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Short Sale Help
Are you behind on your payments?
Do you owe more than the market says it is currently worth?
Is the bank threatening foreclosure?
I can help!
YOU COULD SELL YOUR HOUSE FOR ZERO OUT OF POCKET EVEN IF YOU ARE BEHIND ON PAYMENTS OR HAVE NO EQUITY
Many homeowners are delaying the inevitable, cashing out hard earned retirement accounts, using credit cards to pay bills and borrowing money from family members to try and keep their heads above water.
Common Questions about Short Sales:
What is a short sale?
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan . It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure , which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.
Why is it to my advantage to do a short sale?
A foreclosure can impact your credit far more than a short sale. Typically a foreclosure will stay on your credit report for 7-10 years (if you get a judgment, then can even be renewed) and take your credit score down an average of 200 points. A short sale, depending on your circumstances is drastically different…you may even be able to buy another home within a few months.
What are the qualifications for a Short Sale?
Financial hardship is the reason for a short sale. Whether that is from loss of employment, divorce, relocation or job transfer, illness and medical bills, or increased bills or living expenses you must prove your inability to pay. This is not a program for someone desiring to sell but one for people who need to sell.
What is the cost?
In a short sale the lender pays all fees including Realtor commissions and any closing costs. There is No cost to you from me to evaluate your situation or work with the bank on your behalf.
How long can it take?
It depends on the bank and your circumstances. We can talk details in our FREE in home consultation. Personally we have closed on short sales as soon as 30 days and as long as 9 months.
How much work is involved?
There is quite a bit of documentation that is required to be submitted to the lender at the beginning. Much the same as was required when you initially bought the house. Once that process is complete all the work is handled by my office and you will receive updates as things progress.
If I sell my home for less than I owe can my lender come back after me for money?
No they do not in most cases. My goal is the get a full release of your debt at closing. Check with your accountant regarding tax ramifications. Any balance will likely be written off by your lender. They may send you a 1099 for any amount forgiven. Because of the Mortgage Debt Relief Act of 2007 you are not required to pay taxes on this money if you did the short sale on your primary residence prior to 2012.
Can I stay in my home until the short sale is completed?
Yes. You will not have to move out until closing. Even if you are in the process of being foreclosed on we can delay the proceedings and make it possible for you to stay in your home until closing.
Will the bank continue to call trying to collect?
Yes. The lender will continue to attempt to collect through the process. One department rarely communicates with another at the big institutions and until you sell you are going to be in default.
Can I do this on my own?
No. Most Lenders require a Realtor to be involved. I would encouraged you to pursue a loan modification with your lender, but if that is not an option, or it would only delay the inevitable that a short sale might be for you.
Not all Agents are equal in knowledge. Choose an experienced agent who can get the job done! Remember, are services are FREE to you and you will be working with a Certified Foreclosure and Short Sale Specialist…we even have experience with the Equator system which some lenders require.
Do you qualify for a short sale? Call or email me for more information! 1-800-741-2483 ext 800