5 Step Program
Welcome to ShortSaleGreenlight.com by the Gonzales Team
We invite you to read over our website using our convenient navigation links in the above toolbar and gather the information you need to become educated about short sales. If you choose to use our services, click on the 'Getting Started' link and we’ll be happy to assist you. Following are the 5 Steps required to complete your Short Sale successfully!
Introducing our... 5 Step Program 1-Do your Homework! Please review this site and know your options. We recommend you seek legal advice and speak to your CPA about tax consequences. If a Short Sale is the direction you plan to go please complete your information worksheet found under the Getting Started tab. [Step1]
2-Consultation. After we review your worksheet we will contact you for a phone consultation where we will discuss the details of your situation and discuss how the process will take place. At this time we will electronically send you our Short Sale packet, which is necessary for you to complete so we can get your property on the market. At that time we will gather your mortgage(s) details and permission to communicate with them. [Step2] 3-Time for the Market! We will schedule a time to pick up the Short Sale packet and listing paperwork as well will have our photographer take photos so we can start the marketing process. Communication lines will be established during this period so we are prepared and ready to go when an offer is received on your property. [Step3]
4-Offer Received. We will negotiate the offer and will verify and confirm that we have a committed qualified buyer. At this time we will send your mortgage companies all the necessary paperwork and facilitate the negotiation process. You will be updated and informed on the progress at least once per week until an Agreement Notice is received. [Step4]
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Comparison of Foreclosure Alternatives |
Financial Qualification |
Time to Complete |
Time to Qualify for New Loan |
Taxation on Cancelled or Discharged Debt |
Remaining Liable for Debt |
Lein Holder Cooperation Required |
Cash or New Obligation |
Home Retention |
|
Foreclosure |
N/A |
5-6 mos.
|
3 years |
N/A |
YES |
N/A |
N/A |
NO |
|
Short Sale |
YES |
90-120 days4-6 days |
2 years |
POSSIBLE |
POSSIBLE |
YES |
POSSIBLE |
NO |
|
Bankruptcy
|
Ch 7 |
YES |
4-6 mos. |
2 years |
NO |
NO |
NO |
NO |
POSSIBLE |
Ch 13 |
YES |
3-5 years |
1 year |
NO |
YES |
YES |
YES |
YES |
|
Deed in Lieu of Foreclosure |
YES |
30-60 days |
3 years |
POSSIBLE |
POSSIBLE |
YES |
POSSIBLE |
NO |
|
Loan Modification |
YES |
30-60 days |
Variable |
POSSIBLE |
POSSIBLE |
YES |
YES |
YES |