Short Sale FAQ's

What is a short sale?
A short sale, also known as a pre-foreclosure sale in the servicing industry, is when the property’s value no longer supports the amount owed. This is very common in today’s market for anyone who just purchased their home with little or no money down in the last 5 years.

Why would I want to do a short sale?
If you are a homeowner and are experiencing financial difficulties to where you are no longer able to make your mortgage payments, have gotten behind in your mortgage payments and/or have been denied home retention loss mitigation options by your mortgage servicer such as repayment plan or loan modification, then to avoid a foreclosure sale on your property, selling your property is your last resort. By doing so, you soften the blow to your credit and, more importantly, leave your property in a dignified manner. If selling your home will not allow your mortgage debt to be paid in full, a short sale is what you will need.

How can PMH Financial help me?
As a homeowner that needs experienced professionals to get their home sold quickly, PMH Financial will provide to homeowners the contact information for qualified listing agents to get your home on the market at fair market value and get it sold as quickly as possible, but at the right price.
As a Realtor, PMH Financial provides you with a needed service which is experience in the short sale processes at the beginning stages – starting at listing the property and going through contract sale price approval to closing.

What if I don’t want to sell my house?
Be sure you have contacted your mortgage servicer and discussed with them all of the options that allow you to stay in your home, such as repayment plan, forbearance and loan modification. If you have an FHA insured mortgage, they also have a program called Partial Claim. Discussing all of your options with your mortgage servicer about keeping your home and applying for those programs first, is your best way to keep your home should you find you have the ability to make a monthly mortgage payment but are unable to pay back any payments you have missed.