Short Sale Form Below!!
Neither the National Oceanic and Atmospheric Administration nor Prudential Relocation is responsible for the processing, approval, or management of short sales. Transferees must deal directly
with their lenders with regard to short sales.
Purpose of this Information:
Short sales can be complex and time-consuming. The following notes are intended to provide NOAA transferees with information about short sales, so that transferees are better able to investigate short sales with their lenders. Neither NOAA nor Prudential can manage the short sale process. The following provides an overview of key points to be aware of when considering a short sale. If you have questions, please contact your lender directly.
What is A Short Sale?
A short sale is a work out program that allows a customer to sell a home for less than the total amount owed, and is most commonly used to avoid foreclosure. However, employees who are accepting a job transfer may need to consider this option if they are unable to sell their home for the total amount owed. A short sale can also be understood as an agreement between a borrower in distress and the lender that allows the borrower to sell the house and remit the proceeds to the lender. It is an alternative to foreclosure, or a deed in lieu of foreclosure. Example: If the unpaid balance of a mortgage is $100,000 and the property value or purchase offer is only $90,000, then under a short sale the lender accepts $90,000 as the payoff for the $100,000 loan. Short sales can be complex and time-consuming, especially if there is more than one mortgage on the property. Transferees who are interested in a short sale should contact their lender as soon as possible.
Who Might Qualify For A Short Sale?
Transferees who can objectively demonstrate that the fair market value of their home is less than the unpaid balance of the loan may be eligible candidates for a short sale. Also, transferees who can prove they are facing a legitimate hardship situation that hinders their ability to continue making payments on their mortgage may be eligible candidates for a short sale. A few common examples of such hardship situations are unemployment, bankruptcy, death of a spouse, inability to work due to a health crisis, and a divorce or separation. A relocation connected with employment is also a hardship situation that might qualify a borrower to apply for a short sale.. Short Sales and Home Sale Program Eligibility Transferees considering a short sale must keep in mind that negotiating a short sale with their lender could be a lengthy process and will vary by lender. To remain eligible for the NOAA home sale program, a short sale must be negotiated and approved with the lender prior to the expiration of the Appraised Value offer. Example: Date appraised value offer received + 60 days = Offer expiration date.
How can Huntington Group help?
We at Huntington Group will help make the Short Sale Process as easy as possible by doing the following:
- Handling all of your Short Sale paper work.
Negotiate all the terms of your Short Sale with the bank.
Help in selling your property.