Woodbury Short Sale

A Woodbury short sale is a complex real estate transaction in which the lenders allow a Woodbury short sale property owner to sell their property for less than the amount owed on the property. It is like a normal real estate sale, with a buyer and a seller, but in a Woodbury short sale the contract between the buyer and the seller is subject to the third party approval of the lender(s) of the outstanding loan(s). The reason the real estate transaction is subject to third party approval is because in a Woodbury short sale the lender must agree to write off or take a loss on the portion of the mortgage that is higher than the value of the home.

A Woodbury short sale is a difficult residential real estate transaction to manage and get approved by the lender. It involves almost as much paperwork as it takes to obtain the mortgage itself, and generally requires the homeowner to prove a financial hardship as to why the short sale should be approved. Not all lenders will accept short sales or write off any portion of a mortgage. Often lenders are not satisfied with the payoff in the contract between the buyer and seller so there is much negotiation between the parties. The paperwork involved in a short sale is unique and each lender has different procedures in place for handling the transaction.

This seems like a difficult and arduous process, and it often is. However, a Woodbury short sale is generally a better option for a current home owner than bankruptcy or foreclosure proceedings. This is because a Woodbury short sale allows the home owner to sell the property and remove the secured debt associated with the home. Moreover, the seller can walk away from the sale with significantly less damage to their bottom line. A home owner who chooses a short sale typically experiences significantly less impact to his/her credit and can sometimes negotiate a full release from his/her mortgage obligation. 
 

Remember, If you have enough equity in your home, typically 60%-70%, there is a chance that you could still sell your home. Contact a Woodbury Foreclosure Expert like Cory Kingbay at 612-978-1724. He can point out other options other then Woodbury Foreclosure. 

It you want to buy another home in the future, it is important for you to do something versus letting your home go into foreclosure. In some cases, you will be able to buy a home in half the time if you short sale you home versus letting it become a Woodbury Foreclosure.