A new website called 96short.com was launched today. The website is aimed at providing assistance to overextended homeowners in Virginia, Maryland and Washington DC. If you live in one of these areas and have fallen behind on your mortgage payment and are facing a foreclosure make sure to visit the website.
Matt Marting the confounder of 96short.com explains in today’s press release:
A short sale means selling your home for less than what is owed on the mortgage. Short sales can be a good deal for many borrowers – those with piggy-back mortgages, mortgages that exceed the current market value of the property and other overextended homeowners – provided the lender agrees to accept the proceeds of these short sales as payment in full
Matt Maritn, who is also the president of Matt Martin Real Estate, claims that his short sale team has closed on 10,000 of such transactions in the past fourteen years, effectively saving about $1,000,000,000 to customers.
Martin also quoted a real life example of how the short sale can help individual homeowners:
We met a great couple who had purchased a home in Bristow, VA, $630,000 at the height of the market in late 2004.They had taken a Pay Option or Negative Amortizing loan for the property and, when they contacted us, they owed close to $700,000 because of the negative amortization. The biggest problem was that the property was only worth $550,000 and, after fees and commissions, they would only be left with around $510,000 to pay towards the mortgage. We negotiated a short sale with the lender to write off the $190,000. The lender only asked for $5,000 in return for the write-down. The couple was then able to buy a new home in the same neighborhood for $200,000 less than what they were stuck with in their old home.