What is a short sale?

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than the home is worth. In the past, it was rare for a bank or lender to accept a short sale. Now, it is

common and distressed sales make up almost 50% of our sales in the Metro Atlanta area.  Contact us today at 678-666-5101 to discuss your options and remember that our meeting will remain confidential.

Avoid Foreclosure

CDPE Steven Betolatti

Foreclosure Avoidance Options

Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options available to residents for foreclosure are many, including but not limited to short sales. Following is a brief explanation of these solutions:
Reinstatement:A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender’s approval and will ‘reinstate’ a mortgage up to the day before the final foreclosure sale.

Forbearance or Repayment Plan:A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.

Mortgage Modification:A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage.

Rent the Property:A homeowner who has a mortgage payment low enough that market rent will allow it to be paid, can convert their property to a rental and use the rental income to pay the mortgage.

Deed-in-Lieu of Foreclosure:Also known as a “friendly foreclosure,” a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.
Bankruptcy:Many have considered and marketed bankruptcy as a “foreclosure solution,” but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.
Refinance:If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.
Servicemembers Civil Relief Act (military personnel only):If a member of the military is experiencing financial distress due to deployment, and that person can show that their debt was entered into prior to deployment, they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers in relation to qualifying for this relief.
Sell the Property:Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area.
Short Sale:If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.
This represents only a summary of some of the solutions available to homeowners facing foreclosure. Call TEAM BETOLATTI today at 678-5101 for an evaluation of your individual situation, property value, and possible options.
Understanding your options now could mean all the difference in the world.

(Material written by CDPE institute).
We can help!  Call us today! 678-666-5101

Short Sale Links

Short sales in AtlantaAre you facing foreclosure?  You do have other options!

Useful Links

Fannie Mae Area Median Income for HUDs Emergency Home Loan Program: www.efanniemae.com/sf/refmaterials/hudmedinc/

Robo-Signing Settlement Resources

Official Site for the Settlement www.nationalmortgagesettlement.com

To Find the Attorney General in Your State www.NAAG.org

To Determine if A Loan is Ineligible Due to Insurance by Freddie or Fannie: www.fanniemae.com/loanlookup


Official Bank Contact Info for the Settlement

Ally/GMAC: 800-766-4622

Bank of America: 877-488-7814 (Available M-F 7am-9pm CT and Saturdays 8am-5pm CT).

Citibank: 866-272-4749

JPMorgan Chase: 866-372-6901Wells Fargo: 800-288-3212 (Available M-F 7am to 7pm. CT)

Mortgage Modification Resources

The Home Affordable Refinance Program www.MakingHomeAffordable.gov
HOPE NOW www.HopeNow.com
Fannie Mae Loan Lookup http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac Loan Lookup https://ww3.freddiemac.com/corporate

HUD Approved Counselors

Catholic Charities USA© www.catholiccharitiesusa.org
Citizens’ Housing and Planning Association, Inc. www.chapa.org
Consumer Credit Counseling Service of Atlanta™ www.cccsatl.org
HomeFree-USA© www.homefreeusa.org
Homeownership Preservation Foundation© www.995hope.org
The Housing Partnership Network© www.housingpartnership.net
Mission of Peace Housing Counseling Agency© www.missionofpeace.com
Mississippi Homebuyer Education Center© www.mhbec.com
The Mon Valley Initiative www.monvalleyinitiative.com
Money Management International, Inc.© www.moneymanagement.org
National Council of La Raza www.nclr.org
National Federation of Community Development Credit unions www.cdcu.coop
National Foundation for Credit Counseling© www.nfcc.org
The National Urban League© www.nul.org
NeighborWorks® America www.nw.org
Neighborhood Assistance Corporation of America© (NACA) www.naca.com
Rural Community Assistance Corp. www.rcac.org
Structured Employment Economic Development Co. www.seedco.org

Other Useful Links

Housing Market News Housing News

Courtesy of  your Atlanta Real Estate CDPE, Steven Betolatti of TEAM BETOLATTI, LLC of Keller Williams Realty Atlanta Partners  CALL TODAY for all your Real Estate Needs 678-666-5101

Short Sale FAQs

Atlanta real estate short sale questionsFAQ’s

* Feel free to ask us your questions as well!




To get your short sale started now or for additional information about short sales, take a look at our short sale page.

Buying a Short Sale

In today’s market where short sales and foreclosures encompass nearly 50% of the Metro Atlanta real estate market, buyers are all wanting to know how to make offers on short sales and sellers are being faced with trying to choose one offer to send to the lender since most are being presented with multiple offers. However, buying a short sale is not the same as buying a non short sale home. There are differences and it is important to understand these differences. Some of the differences being:

  • Time: A short sale may take a considerable amount of time.
  • A Signed Contract does NOT mean a guaranteed approval.  The difference in a short sale is that the lender is approving the seller not the buyer so there is a possibility that the purchase may not be approved.
  • Many other variables may hinder the approval such as value, etc.

Here is a short video that will describe the process.

Roswell Short Sale Specialist in North Atlanta

Roswell Short Sale Specialist in North AtlantaRoswell short sale specialist in North Atlanta, Steven Betolatti, helps you avoid foreclosure and educates his clients through the process of short sales and avoiding foreclosures.  As a Certified Distressed property expert in North Atlanta, Steven Betolatti keeps you well informed regarding the short sale process and timelines in order for you to avoid foreclosure in North Atlanta.  This Roswell short sale specialist can help you avoid foreclosure by being well trained and organized regarding the distressed property market that we are now living in.

Short sales in AtlantaEach state has different guidelines and procedures so it is important that the Realtor is familiar with all in order to best avoid foreclosure in North Atlanta.In most home purchases and sales, a bank qualifies the buyer.  However in a short sale, the longer process involves the bank or lending institution qualifying the seller.  The seller must meet several requirements in order to be a candidate for a short sale.  For example, there must be a hardship which may include:

  • Loss of employment
  • Loss of income
  • Divorce
  • Death
  • There are others as well.  The bank will determine the validity.

In order to avoid foreclosure in North Atlanta, it will be imperative that your Realtor is knowledgable and ready to work for you.  It is not a simple process as much paperwork is needed and one must become “transparent” as all the seller’s private information such as bank statements, financial expenditures, personal issues and conflicts, all must be disclosed.  A seller must be willing to provide their Realtor with all this information in order to proceed with the qualification process.  A bank  does not even begin to process paperwork if a file is incomplete.

As your Roswell short sale specialist, Steven will assist you in gathering all pertinent information needed in order to approach the bank and guide you to make sure that if you are a viable short sale candidate and can, in fact, avoid foreclosure and not be disqualified for lack of documentation.

If you are looking to start investing in real estate, this Roswell short sale specialist can help you as buying distressed homes is no simple task.  However, with his extensive training and experience, this Roswell short sale specialist can expedite the process and help you achieve your goal to get to the closing table. Call 678-666-5101.