Facing Financial Hardship? Let Trivanci LLC Guide You Through the Short Sale Process
If you’re struggling to make mortgage payments and your home is upside down — meaning you owe more on the mortgage than your home is worth — a short sale may be the solution you need.
A short sale occurs when a homeowner sells their property for less than the mortgage balance due. This requires the mortgage lender's approval since they won’t recoup the full loan amount, but it can be a win-win alternative to foreclosure for both parties.
At Trivanci LLC, we specialize in helping Florida homeowners navigate the complexities of short sales. Whether you’re dealing with financial hardship or foreclosure proceedings, we can work with your lender to negotiate a successful short sale while buying your home for cash. Even if foreclosure is just around the corner, it’s not too late to act.
What Is a Short Sale?
A short sale allows homeowners in financial distress to sell their homes for less than the remaining mortgage balance. The lender agrees to accept the sale proceeds as full repayment, avoiding the time and costs associated with foreclosure.
Example:
If your home is worth $180,000 but you owe $200,000 on the mortgage, a short sale enables you to sell the home for $180,000 with the lender forgiving the $20,000 difference.
One major benefit of a short sale is that you can negotiate a deficiency waiver, which prevents the lender from suing you for the remaining balance after the sale. This provides financial relief and peace of mind as you move forward.
Is a Short Sale Right for You?
A short sale may be your best option if:
Your home is worth less than the remaining mortgage balance.
You’re facing financial hardship, such as unemployment, bankruptcy, divorce, relocation, or health issues.
You can provide documentation of your hardship to the lender.
Your lender is open to negotiating a short sale.
Even if foreclosure proceedings have started, lenders may still agree to a short sale to avoid the costs and risks of auctioning the home. Trivanci LLC has extensive experience negotiating with lenders and facilitating short sales.
Short Sale Alternatives
Before committing to a short sale, consider these alternatives to find the best option for your situation:
Deed in Lieu of Foreclosure: Transfer ownership of your property to the lender voluntarily to avoid foreclosure. However, this may not relieve you of the remaining loan balance.
Loan Modification: Negotiate with your lender to change the terms of your mortgage, such as lowering the interest rate or monthly payments.
Forbearance: Pause or reduce mortgage payments temporarily while you regain financial stability. Keep in mind, the missed payments will eventually be added to your loan.
If these options aren’t viable, a short sale might be the most practical solution.
The Short Sale Process with Trivanci LLC
Here’s how Trivanci LLC can simplify your short sale experience:
1. Contact Your Lender
Start by discussing your options with your lender. If a short sale is the best path forward, your lender will provide guidance on the required documentation.
2. Work with Trivanci LLC
We’ll evaluate your property and provide a competitive cash offer. Our team of real estate professionals and short sale negotiators will assist with the process, from negotiating with your lender to managing the paperwork.
3. Prepare the Required Documents
Short sales require thorough documentation, including:
A hardship letter explaining your financial situation.
Purchase and listing agreements.
Proof of income and financial records.
Tax returns from the past two years.
Mortgage and bank statements.
Our team will help you gather and organize these documents to streamline the process.
4. Submit the Offer to the Lender
Once we’ve submitted your short sale package to the lender, they’ll evaluate your financial situation and may appraise the home. The lender must respond to your offer within 30 days (for Fannie Mae/Freddie Mac lenders). If approved, the sale typically closes within 60 days.
5. Negotiate the Terms
The lender may counteroffer with a higher sale price or request additional documentation. Trivanci LLC will work with you and your lender to finalize the terms, ensuring the best possible outcome.
6. Close the Sale
If approved, the sale will close like any traditional transaction. Our cash offer ensures a fast, seamless process, allowing you to move forward with financial peace of mind.
Short Sale vs. Foreclosure
Short Sale:
You remain part of the selling process and avoid having your home forcibly taken.
It typically has less impact on your credit score than foreclosure.
You may qualify for a new mortgage in as little as two years.
Foreclosure:
The lender takes ownership of your home due to missed payments.
Foreclosure severely impacts your credit score, often staying on your report for up to seven years.
It can take seven to 10 years before qualifying for a new mortgage.
A short sale allows you to regain control of your financial future while minimizing the long-term consequences of foreclosure.
Why Work with Trivanci LLC?
At Trivanci LLC, we specialize in helping homeowners navigate challenging financial situations. Here’s why Florida homeowners trust us:
Fast Closings: Our cash offers allow us to close quickly, even if foreclosure is looming.
Experienced Negotiators: We work directly with lenders to secure the best terms for your short sale.
Comprehensive Support: From managing paperwork to handling legal complexities, we guide you through every step of the process.
No Fees or Commissions: You won’t pay realtor fees or closing costs when you work with us.
FAQs About Short Sales
Will I Still Owe Money After a Short Sale?
It depends on whether your lender agrees to a deficiency waiver. Trivanci LLC will help negotiate the waiver to ensure you’re not held liable for the remaining balance.
Will a Short Sale Affect My Credit?
While a short sale impacts your credit score, the effect is typically less severe than a foreclosure. Most homeowners can qualify for a new mortgage within two years of completing a short sale.
Do I Have to Pay Taxes on a Short Sale?
Forgiven debt may be considered taxable income by the IRS. However, certain exemptions apply, such as the Mortgage Forgiveness Debt Relief Act. Consult a tax professional to understand your specific situation.
Ready to Explore Your Options?
If you’re considering a short sale, let Trivanci LLC guide you through the process with confidence. We’ll handle the negotiations, paperwork, and complexities, so you can focus on moving forward.
Contact us today for a no-obligation consultation and find out how we can help you navigate your financial challenges.
Property Address
609 2nd Street West Palm Beach FL, 33401
Phone
(561) 614-5386
Email
Info@Trivanci.com