Wisconsin Short Sale & Short Sale WI

There is no denying that recently times have been tough. More and more Wisconsinites are struggling to stay afloat in an overwhelming sea of debt. One of the biggest hit markets is the housing market. Due to the increased costs of living and the increased number of people losing their jobs, more and more people are being forced to look into foreclosure as their only option to make ends meet.

In 2009 alone there have been over 30,000 foreclosure files in the state of Wisconsin and over 3,000 foreclosure home sales. However, there is an alternative to foreclosure so that your home does not end up as one of these statistics; it is called short sale.

What Is A Short Sale?

Instead of accepting foreclosure and surrendering your home, Wisconsin short sale allows you to make a deal with your lender so you can avoid foreclosure and the other pitfalls that come with it.

A short sale occurs when your home is sold for less than what you currently owe on the house. If the short sale is close to the market value and, with the right WI short sale realtor, it is possible that the lending company will allow a short sale to happen. You are able to sell your home and the bank will let the difference slide.

Benefiting from the WI Short Sale Option

Short sale will not only benefit the home owner in trouble. Lenders do not want to foreclose homes as they are losing out on an investment. With short sale, they are able to walk away from a very tough situation almost unscathed.

Wisconsin Short sale in the Real Estate Market

11-150x150 Wisconsin Short Sale & Short Sale WI Many people are wondering if short sale are so popular, then why doesn’t everyone do it. The reality is short selling in Wisconsin has only been made popular in the last few years, and, although it can benefit both the home owner and the lender, it can be quite the lengthy process. The paperwork, the bargaining and the contractual agreements can be a little overwhelming for anyone, especially someone trying not to lose his home.

This is why most successful short sale are done through a qualified and licensed WI short sale agent. A Wisconsin short sale expert will work on your behalf, speaking to the lenders and determining whether short selling is an option that will work for your situation.

There are many reasons why you may find yourself in financial hardship. You may have lost your job or taken a reduced income cut; you may have recently divorced or separated; you may be suffering from a serious illness which is preventing you from working; you may have just lost your spouse; your business may have plummeted; or you simply may have overspent. Whatever the case, a short sale in WI allows you to recover from your financial hardship without succumbing to the fate of foreclosure.

Latest News and Information

HAFA- The government’s new short sale program.

The HAFA program is the government’s new short sale program. The government created the program in an effort to assist homeowners who can no longer afford their home and who want to avoid the damage a foreclosure does to a borrower’s credit. The following is my understanding of the program guidelines as presented in the [...]

Wisconsin Short Sale Incentives

US Treasury sets guidance on housing short sales
(Adds financial incentives)

By Al Yoon
NEW YORK, (Reuters) – The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed “short sales” of homes and other loan modification alternatives to stem a rising tide of foreclosures.
The Home Affordable Foreclosure Alternatives Program provides financial incentives and [...]

Your Wisconsin Short Sale Hardship Letter – What to Include for the Best Results

One of the biggest parts of the short sale Wisconsin transaction process is composing the letter of hardship. This is required piece of documentation that proves that you are in hardship and thus need to short sell your home. You will need to explain your situation so the lending company can understand why they need [...]

Tips to Make the Wisconsin Short Sale Process Smoother

When it comes to a short sale transaction, it’s important to understand that the process can take a lot longer than a regular real estate transaction. When you bought your home, you probably made the offer, contacted the lending company, were approved shortly after, signed the contract and moved in within 30 to 60 days [...]

Help! My Home is Pending Foreclosure – Is Short Sale WI Your Best Option?

No home owner plans on foreclosure. They do not purchase a home thinking that there is the chance that, a few years down the road, they could lose it. However, the sad reality is that this is happening more often than ever before. With the financial crisis just behind us, we are still struggling to [...]