First off, do you really understand what a foreclosure is? It’s when the bank repossesses the home due to non-payment of the mortgage.
And do you know what a short sale is? A short sale occurs when the bank is willing to take less than what the homeowner(s) owes on the property. The property is sold at fair market value (less than what is owed).
When should you call us for help? Now! Information can only empower you and help you understand your options and limitations.
Why should you call?
- If you’ve tried to refinance or get a loan modification with your loan servicer (who you send your mortgage payments to), but they either denied you or were unwilling to help you, call us!
- Or maybe you would just rather not deal with the process and would like to let the home go, call us!
- If you know you will soon be in trouble and unable to make the mortgage payments, call us!
- If you are currently behind on your payments, call us!
- If the foreclosure process has already started, call us right now!
Will a short sale hurt your credit? The short answer is yes, but the short answer ignores the fact that a short sale impacts your credit and ability to purchase in the future considerably less than a foreclosure. In fact, many short sale sellers are purchasing new homes soon after their short sale process is completed, depending on their individual situations.
A short sale indicates to future mortgage lenders that you took responsibility for your debt, and did not allow your home to go to foreclosure.
Plus a short sale allows you the protection of California bill SB458, which states that if a lender approves your short sale, they must consider the short sale as “payment without a balance owed” on the loan and cannot take legal action against you, the homeowner, for any possible deficiency. Please keep in mind that there are exceptions, so call us for your specific situation.
And short sales now do not have tax consequences IF the property is your primary residence. Again, each situation is different, so call us your details about yours.
Yes, the short sale process is difficult, time-consuming and even frustrating, but that is why you hire experienced and tough short sale real estate agents and negotiators like us, to help and guide you.
And the best part about hiring us is we never, ever charge short sale home sellers for our services. We collect our commission from the pockets of the banks holding your loans. And if we can’t help you, or if your short sale is denied, we make nothing, and you owe us nothing.
So call us! We can help:
(888) 9-List-It. That’s (888) 954-7848.
Or fill out our Real Estate Short Sale Formula Form for our analysis of your particular situation:
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