Shreveport and Bossier City Short Sale & Foreclosure Information

Homeowners who have to sell their Shreveport Home, and they owe a lot more on their house than it is worth may have another option and that option is called a “short sale”.  It is important to distinguish facts from opinion's about the a short sale. In order for you to understand the Short Sale process in Louisiana, and know if a Short Sale could be the solution for your Short Sale Bossier City.  We have compiled nine of the most common Opinons that deal with short sale process, we hope that this information will help you and your family.

Opinion #1 – The Bank just wants to foreclose on my home, and will not negotiate a short sale.

The truth is your bank or mortgage company don't want to issue a foreclose notice on your Shreveport Home, if they do it is very expensive and will take a very long time.

Some of the qualifications include the following:

1. Financial Hardship - You are unable to make your payment your expenses out weigh your income, you are in the RED every month.  Some hardships include: You or your spouse has been Laid Off, Unemployed, Arrested, Divorced, Medical, Death in the Family, Bought another home and can't afford both notes.

2. You cannot afford your home – Income is less than your expenses each and every month.  You MUST show your Bank or Mortgage company that you currently cannot afford your payment, or you will soon not be able to make your monthly payments.

3. No Equity – You do not have any equity in your home, or other assets that can be sold to pay or make up the mortgage payments.

Opinion #2 – You have to be behind on your Bossier City mortgage payments to qualify for a Short Sale

The History of Louisiana Short Sales have dictated this, but Banks today want to see hardships that are verifiable, people who cannot make their monthly payment, and who might be approaching bankruptcy.

Short Sales are all about timing, the longer you wait the longer it will take, and the more of a chance the bank won't approve you, anyone who says the short sale process is easy is lying to you, it will take some work on your part. It makes it easy when you have an Shreveport Real Estate Investor putting a offer in right away in the beginning of the process, and the Right Shreveport Realtor on your team.

Opinion #3 – There is not enough time to do a Short Sale, before my Shreveport house gets foreclosed on.

This hurts the homeowner more than anything. Foreclosure is a time consuming thing, and you will have some time to make decisions that can produce some better results for you and your loved ones.

The key is to take action, you can postpone the foreclosure process with the right person on your side helping you to do a Short Sale. Most Banks and mortgage company's will stop a foreclosure on Louisiana home if there is contract to sell the home, and the right paperwork sent to the lender. Some Banks will even stop a foreclosure, if you can provide proof of a Bossier City Realtor listing the property. Hiring the right real estate professional who has the right education and has the experience in short sales and foreclosures is vital to your success. Call us and we can refer you to the best Shreveport Real Estate Agents

Opinion #4 – Having my property listed as a distressed property is embarrassing

To think twice about having people know publicly on the market, that your home is worth less than you owe. Think about this though, in a recent surveys show that 1 in 7.8 homeowners in America currently owe more on their property, and over 69% never pick up the phone to contact a real estate professional for any help before they lose their Bossier City Home to foreclosure.

In Shreveport - Bossier City, a short sale is not publicly recorded at the courthouse, only through a Realtors multiple listing service, so all the short sales that occur only the homeowner, the buyer, and the Shreveport realtors ever know that the person who owned the Shreveport House has ever faced hardship.

Opinion #5 – I have never heard of a Short Sale getting approved, and they drag on forever

At Krohn Group LLC.  we have been averaging approximately 45-90 days from accepted contract to the closing on the Shreveport home. We a Louisiana Short Sale Negotiator on staff, who has been negotiating on collections and was in the mortgage business for over 30 years who negotiates all the short sales.

Opinion #6 – Banks are not accepting Louisiana Short Sales

In today's financial marketplace the reality is......the United States of America, and most U.S. Banks are wanting to do just about anything avoid foreclosure in Louisiana on many mobile homes, homes, & commercial properties.  More and more mortgage company's, are pursuing short sales, and trying to avoid foreclosing on those properties. Banks and mortgage company's are trying to improve their short sale process, to speed things up and to be more efficient with the whole process, as banks get this process better, more people will jump on board to try to do them. Who would you rather work with you, someone who worked with banks when it was a harder process or someone who has been doing Short Sales in Shreveport - Bossier City Louisiana, back when it was a hard process?

Opinion #7 – There are no Short Sale Buyers in Shreveport - Bossier City

In the Shreveport real estate market,  the word short sale, means good deal. Patient buyers = Short Sale, Patient home buyers = Cash, or Conventional Loan buyers.  These buyers are the best ones to have, because they wait for good deals, they have good credit, and are not flaky. FHA buyers are the Inpatient buyers who have to have it yesterday and will flake out on you in the last minute of your short sale. Someone can get a better Bossier City short sale price than a foreclosure.

Opinion #8 – Once the Bank takes back the Bossier property, all my troubles will be behind me

If your home goes though the foreclosure process and gets foreclosed on, you cannot control what happens at the foreclosure auction. If the loan grew much larger because of late payment fees, unpaid interest. When they Bossier Home goes though foreclosure and someone purchases it, if that amount is much lower that what you owed them. The Bank can come after you for the difference this is called a deficiency judgment, and they will 1099 you for the difference. If you don't have a plan of action, you can bet 1 or both will happen. By contacting our company we can help you stay in control of what happens, what prices are set, what time frame, and even have the bank sign waivers if they accept the short sale to protect your future.

Opinion #9 - We don't have any money to sell our Shreveport Home to pay for closing costs, Real Estate Agent fees

Krohn Group LLC. and any of it's Shreveport Realtor's DO NOT charge a homeowner any commissions, fees to negotiate, or any home owner consulting fees when we submit your Shreveport Louisiana home through the short sale process. Krohn Group gets paid for when the Short Sale is approved and the home is sold, the Shreveport Realtor gets paid when the home is sold and out of your name, the negotiator gets paid when the bank approves the short sale. The Bank pays for all this from it's settlement funds. There is no money out of your pocket!

If you or a loved one is falling behind on their payments, and are facing foreclosure give Krohn Group a call we are Real Estate Investors, with a team of experienced, Real Estate Agents, Short Sale Negotiator, and Private Money Investors. Located in Shreveport - Bossier City Louisiana.

318-965-6779