I am a Certified Distressed Property Expert and I am dedicated to helping home owners like yourself sell your property before foreclosure with significantly less damage to you credit.  I am specially trained to work with your lending institution for the common goal of avoiding foreclosure. Best of all, my services are paid at closing by the lender as negotiated during the sale process. 

Feel free to browse my website for more information, as I will regularly be updating its content.

Press Release:  Helping Home Owners in Danger of Foreclosure

The Long and Short of Short Sales

AMY MACDONALD TO HELP HOME OWNERS IN DANGER OF FORECLOSURE

Amy MacDonald of Sprague and Curtis Real Estate has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

Many homes in central Maine are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation is invaluable as I work with sellers and lenders on complicated short sales,” said MacDonald. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Amy MacDonald with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys their credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information, call Amy MacDonald at Sprague and Curtis Real Estate, 207-623-1123.

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The Long and Short of Short Sales

 (Information provided by the Distressed Property Institute, May, 2009)

A Short Sale has been referred to by more than one real estate professional as a dignified solution to a financial crisis.  The reality is that many homeowners today owe more on their homes than they are worth and don’t know what to do.   If you have exhausted other options like a mortgage modification or a refinance or simply can no longer afford your home due to the loss of a job or other hardship a short sale may be the solution for you.

 Short Sale Qualifications

 There are three simple qualifications almost every lender will want to see to qualify you for a short sale:

1. Financial Hardship - your mortgage company will want to see that you have a verifiable material hardship that is affecting your ability to pay your mortgage.  Hardships can be issues such as a payment increase, job loss, income decrease, medical expenses and any other issue that is truly affecting your ability to pay.
2. Monthly Shortfall – your lender will want to see that on a monthly basis your hardship is causing you to have a monthly shortfall.  This means that they want to see that your monthly income is less than your monthly expenses.  This is a simple calculation that can be done by adding up all your expenses and comparing them to your total income.  If your expenses are higher than your income you have a shortfall.
3. Insolvency – your lender or servicer will want to see that you are insolvent prior to approving a short sale.  Simply translated this means they want to see that you do not have the ability to pay down the balance of your mortgage in liquid funds. 

 Short Sale Process – How do I get this done?

In order to successfully sell your property through a short sale you will need to fully cooperate with your real estate professional.  Your assistance in this process will give you the highest likelihood of a successful outcome, a sale and most importantly a foreclosure avoided. 

 Here is a simple list of items you can take care of immediately:

• Prepare your property for sale, this includes: remove all clutter, make sure all lights work, clean out your property and make it as presentable as possible.  Your agent will have additional suggestions for you however there is no reason not to get started now.
• Gather the required paperwork and documentation that your agent will need in your first meeting you have, see the list below.
• If you believe a short sale is the right option for you, list your property with the qualified CDPE professional that gave provided you with this information.  They will help guide you through this process.

 Paperwork Needed for a Short Sale

(Start Now)

In order to demonstrate to your lender that you qualify for a short sale your agent will need the following documentation:

·        Two months most recent mortgage statements (all mortgages)

·        Two months checking account statements (all borrowers if separate)

·        Two months saving account statements (all borrowers if separate)

·        Two months other account statements (all borrowers if separate)

·        Last two paycheck stubs (all borrowers)

·        Two years tax returns

·        Hardship Letter (see samples)

·        Financial Worksheet (provided)

·        Any other documentation to help your agent prove your hardship