Florence, KY (PressExposure) August 04, 2009 -- Jodi Funke joined a panel of experts at a recent workshop for beginning real estate investors to answer questions about short sales. Jodi explained what happens when a short sale occurs, âThe bank agrees to accept less than the full balance due on the debt and usually forgives all or a large part of the difference so the homeowner can sell the property to avoid foreclosure.â
The first question that someone asked was âWhy would a lender do this?â Jodi answered, âTo mitigate their losses lenders often accept less than what is owed on the mortgage. When faced with the option of getting the property back through the costly process of foreclosure they often see the short sale as a wiser business decision.â
When asked how the short sale affects the homeownerâs credit, Jodi answered, âA short sale can help their credit because once they are approved for the short sale all collection activity stops and they avoid foreclosure. There may be a comment on their credit report that says âPaid in Fullâ or âsettled for less than full balance,â but there is no evidence to support that this action significantly decreases a credit score.â
One investor asked how they can help qualify their client for a short sale. Jodi explained, âThere are 2 main qualifications; first, a homeowner who is behind on their mortgage payments must show hardship which renders them unable to keep up, like divorce, loss of job or decrease in income; and second, a home with little or no equity.â
Jodi explained to the group that negotiating short sales is a complicated process but with the proper forms and documentation it goes much smoother. In any event, she recommended working with professionals who understand the laws and guidelines especially if they intend to resell the property for a profit.
Jodi Funke has great news for the frustrated real estate investor. Her company can provide one-day funding to complete the short sale purchase and resale the same day. Imagine going to the closing table with no money, closing the deal and walking out with your profit. You can do this, legally and ethically, no matter what state you are working in. Visit http://www.cashforshortsales.com to learn how.
Contact: Jodi Funke, Transactional Lender Cash for Short Sales 7657 Mall Rd Florence, KY 41042 859-594-4357 firstname.lastname@example.org
This press release was submitted by Right Now Marketing Group, LLC