Are you facing foreclosure?

Helping Homeowners

Navigate the

Pre-Foreclosure

Process

FREE CONSULTATION

We Buy Properties in any condition or situation all over Massachusetts, Rhode Island, and Connecticut. Please submit your details below and we will reach out to you within 24 hours with multiple options to get you to your end goal.

Don’t Let the Bank Decide Your Future—We’re Here to Help You Take Control

We will help you navigate the process

and find the best outcome for your situation.

ABOUT US

Your Home. Your Future. Your Choice

Rest assured, we’re not here to just buy your home at a bargain price. Our priority is helping you find the solution that truly aligns with your goals and your unique situation. When facing foreclosure, it’s easy to feel like you’re out of options, but there are several alternatives available that can help protect your home and credit.

Unlike lenders who often focus on protecting their own interests or attorneys who may push for costly legal solutions, we put your agenda first. With our honest, unbiased consultation, you can explore your options and determine what’s truly best for you, whether it’s keeping your home or making the most strategic decision to protect your financial future. Our focus is on your long-term well-being—not on a quick sale.

Let's Talk

"The sooner you take action, the more options you have to protect your home and your financial future."

Keith B Ware

RDestiny REI CEO

WHY WORK WITH US

Hi - Low or No

Equity

We work with all types of equity situations.

Whether you have significant equity you'd like to preserve or little to no equity, we specialize in creating tailored exit strategies that meet your unique needs.

Inherited Property

We can help you liquidate the property as-is, without the need for repairs or cleanouts. Take what you want, and leave what you don't. We’re here to guide you through the probate and pre-foreclosure process, making it as smooth and stress-free as possible.

Reverse Mortgage

A reverse mortgage often strips a property of its equity. If there's little to no equity left, we can help negotiate with the lender. If some equity remains, we can assist in liquidating the property to preserve what’s left. Our goal is to help you navigate this process.

Short Sale

If you owe more than your property is worth, we have a dedicated team ready to negotiate with your lender on your behalf. Our goal is to help you maintain control of your situation and prevent foreclosure from damaging your credit report.

No Obligation... Just a Conversation

Let's Talk

“Our priority is to find the solution that aligns with your goals,

whether that’s keeping your home or exploring other options to protect your future.”

Keith B Ware

RDestinyREI CEO

“We’re here to help you navigate the foreclosure process with clarity and compassion."

I understand that facing foreclosure is one of life’s most overwhelming experiences. Many homeowners feel stuck, hoping the problem will disappear on its own. But you don’t have to go through this alone. We’re here to take that burden off your shoulders, helping you every step of the way to understand your options and take meaningful action.

Our approach is simple: we’re here to analyze your unique circumstances and guide you through the process—whether you’re dealing with foreclosure, bankruptcy, divorce, or any other financial challenges that require immediate solutions. We offer a 100% transparent, confidential, and free service. Our commitment is to help you find the best possible outcome—even if that means keeping your home.

However, if selling your property turns out to be the most beneficial route for your financial stability, we can offer you a fast, cash purchase with no commissions or hidden fees. Your financial well-being is our top priority, and we’re prepared to act quickly to provide you with the support and guidance you need.

Time is of the essence. The earlier you start, the more options you have. From your first consultation to the final decision, our dedicated team will be by your side, ensuring you feel confident, informed, and supported throughout the entire process.

Reach out today to see how we can help you navigate your foreclosure options and secure a brighter financial future.

Let's Talk

Real Solutions Beyond Selling

Act Fast for More Options

Understanding Short Sales and Their Impact on Homeowners

Pre-Foreclosure| Short Sales

November 23, 2024•3 min read

What Are Short Sales? A Comprehensive Guide

Short sales can be a valuable solution for homeowners facing financial hardship. In this guide, we’ll explore the short sale process, its benefits, and how it compares to the traditional sales process. Whether you’re a distressed homeowner, a potential buyer, or simply curious about the housing market, this post will provide everything you need to know.

1. Understanding Short Sales

1.1 What Are Short Sales?

Short sales occur when a financially distressed homeowner sells their property for less than the mortgage balance owed. The mortgage lender agrees to accept the sale proceeds as full or partial repayment, helping the seller avoid foreclosure.

1.2 Why Do Short Sales Happen?

Short sales typically occur due to financial trouble, such as job loss, medical expenses, or other hardships that make monthly mortgage payments unmanageable.

2. The Short Sale Process

2.1 Steps in a Short Sale Transaction

Assessing Financial Hardship: The distressed homeowner generally submits a hardship letter explaining their situation to the mortgage lender.
Consulting a Real Estate Agent: An experienced real estate agent can help navigate the complexities of the short sale process.
Preparing the Short Sale Package: This includes a hardship letter, bank statements, tax returns, and other financial documents.
Listing the Property: The listing agent markets the short sale property.
Receiving a Buyer’s Offer: Potential buyers submit offers that are subject to lender approval.
Negotiating with the Lender: The lender reviews the buyer’s offer and the short sale package.
Finalizing the Sale: Upon lender approval, the transaction closes, and the homeowner avoids foreclosure.

3. The Role of Mortgage Lenders in Short Sales

3.1 Mortgage Lender Approval

The success of a short sale depends on whether the mortgage lender agrees to the proposed purchase price.

a mortgage lender going over short sale forms

3.2 Multiple Lenders Complications

Short sales involving multiple lenders can be more complex, as each lender must approve the transaction.

4. Benefits of Short Sales for Homeowners

4.1 Avoid Foreclosure

Short sales help homeowners avoid foreclosure proceedings and the long-term damage it can do to their credit scores.

4.2 Minimize Remaining Debt

In some cases, the lender waives the deficiency balance, relieving the homeowner of any remaining mortgage debt.

4.3 Preserve Credit History

While a short sale impacts credit scores, the effect is generally less severe than a foreclosure.

5. Benefits of Short Sales for Buyers

5.1 Opportunity to Purchase at a Lower Price

Short sale homes are often sold below market value, offering a good deal for buyers.

5.2 Access to Distressed Properties

Short sale properties can be ideal for buyers looking for opportunities in the real estate market.

6. Short Sales vs. Foreclosures

6.1 Key Differences

Short Sales: The homeowner retains some control, and the sale occurs with the lender’s approval.
Foreclosures: The lender repossesses the home, and the process is more damaging to the homeowner’s credit.

6.2 Impact on Credit Report

Short sales tend to be less damaging to credit scores compared to foreclosure proceedings.

7. Challenges of Short Sales

7.1 Lengthy Approval Process

The lender approval process can delay the sale, frustrating both sellers and potential buyers.

7.2 Uncertainty of Sale Proceeds

Sellers may face uncertainty about whether the lender will approve the sale proceeds as sufficient.

8. Tips for a Successful Short Sale

8.1 Work with an Experienced Real Estate Agent

An agent familiar with short sales can help navigate the process and communicate with the mortgage holder.

licensed agent experience with short sales

8.2 Prepare a Strong Short Sale Package

Include all required documents, such as a hardship letter, financial statements, and a sales contract.

9. Frequently Asked Questions

9.1 How Does a Short Sale Impact Taxes?

Consult a tax professional to understand any tax implications, such as the possibility of paying taxes on forgiven debt.

9.2 Can I Buy a Short Sale Property with a Mortgage Loan?

Yes, but ensure your lender reports and approves the sales contract.

10. Conclusion

Short sales offer a viable solution for distressed homeowners facing financial trouble. By working with the right professionals, such as experienced real estate agents and mortgage lenders, homeowners can navigate the process successfully. For buyers, short sales provide opportunities to purchase homes at a lower price in today’s competitive housing market.

short salepre-foreclosureshort sale processloan modificationfinancial hardshipavoid foreclosure

Keith B Ware

Keith B Ware is the CEO of RDestiny Real Estate Investing. The company's main objective is to help homeowners navigate the foreclosure process and help find solutions to suit their unique situation.

Back to Blog