Don't let the bank foreclose on your home. There is a more civilized, sane, less-intrusive way to get out from under your mortgage debt. With short sales you are in control, you can get peace-of-mind and some sleep.

If you are behind on your payments or experiencing any type of hardship, your banks and lien-holders will allow you to sell your home through a short sale rather than foreclosing on you.

CT Property Network is a team of Licensed Debt Negotiators and Realtors who have been successfully negotiating short sales for the past six years, at no cost to the homeowner. We understand, and are sensitive to, the issues surrounding a short sale, and do our best to walk you, the homeowner, through the process and to keep you abreast of the bank's action and decisions. Our goal is to get you peace-of-mind and some sleep.

A short sale is when your mortgage lender(s) and/or lien-holder(s) agree to discount the loan, accepting less giving you an opportunity to sell your home at current market value. If your home is over-leveraged, underwater, or you are behind on payments and cannot sell your property for what is owed, then you may be eligible for a short sale.

Lenders created short sales as a foreclosure alternative because they actually incur a smaller financial loss. By accepting less than what is owed on your property allows them to get their non-performing loans off their books. Your lender(s) are not in the business of owning real estate and would rather short sale your house then to foreclose on your property. Once a property is foreclosed opon the bank still has to go through the efforts of selling the property.

We understand that life has its obstacles and hardships. If you are unable to make your monthly mortgage payments, have suffered a financial hardship, and your house will not sell for what is owed on it, you may be eligible for a short sale.

The short sale process can be a lengthy one, depending on the size of the lender it can take 2-4 months, sometimes longer, to complete. Patience and communication are the keys to its success. Lenders are inundated with short sales and are understaffed. Their procedures are often not as quick as we like them to be, but with persistence and diligent efforts we get the process done.

In addition to paying off mortgages or liens on the house, the banks will usually pay:

• Real estate commissions
• Town and state conveyance taxes
• Attorney fees
• Recording, wire and courier fees
• Back real estate taxes
• Back condo association fees
• Overdue sewer and water fees
• Payments to second and sometimes third lien-holders
• Closing cost credits requested by the buyer

The lender pays for these costs because these fees need to get paid to convey clean and clear title to the new buyer and distressed homeowners do not have the funds. It is financially advantageous for the bank to pay these costs then to have the property foreclosed upon.

Most of the time, the short sale is FREE to the homeowner.

Note: By law, the homeowner is not allowed to receive money from a short sale. The banks will have you sign a paper stating that you did not receive anything at closing.

The number one reason that we advocate pursuing a short sale vs. a foreclosure, is that a foreclosure will prevent you from obtaining a mortgage for a minimum of five to seven years, in addition to extensive damage to your credit, whereas a short sale will have far less impact on your credit in that most borrowers will be able to obtain a mortgage after two years of conducting a short sale. Also, the deficiency (or tax consequences) in the event of foreclosure, if is collectable, will be significantly higher than in a short sale (since properties sell at extremely discounted prices at foreclosure auctions).

The second reason that we advocate short sales is that promissory notes and deficiency judgments before and after the sale are, for the most part, negotiable. In many cases, the deficiency owed can be negotiated to a percentage (ie. 10% of a Bank of America HELOC loan) or sometimes completely waived. The lender may forgive the balance in exchange for a small pay-off or an affordable payment arrangement with the borrower. This largely depends on lender policy and type of loan. Sometimes, it is even possible to have the buyer pay the difference!

It is rare for the lender to actually pursue the deficiency and therefore the unsecured note will most likely be replaced with a 1099 issued by the IRS for the taxes owed on the sale. You will want to explore the Mortgage Forgiveness Debt Relief Act of 2007, which exempts your primary residence, to verify whether you are exempt from this tax.

To initiate a short sale, your property must be for sale and listed with a Realtor. Once you receive an offer a short sale package should be submitted to your lender for review. Negotiations will take place in efforts to get your property sold, and most importantly, to get them to relieve you of any and all deficiencies.

Before a foreclosure process starts, CALL US TODAY: 203-324-4680 or fill out our Short Sale Form and we will contact you.

We are a team of Licensed Debt Negotiators and Realtors who have been successfully negotiating short sales for the past six years, at no cost to the homeowner. We understand, and are sensitive to, the issues surrounding a short sale, and do our best to walk you, the homeowner, through the process and to keep you abreast of the bank's action and decisions.

CT Property Network keeps up with all the banks' ruling and changes. We are experienced in negotiating all types of liens; mortgage, IRS, construction, credit card, homeowners' associations, etc.. We will help negotiate a reasonable payoff amount, allowing you to sell your home without bringing money to the closing. Our service is absolutely free to the homeowner resulting in a clean slate for you and your family. Stop foreclosure today! Fill out our Short Sale Form and someone from our team will contact you to help you make the best decision.