A Master Class in Short Sales
Recently, I had the honor of being interviewed by realtor.com regarding a sobering statistic: Indiana is currently the number one state in the nation for foreclosures.
As an identified expert in this field, I want to pull back the curtain on what navigating a complex real estate crisis actually looks like.
In my experience, 99% of the people facing foreclosure are simply good people to whom bad things have happened. The root cause is almost always financially related, stemming from life-altering events such as:
- Death of a spouse or family member
- Divorce
- Unexpected job loss or sudden job transfer
- Severe medical issues
- Business failures
When you find yourself in this situation, doing nothing is the worst option. Instead of letting a property go to foreclosure—which devastates your credit—we often look to a short sale.
A short sale is a process where we negotiate with your underlying mortgage lender and any other creditors tied to the property. The goal is to get these creditors to accept less than the full amount owed and, crucially, to release you (the borrower) from the remaining financial obligation.
To illustrate how intricate this process can be, here is a recent case study of a short sale that took approximately 16 months to complete.
“ I preface by saying that I am not an attorney, CPA or financial advisor so the following information is based on my experience only and not intended to be legal or financial advice. “
The Case Study: A 16-Month Marathon
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