PROSPECT AREA SHORT SALES

The City of Prospect is located in the beautiful rolling hills between Jefferson and Oldham Counties.  It is one of the few cities in Kentucky that crosses county lines.  Prospect is listed as a Third Class city in the Commonwealth of Kentucky's city designation system.  This means it has its own police department, city services and zoning issues.   

Click here to search for short sales in the Prospect area.   

If you find yourself, family or friends owning property where that which is owed is more than the property worth/value . . . and you need a solution . . . a short sale may be your best option.  At-risk homeowners who do not qualify for a loan modification will now have a viable alternative, and will not be forced into foreclosure.  

 

Short sales can occur when a lender agrees to accept a sales price for a home that is lower than what the homeowner owes on the mortgage. The short sale transaction is more complicated than the average real estate sale and consumers are urged to deal with agents who have specific training in the process.  I have completed this specialized training and am here to help. 

 

On November 30, 2009, the US Treasury Department announced plans to streamline short sales.  RE/MAX CEO Margaret Kelly explains how homeowners can avoid foreclosure with the newly announced government short sale plan.    

  




  • Qualifications for the Simplified Short Sale Process:

    -  Must be the homeowner´s principal residence. 
    -  The mortgage must be less than $729,750. 
    -  Homeowner is delinquent on the mortgage or "default looks likely". 
    -  Homeowners mortgage payment exceeds 31% DTI based on gross income. 
    -  The loan must have closed before 1/1/09.

This is positive news for short sale investors as it shifts emphasis toward short sales, allows a defined marketing time without risk of foreclosure to the borrower, drastically shortens time frames, fully discharges borrowers, and apparently allows for submission prior to being in default.

 

  • Changes Enacted:

-  $1,500 to sellers for closing costs or moving expenses.
-  Up to $3,000 to junior lien holders for release of their lien.
-  A minimum of 90 days and up to 1 year to market and sell the property.
-  No foreclosure may commence during the marketing period allowed above.
-  Standardized paperwork
-  Servicers may not charge borrowers fees to participate.
-  The short sale must fully discharge the borrower. 
-  A short sale request is to be approved or denied within 10 days. 


Click here to download a Q&A summary of the simplified short sale process qualification and changes outlined above.