Short Sale Help
Don’t lose your home to Foreclosure or Scam Artists
If your loan has adjusted and your payment has gone up or you have lost your job or you have suffered some other hardship do not be dismayed. It’s not your fault. Let us Help!
SHORT SALES. Not everyone does them right. Call us! We have the experience. We can find a real buyer that qualifies for a new loan for your home. Then we can negociate with your lenders to take less than what you owe on your home.
Definition of a Short Sale, “the lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss.”
A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt.
A short sale typically is executed to prevent a home foreclosure. For the home owner, the advantages include avoidance of having a foreclosure on their credit history.
The Mortgage Foregiveness Debt Relief Act of 2007
When the lender decides to forgive all or a portion of a borrower's debt and accept less, the forgiven amount is considered as income for the borrower and is liable to be taxed.
However, after the signing of The Mortgage Forgiveness Debt Relief Act of 2007 by President Bush, amendments have been made to remove such tax liability and allow the borrower and lender to work freely together to find a common solution that is beneficial to both parties. This protection is limited to primary residences so consultation with a tax advisor is necessary ensure that a borrower qualifies.
Call us with your questions. We will give you honest answers and help you solve your problems.
Myrna T F Reyes
Realtor/Short Sale Specialist
619 885 3081