage lender to secure permission to sell a home for less than the loan is worth. It is a type of settlement that is more attractive to mortgage lenders because they can retain more of the loan’s value by settling. How it affects your credit is largely determined by the circumstances surrounding the sale and what kind of negotiations are made with the lender. It is typically less damaging to credit ratings than a foreclosure, though it can take up to a year for the transaction to close.

Foreclosures

A foreclosure refers to the legal process where a mortgage lender takes possession of a property after mortgage payments have not been made for a set period of time, typically 3-6 months. If the debt cannot be resolved, it can lead to eviction and sale of the property via an auction. Foreclosure will remain on the credit for seven years and prohibit the purchase of a home for five years.

Let Us Help

As Certified Distressed Property Experts®, the Wasz Dukes Real Estate Team can partner with you to help you through a stressful time so you can get back on your feet. In addition to helping you relocate, we can be your advocate as you navigate the options to settle a mortgage debt and sale of a home. Contact us at 703-867-0939 for a confidential consultation today.