FAQ’S

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FREQUENTLY ASKED QUESTIONS

What is the difference between a short sale and a foreclosure?

A short sale transaction occurs when mortgage lenders allow the borrower to sell the house for less than the amount own on the mortgage. The foreclosure process occurs when repossess the house, often against an owner will.

What does it cost for your help?

Your mortgage company pays us to represent you.

Will I owe anything after the short sale?

We will make sure the lender puts in writing that your debt is settled after the short sale. This means you will have no further financial obligation to worry about once the home is sold.

Will I receive money from the short sale?

Most of our clients qualify for relocation assistance from the bank. The amount we’re able to negotiate for ranges from $1500.00 — $10,000.00.

How will a short sale affect my credit?

It depends on many things, including late or missed payments. A short sale may appear on your credit report as “settlement or foreclosure redemption”, paid in full for less that full balances or terms. Missing mortgage payments will definitely affect your credit rating.

Are there any tax implications of a short sale?

A short sale where the lender forgives (cancels) the debt is a relief of debt. The IRS may treat this as income for tax purposes. A limited exemption allows homeowners to pay no taxes on certain types of debt forgiveness especially if its your primary residence. The government has been extending the Mortgage Debt Forgiveness act since 2007 and we do believe they will keep extending it or create a permanent law for it.

How long does a short sale take?

Every short sale is different, because every homeowner is different. Our time frame is 3 — 4 months

QUALIFYING FACTORS FOR SHORT SALE HELP

Financial Hardship

Owe More Than House Is Worth

30 + Days Delinquent

Mortgage Exceeds Appraisal Value