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Getting Approval for a Short Sale

June 3, 2025 by James Scott

If you are struggling to make your mortgage payments and facing the possibility of foreclosure, you’re not alone and you are not out of options. One path worth considering is a short sale, which can help you avoid the long-term impact of a foreclosure on your credit report.

As a mortgage originator, I have helped many homeowners navigate this process.

A short sale occurs when your lender agrees to accept less than the full amount owed on your mortgage to settle the debt. In this scenario, you sell your home for less than the remaining balance on your loan, and the bank forgives the difference or negotiates terms for repayment.

Not all lenders will agree to a short sale, but many do if they believe it’s a better alternative to foreclosure. It requires careful negotiation and solid documentation, but it can be done with the right guidance.

The first and most important step is open communication. Contact your lender and explain your financial hardship. Whether it’s due to job loss, medical issues, divorce, or another major life change, your lender will need a clear understanding of why you’re unable to make your mortgage payments.

They may request documentation such as:

  • Recent pay stubs or proof of unemployment
  • Bank statements
  • Tax returns
  • A hardship letter explaining your situation

Once your hardship is established, your lender will need a detailed look at your financial situation. This may include:

  • Your monthly income and expenses
  • Outstanding debts
  • Assets like savings, investments, or additional property

They want to be sure you’re genuinely unable to continue paying before considering a short sale.

Once your lender gives you preliminary approval to pursue a short sale, you’ll need to work with a knowledgeable real estate agent. They will help you:

  • Prepare a comparative market analysis
  • Submit a preliminary net sheet to the lender
  • List the property and negotiate with potential buyers

After you receive an offer, the lender will review the full package, including the offer price and the listing agreement, before giving final approval.

A short sale may not be ideal, but it’s often a less damaging alternative to foreclosure. It can help you:

  • Avoid a foreclosure judgment
  • Begin repairing your credit sooner
  • Possibly qualify for a future mortgage more quickly

Struggling with your mortgage and unsure what to do next? Let’s talk about whether a short sale is the right move for your situation. I can guide you through the process step-by-step.

Reach out today and let’s find the right solution together.

Filed Under: Home Selling Tips Tagged With: Avoid Foreclosure, Mortgage Relief, Short Sale Help

Understand Coronavirus Mortgage Relief Options

September 29, 2020 by James Scott

Understand Coronavirus Mortgage Relief OptionsThe coronavirus pandemic has impacted everyone. For homeowners, they might be wondering how they are able to keep up with their mortgage in light of shelter in place orders, financial difficulties, and unemployment problems.

Federal agencies and regulatory authorities are putting relief measures in place during the pandemic to help people who might have trouble keeping up with their mortgage. When it comes to coronavirus mortgage relief, there are a few tips that everyone should keep in mind. 

Talk To The Lender First

The first step is always to talk to the lender directly and see if there are relief options. The last thing A lender wants us to have a bunch of loans go into default. When this happens, the lender might be forced to sell the property for a significantly reduced cost, meaning they will lose a significant amount of money. They do not want their borrowers to foreclose either. Therefore, as long as they are given enough notice, they should be able to help borrowers by adjusting their payment plans. 

Understand The Options

Everyone has a different type of mortgage and every contract is different. Borrowers me to take a look at the details of their plans and make sure they understand what their options are. For example, borrowers with certain types of loans might have lenders who are obligated to offer deferred or reduce mortgage payments for a period of six months. This is called forbearance. 

This means that borrowers do not have to pay their mortgage for a few months and will not be charged late fees or added interest. It is important to know that they will owe this money eventually. All borrowers need to read their contracts to see if they qualify for forbearance. 

Foreclosures And Evictions Have Been Halted

Finally, during the pandemic, Federal officials have imposed a nationwide halt when it comes to foreclosures and evictions. This moratorium only affects borrowers with certain plans. Therefore, everyone needs to read their contracts closely to see if they’re playing qualifies. Furthermore, there are certain cities, counties, and states that have halted foreclosures for everybody. 

The coronavirus pandemic has been difficult for everyone. It is important to keep these mortgage relief options in mind and ask for help from professionals. That way, everyone can understand all of your options.

 

Filed Under: Real Estate Tips Tagged With: Mortgage Relief, Real Estate Tips, Refinancing

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