Behind on payments? Foreclosure pending? I CAN HELP!!
Do You Know You Can Sell Your Home For Less Than You Owe The Bank, Avoid Foreclosure, And Get Your Lender To Pay ALL of The Sales Costs For Free?
I understand how a person can suffer a temporary financial set-back due to the loss of a job, illness, or other unforeseen circumstances. Not having the ability to make mortgage payments on your house and the prospect of losing your home is a traumatic and extremely stressful experience. The greatest heartbreak comes from having to move out from the home you and your family love. I can give you several options.
Did you know that over 90% of the people who attempt to stop foreclosure on their own, get foreclosed on. DON’T LOSE YOUR HOME, CREDIT, OR STABILITY. Let me assist you with some solutions. The important thing is to take action before it’s too late.
Don’t be embarrassed about your situation. I see these situations everyday and its even happened to my own mother…the economy has taken a toll on most everyone, but I am here to help you. Call me now for an appointment. I’ll gladly meet with you and assist you in the program that best fits your needs – for FREE! Contact Dave Overholser at 304-268-8866 to set an appointment.
*No fees necessary. Free Service!
What is a short sale?
A short sale happens when a lender is willing to accept a lower pay off on a loan than what is currently owed. In a short sale, the borrower will owe more on the property than the home is worth at its current state, however, a short sale happens only when a homeowner qualifies through some kind of hardship.
Why should I short sale my home?
To settle for a foreclosure means accepting the damage to your credit a foreclosure would bring. It also means accepting the fact that in many states, the lender will seek a deficiency judgment in the amount that is owed. A short sale by itself will typically lower your credit score by 50-120 points, however the hardest hit on your credit will be from missed mortgage payments, not the short sale itself. Your credit will usually recover from a short sale in as little as two years, whereas a foreclosure could dampen your ability to take out any future mortgage loans for at least five years.
How do I qualify for a short sale?
While lenders have become more lenient in recent times, there are typically three qualifications required for a short sale.
- Financial Insolvency (no other major assets),
- The proceeds from the sale of the property, after all closing costs are paid, are less than the amount currently owed on the property, and
- Financial hardship. Acceptable hardships may vary, but some common ones are; loss of income or employment, divorce or separation, relocation or job transfer, property in need of repairs without resources to make repairs, major illness and medical expenses, death of a family member, vacant rental properties, etc. In most cases, a short sale is not for those who want to sell, but only for those that have to sell.
Who will pay the short sale Realtors®© commission?
The lender will customarily take care of all fees associated with the short sale process; this meaning your short sale specialist as well. In most cases, borrowers pay nothing out of pocket to complete a short sale.
What happens with the money that is forgiven by my lender?
Any difference on your mortgage will typically be written off as a loss by your lender. Some lenders may send out a 1099 for the amount that was forgiven. However, the Mortgage Debt Relief Act of 2007 states that you will not be required to pay taxes on the money if you did a short sale on your primary residence before the expiration of the bill. The bill however is not quite that simple. Consult the appropriate representation in all tax and legal matters.
Can I still do a short sale even If I am going through a foreclosure?
Absolutely. You will not be asked to move out until the closing. If your specialist is actively working with your bank, your lender will typically delay the foreclosure proceedings making it possible for you to stay in your home a little longer.
What should I be aware of when doing a short sale?
There are unfortunately many who crave individuals who are in a financial hardship or facing foreclosure to take advantage of them and profit from their misfortune. These scammers will make deals sound enticing, but are only in it for themselves. Never sign a quit claim deed, power of attorney or an option contract without consulting an experienced short sale Realtor© and an attorney. Remember, nobody can look out for your interests in a transaction while trying to make as much profit from your situation as much as possible at the same time.
Are there any other options?
Yes, depending on if you are behind in payments and if so how much, I have an excellent lease/option program that may work for you. You would have to rent your house out to a qualified tenant buyer but this method has the possibility of getting your back payments caught up as well as these advantages:
You can receive an excellent sales price on your home without paying a real estate commission...depending on the amount owed to get you caught up.
- The tenants will take care of all day to day maintenance on the property = No tenant hassles.
- Keep the tax benefits of owning a property = More money in your pocket.
- Have somebody in your property with an owner mentality and not a renter.
- Reduce or eliminate your negative cash flow.
- Experience positive financial and emotional benefits of getting your property handled.
- Get fast results
- Pay no hidden fees.