AMERICAN DREAM PROPERTIES
LICENSED & INSURED REAL ESTATE BROKERS

We specialize in helping people sell homes that are upside down in their mortgage.  If you recently have lost a job, got divorced, have medical issues or some other hardship we may be able to help you sell your home. There are no guarantees when dealing with the banks but we have helped several people get out from under their homes and the burden of payments they could no longer make.  

You can reach us directly at 303-941-6673

WebSite: www.AmericanDreamProperties.net 

Email: ColoradoDreamProperties@gmail.com


For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings.
One of those options is called a "short sale."
If you owe more on your mortgage than your home is worth, then short sale it and get total debt forgiveness from your lender.

Don't settle for less, and don't lose your biggest investment to foreclosure!
There is a way out.

We specialize in the Short Sale Process and can many a time get a contract on your home agreed upon by the bank and closed within 30-60 days,
our mitigation department is one of the best. 

If you are late on your mortgage payments and are contemplating foreclosure please read the following information on why short sale and exactly how a short sale works and effects your credit.
 Feel free to contact us anytime for more information.
Direct: 303.941.6673   Email: ColoradoDreamProperties@gmail.com

Sellers may wonder whether letting a property go into foreclosure would be easier and smarter than going through a short sale. With a foreclosure, and depending on state laws regarding foreclosure, a seller could stay in the property, essentially rent free, for four months to a year before being forced to vacate. But that fact alone does not mean a foreclosure is better.

Whereas a short sale involves offering the home for sale, generally listed through MLS. Potential home buyers will make appointments to view the home, some will make lowball offers, agents might hold open houses and, in general, a seller's life will be disrupted, all in the hopes that a buyer will buy the home.

When lenders agree to do a short sale in real estate it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

As  real estate brokers, we are not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.

Basics of a Short Sale

Short sales happen when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Not all lenders will negotiate a short sale, and that is why a real estate agent or a lawyer can be a tremendous help by contacting the lender's loss mitigation department to find out. 

You can't just wake up one morning and decide you're going to sell your home at a loss by asking for a short sale. It used to be that lenders wouldn't even consider a short sale if your payments are current, but that is changing. However, realize that lenders will be more agreeable to negotiation if your payments are in arrears. Plus, if you have cash assets, the lender might try to tap those accounts. Doing a short sale is not for the faint of heart.

How is the Seller's Credit Affected?

According to David Steep, division manager at Vitek Mortgage, sellers will take as big a hit on their credit report by going through foreclosure as giving the lender a deed-in-lieu of foreclosure. Steep says the points lost on a FICO score are as follows:

  • Foreclosure or Deed-in-Lieu of Foreclosure
    Both of these solutions affect credit the same. Sellers will take a hit of 200 to 300 points, depending on overall condition of credit. This means if a seller's FICO score before foreclosure was 680, it could dip as low as 380.

  • Short Sale
    The effect of a short sale on a seller's credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points. This means a short sale with a previous FICO of 720 will see it fall from 520 to 420.

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    We have a proven track record and marketing techniques that are second to none!
    We have over 20 years of experience in the real estate industry.
    We are fully licensed and Insured.
    We are Multi Million Dollar Producers.
    We specialize in General Real Estate, Rent2Own Programs, Credit Repair and Short Sales.
    Our programs work.
    Call us for more information on our programs anytime
    We are available from 7:30 a.m. and 10:00 p.m 7 days a week.
    303.941.6673

    For more information on our team please visit our website at:     www.AmericanDreamProperties.net

    Email:     ColoradoDreamProperties@gmail.com

    American Dream Properties
    The Parkinson Team
    Richard Parkinson/Independent Broker 
    Leann Parkinson,ABR,GRI /Broker Owner
    303.941.6673

    American Dream Properties
    A Full Service Real Estate Company
    Fully Licensed and Insured

    The Parkinson Team
    303.941.6673