Welcome to First Security Mortgage Relief Legal Services

Our Firm has been working to help people become free and clear of their debts and liabilities with their mortgage lenders through the short sale process since 2008.

Short Sale Questions & Answers:

What is a short sale?

A short sale takes place when a lender agrees to allow a home owner to sell their home short of the amount that is owed to the lender.

When should I consider selling my home on a short sale?

  • When you find that after adjusting your budget you are still unable to make your current mortgage payments.
  • When you have tried and been denied a loan modification.
  • When you are upside down on your mortgage and your job has relocated.
  • When you are locked in an adjustable rate mortgage (ARM) and it is scheduled to adjust which will significantly increase your monthly payment making it unaffordable to you.

Why should I consider a short sale?

  • To possibly receive deficiency balance forgiveness and possibly avoid tax forgiveness
  • To avoid foreclosure and/or bankruptcy – Even if you have bruised credit repairing it will be much easier without a foreclosure and/or bankruptcy on it.

Short Sale vs. Foreclosure

  • Short sale sellers are widely seen as less risky than foreclosed sellers.Fannie Mae recently adjusted their guidelines to dictate only a two year waiting period for a short sale seller to buy another primary residence, while they extended the waiting period for foreclosures to five years.
  • For the seller, a short sale provides the opportunity to avoid foreclosure and the dreaded implications that a foreclosure brings, in addition to being able to return to home ownership sooner; alternately, the lender receives most of the value of the loan sooner, and avoids incurring additional legal or carrying costs while the foreclosure process plays out, which can sometimes even take years.
  • Short sales have a far less damaging affect on a seller’s credit report. Credit scores typically lose between 80 to 100 points. Without a doubt sellers will incur more damage on their credit report by going through foreclosure. Typically your credit score will take plunge between 250 to 300 points.
  • In a foreclosure the lender can get a judgment against you for the arrearages you owe plus the costs for the foreclosure action.
  • Insurance premiums, for the home, car, health care can be increased, as well as more difficult to obtain due to negative credit due to foreclosure.
  • Credit cards, car loans, installment and revolving credit lines will be more difficult to obtain as well as come with higher interest rates due to bruised credit/lower credit scores from foreclosure.
  • The Internal Revenue Service frequently deemed the difference between the mortgage balance and the amount realized from the short sale to be taxable as income despite the fact that the debtor never saw a dime of it. The Mortgage Forgiveness Debt Relief Act 0f 2007 that just went into effect on January 1st, 2008, essentially eliminates this problem.
  • Only late payments on a mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale’s effect can be as brief as 12-18 months. Foreclosure stays on credit history for more than 10 years.
  • Current and future employment may be affected as many employers now require credit checks, particularly for employees in financial or sensitive positions.
  • Outside of conviction of a crime, foreclosure is the most serious issue affecting a security clearance. For those employed by a police force, the military, a security company, the CIA or other governmental agency, a foreclosure could mean the immediate loss of the security clearance and the position.

How can First Security Mortgage Relief Legal Services help you with the short sale process?

  • First and Foremost! No up-front fees to sellers or agents! There are no hidden costs or fees.If you have ever been involved with a short sale transaction, you know they are time consuming and, most often, a big headache. Now you can avoid the hassle, by leaving it to us! First Security Mortgage Relief Legal Services.
    First Security Mortgage Relief Legal Services has a team of case managers on staff dedicated to offering relief to agents, brokers, title companies and struggling homeowners.Our full time case managers have completed extensive training and First Security Mortgage Relief Legal Services successfully negotiates short sales with an incredibly high approval rate. We handle the entire transaction from start to finish. As a nationally recognized company, our clients include mortgage companies, servicers and investors, as well as offering our services directly to real estate brokerages, agents and their clients throughout the United States.Contact us to get started and our Short Sale Specialist will:
  • Introduce him/herself to the home owner, as an affiliate to your team.
  • Explain to home owner how the entire short sale process works.
  • Determine if the home owner is a good short sale candidate up-front so no time wasted on a short sale that will likely not work.
  • Collect the home owner’s financial information and necessary forms.
  • Negotiate and deliver offers and counteroffers to the lender.
  • Update agent on the client’s progress regularly with access to online file tracking.
  • Save agent 40 to 80 hours of time per file on average.

The best part! If the short sale is not successful, there is no fee to the home owner or agent!

To get started or for more information, contact us at 248.637.4646 or FSMRLS.com

What areas do we service our short sale clients?

We service Michigan clients in all Michigan zip codes. For service outside of Michigan please contact to verify.

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