FAQ's

Frequently Asked Questions

Q. What is a short sale?
A. A short sale is when a Lender is willing to take less for the sale of a property than what is owed on it.  A Lender will agree to a short sale only if it makes financial sense for them to do it.  In most cases, a half loaf is better than no loaf.….meaning if the homeowner can’t pay the mortgage due to a hardship, the Lender would rather get something than nothing.

Q. Do I have to be behind in my mortgage payments to do a short sale?
A. You do not have to be behind in your payments, but you will have to prove to your Lender that you are experiencing a hardship.  A hardship exists when either you’ve had a decline in income (due to job loss, divorce, medical illness, etc.) or that you’ve had an increase in living expenses. 

Q. Why would I use Aztec Acquisitions to negotiate a short sale on my behalf? 
A. It requires extensive knowledge about the short sale process to successfully negotiate with a Lender.  The rules governing a short sale also continue to change at a rapid pace.  As an example, a bill recently passed in Florida requires that anyone negotiating a loan modification for a new or existing loan (including a short sale) must be a licensed mortgage broker.  Many Real Estate agencies, and even many investors, use an unlicensed person to follow-up with the Lender throughout the process.  As of January 1, 2010 anyone who does this without a Mortgage Brokers license will be fined at the rate of $1,000 per day.  Aztec Acquisitions has a licensed mortgage broker on staff that is qualified to negotiate a short sale with your Lender.

Q. Do you charge any fees?
A. No.  There are no upfront fees and no fees added when we close on your house.  Our service is free to anyone wishing to do a short sale on their house.  There is also no obligation to see if your home qualifies for a short sale.

Q. Can I get any money from the proceeds of the sale?
A. One of the stipulations of the Lender is that the homeowner may not benefit financially from the sale of their home.  The Lender is losing thousands of dollars on the mortgage and by paying for the seller’s closing costs.  You can see why they would not want a homeowner to walk away from the table with any proceeds from the sale.

Q. How long does the short sale process take?
A. A short sale takes between 3-9 months (and sometimes longer), depending on the efficiency of the homeowner in providing the necessary documentation and their Lender’s internal processes.  Lately, the Lenders have been a little quicker to respond because they want these non–performing loans off of their books.

Q. Is a short sale better than a foreclosure?
A. A foreclosure has a much worse affect on your credit score than a short sale.   Also, your chances of negotiating the transaction as payment in full, thus avoiding a deficiency judgment, is far more likely with a short sale.  Aztec Acquisitions works hard to negotiate the sales price as payment in full as part of the Lender’s Agreement and gets it in writing.  Without that happening, a Lender(s) may come after the homeowner for the difference between the existing mortgage and what the property sold for. 

Q. I have questions that haven’t been covered here.  How can I get them answered?
A. Contact Aztec Acquisitions directly.  We’ll be happy to answer your questions over the phone or set up an appointment with you to meet in person.