Frequently Asked Questions
- How can I be assured that Mortgage Mayday Florida is a legitimate business and not a rescue scam company?
- How much does it cost to do a short sale?
- I’ve seen advertisements for companies offering to do short sales for free. Why shouldn’t I just use one of them?
- How long will it take to get my short sale approved?
- Can I short sell more than one property?
- What if I don’t qualify?
- Can I do a short sale if I have more than one mortgage on my property?
- Will a short sale hurt my credit?
- Do you have investors that will buy my house and save me from foreclosure?
How can I be assured that Mortgage Mayday Florida is a legitimate business and not a rescue scam company?
Mortgage Mayday has been in business in New England for over thirty years and has been successfully helping clients short sell their homes for the past fifteen. We have partnered with Spina Realty Company, a real estate expert in Collier and Lee counties to offer our short sale program to local residents. By joining forces, we are able to provide reliable and experienced assistance from a team invested in improving the local market.
Our system of short sale negotiation is unlike any other offered in Florida because of its proven track record and expansive network of bank contacts. We are considered experts in the field and differentiate ourselves by offering our clients a clean and legitimate option to avoiding bankruptcy and foreclosure. Additionally, we insist upon honesty with our customers and will communicate openly with them regarding the short sale process and the risks and rewards associated with this type of transaction.
Please visit the Testimonial section of our website to read what some of our clients have to say about working with Mortgage Mayday. Still concerned? Just pick up the phone and give us a call and we’ll be happy to answer any questions you have about who we are and what we do.
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How much does it cost to do a short sale?
From our experience, a short sale is a complex and often labor-intensive process. We have a staff of skilled and experienced negotiators who will personally work on a file from the initial qualification all the way through to when the closing takes place. Our team is constantly following up with your mortgage company to push approvals through as efficiently as possible.
Typically, a bank will not even consider a short sale negotiation unless the owner has missed at least one mortgage payment. At that point, the bank realizes that the loan is troubled and will transfer the file to their loss mitigation department and begin developing a strategy to cut their losses. We charge a negotiation fee of up to one month’s mortgage payment* to cover the administrative costs of handling these transactions.
*Fees are capped to accommodate high value properties.
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I’ve seen advertisements for companies offering to do short sales for free. Why shouldn’t I just use them?
Right now several title companies, realtors and attorneys are marketing themselves as short sale professionals and claim to offer their services free of charge. We encourage potential clients to ask these individuals how many short sales they’ve successfully closed and for how long they have been handling these types of transactions. We are confident that our fee reflects our level of service and attention, and have found that our clients over the years agree that our performance was well worth the minimal initial expense.
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How long will it take to get my short sale approved?
No two short sale transactions are the same. There are many variables that will affect the length of time it takes for your short sale to reach the closing table, including:
- The time it takes for us to get your completed short sale package
- The time it takes to get an offer on your property
- The willingness of your bank to take a loss on their investment
- The time your buyers need to get their mortgage (if applicable)
While some of these factors are out of your control, there are things you can do to make your short sale process as smooth as possible. Contact your negotiator today to learn more about how you can help your transaction move quickly and efficiently.
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Can I short sell more than one property?
Yes. While many of our clients are homeowners selling their primary residence, a significant portion are investors who need help shedding distressed investments. In these cases we assign each property to its own negotiator and update the various files as each one closes. Contact us today to learn more about the services we offer our investor clients.
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What if I don’t qualify?
We’ve been in the business long enough to recognize when an individual’s situation is not likely to get short sale approval. Unlike other companies seeking to take advantage of local residents, we are committed to improving the Collier and Lee County real estate market and will not take on customers who we feel won’t have a successful result. While we can’t guarantee that a bank will approve every client we are working with, we can identify factors that would limit the chances of success.
If you are not a candidate for a short sale- don’t worry! We have a network of partners that offer alternative methods to help you out of your present situation, all of which have been carefully screened by us to protect you from falling prey to a dishonest rescue scam company.
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Can I do a short sale if I have more than one mortgage on my property?
Yes. We have had great success in short selling properties encumbered by more than one mortgage. Our negotiators are specially trained to handle these situations and make sure each bank is involved in the negotiation process.
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Will a short sale hurt my credit?
While a short sale may minimally affect your credit, it will not affect your rating the way a foreclosure, deed-in-lieu or bankruptcy would. Often short sale participants are able to apply for and be approved for a new mortgage within 12 months of their short sale transaction, and banks always prefer to see that the homeowner proactively addressed their situation as opposed to simply throwing their hands up and walking away.
That being said, we are not legally licensed to offer advice on this topic and can only speak from our past experiences. Like all other aspects of these transactions, each situation is different and we encourage our clients to speak to an attorney and/or tax advisor for reliable advice.
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Do you have investors that will buy my house and save me from foreclosure?
No. We’ve built our reputation on specializing in one thing and being the best at it. Additionally, we’ve seen too many innocent property owners fall victim to investment scams and lose the equity in their homes without being fairly compensated. Florida residents need to be especially weary of offers that seem too good to be true as each day more and more dishonest companies move in to prey on their desperation.
At Mortgage Mayday, we are short sale specialists. We are eager to help you out from under a burdensome mortgage, but we will not buy your property and would caution you to do your research carefully before signing over your deed to anyone other than a legitimate buyer.
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