Short Sale

Call 718-635-1353

I want to avoid foreclosure, but I can’t sell my home
for what I owe on my mortgage.
What can I do?”

Facing foreclosure? Can no longer afford your home loan payment? A short sale may be the perfect solution for you.  Even if you don’t think that you will qualify it is definitely worth trying, you may be surprised with the results.  Even if you tried before and it did not work, trust that JLC Metro Properties is the perfect solution for your short sale needs.

Avoid Foreclosure

Missing mortgage payments and facing foreclosure is a stressful situation.  You will have some tough decisions to make.  Do I continue to throw good money after bad even though I know that I can no longer afford the payments?  The staff at JLC Metro Properties understands that you are faced with a difficult decision, but a short sale may be your best option if all the other viable options to keep your home have not worked.    

Don’t Just Walk Away From Your Home

Do not walk away from your home without exploring all of your possible options, first and foremost a short sale.  Your goal is to avoid foreclosure and all of the negative repercussions that come with it.  Your lender may offer a number of incentives to participate in their short sale program that will help you transition into new housing.  Cash for keys and relocation incentives are just a couple of options that may be available to you.   

Benefits of A Short Sale

  • Sell your house for less than you owe and walk away with no debt
  • Cash for keys/ relocation incentive are benefits that may be available
  • Recovering from a short sale is less easier than from a foreclosure
  • May be able to qualify for another home loan sooner with a short sale than foreclosure on your credit (in as little as 2 years) than if you went through foreclosure (up to 7 years)


What is a short sale?

A short sale and pre-foreclosure sale are one in the same. They are when your lender allows you to sell your home for less than the balance remaining on your mortgage. When your lender agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.

A short sale is an alternative to foreclosure and may be an option if:

  • If you can not afford to maintain your home loan and need to move on
  • If you a sale of the house will not cover the mortgage balance
  • If your are upside down in the mortgage
  • If you are delinquent on your mortgage payments
  • If you are going through a short or long term hardship
  • If you can not refinance your home or your lender denies a remodification


What are the benefits of a short sale?

  • Relieve yourself of the cumbersome mortgage
  • Avoid the repercussions of a foreclosure
  • Qualify for cash for keys / relocation incentives
  • Reduce the impact of foreclosure by facilitating a short sale
  • May be able to qualify for another home loan sooner with a short sale than foreclosure on your credit (in as little as 2 years) than if you went through foreclosure (up to 7 years)

How Does It Work

What is the process for a short sale?

If you qualify for this option, the process is similar to a normal real estate sales transaction. You will work with a real professional to market and sell your home. However, your mortgage company will also be working with you and your real estate professional every step of the way to:

  • set the sale price (based on current market value),
  • collect financial information and negotiate with other lien holders (i.e., your second mortgage company) if applicable,
  • review acceptable offers,
  • agree to the terms of the sale once a buyer is in place, and
  • work with the buyer’s real estate professional and mortgage lender to finalize the sale.

In some cases, you may be eligible to receive relocation assistance to use toward your moving expenses and to make the transition to new housing easier.

A short sale may take up to 90 days, but this could be shorter or longer depending upon your specific situation.).

Next Steps

  1. Contact JLC Metro properties, LLC
  2.  We will analyze and assess your situation financially as well as assess the fair market value of your home.
  3. Gather your financial information: we will need to provide your lender with the following information.
  4. Your mortgage statements including information on your second mortgage (if applicable);
  5. Your other monthly debt payments (e.g, car or student loans, credit card payments); and
  6. Your income details (paystubs and income tax returns).
  7. Write a Hardship Letter: be ready to write a hardship letter outline your current hardship and explain why you are having trouble making your mortgage payment, the reasons why this is a long-term problem and inform your mortgage company that you want to sell your home to avoid foreclosure. Your mortgage company will need to understand the reasons why you are having difficulty in order to find the right solution for you.
  8. We contact Your Mortgage Company: With your authorization, we will open up the lines of communication with your lender to make them aware of your intentions.