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Real Estate News Releases
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(EMAILWIRE.COM, April 07, 2010 ) Florence, KY – Transactional lender, Jodi Funke joined a group of real estate investors for lunch to answer questions about short sale closings. Jodi explained what happens when a short sale occurs, “The bank agrees to accept less than the full balance due on the debt and usually forgives all or a large part of the difference so the homeowner can sell the property and avoid foreclosure.”
One of the new real estate investors asked, “Why would a lender do this?” Jodi answered, “To mitigate their losses lenders often accept less than what is owed on the mortgage. When faced with the option of getting the property back through the costly process of foreclosure they often see the short sale as a wiser business decision.”
When asked how the short sale affects the homeowner’s credit, Jodi answered, “A short sale can help their credit because once they are approved for the short sale all collection activity stops and they avoid foreclosure. There may be a comment on their credit report that says “Paid in Full” or “settled for less than full balance,” but there is no evidence to support that this action significantly decreases a credit score.”
One investor wanted to learn how to qualify their client for a short sale. Jodi explained, “There are 2 main qualifications; first, a homeowner who is behind on their mortgage payments must show hardship which renders them unable to keep up, like divorce, loss of job or decrease in income; and second, they own a home with little or no equity.”
Jodi explained to the group that negotiating short sales is a complicated process but with the proper forms and documentation it goes much smoother. In any event, she recommended working with professionals who understand the laws and guidelines especially if they intend to resell the property for a profit.
Jodi Funke is a transactional lender with great news for the frustrated real estate investor. Her company can provide one-day funding to complete the short sale purchase and resale the same day. Imagine going to the closing table with no money, closing the deal and walking out with your profit. You can do this, legally and ethically, no matter what state you are working in. Visit http://www.cashforshortsales.com to learn how.
Contact:
Jodi Funke, Transactional Lender
Oroton Equities
7657 Mall Rd
Florence, KY 41042
859-594-4357
info@cashforshortsales.com
This press release was submitted by Right Now Marketing Group, LLC
Oroton Equities
Jodi Funke
859-594-4357
info@cashforshortsales.com 
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