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- Linda Angele
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- Gina Mayes Harris
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- Tom Ingram
Gina Mayes Harris of Re/Max Metro in Charlotte, Linda Angele and Tom Ingram of Mayes Harris Realty in Davidson have all earned the Certified Distressed Property Expert (CDPE) designation, after completing training in foreclosure avoidance, with an emphasis on short sales. At a time when millions of homeowners are struggling with the possibility of foreclosure, the skills and education amassed by Harris, Angele and Ingram will help benefit Lake Norman-area residents and communities.
Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
Today, more than 13 percent of homeowners are delinquent on their mortgage or in the foreclosure process. This is occurring across all price ranges, and the fastest-growing category of homes in foreclosure is the luxury home market.
“The CDPE designation has been invaluable as I work with homeowners and lenders on complicated short sales,” Gina Harris said in a press release. “It is so rewarding to be able to help families save their homes from foreclosure.”
If the sale price of the property is not sufficient to cover the principle amount of the mortgage then there is “short fall,” hence the term “short sale.” It is my understanding that in some situations the lender can sue the seller for the the amount of the short fall. Sellers should be sure they consult with an attorney to be sure there is documentation from the lender that waives any claim they may have to the unpaid amount. Another note, just because the Lender agrees to the sale and proceeds through closing does not constitute agree to waive a claim to this short fall. Some sellers have been surprised to find they are being sued months after the sale of a distress property.