Short Sales and Loss Mitigation

What is a Short Sale?

A short sale is an agreement with a lender(s) to accept less than the amount owed by a borrower via a sale of the property to a third party. The agreement will allow the sale of the property, since the lender will discharge the mortgage, thereby preventing foreclosure. Also known as a short pay, or pre-foreclosure workout.

Why avoid foreclosure?

Besides the negative credit impact, it is important to try and resolve settlement of the debt. If a foreclosure occurs, the homeowner is not provided an opportunity to accomplish this with their lender. Since Michigan is a “recourse” state, it is possible that homeowners may be pursued in the future for the balance of the amount owing on the mortgage loan even if there has been a foreclosure.

Loss Mitigation Consulting Services is dedicated to working with distressed homeowners to avoid foreclosure and mitigate its associated negative credit impact and settlement of the outstanding debt. We provide an array of loss mitigation solutions and services including short sale negotiation. If you are currently behind on your mortgage payments-or foresee that you soon will not be able to continue making your payments-you do have options. Foreclosure situations tend to be extremely time sensitive so please contact us today for a FREE consultation.

IMPORTANT NOTICE: Loss Mitigation Consulting Services is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.