Q: How much cash do I qualify for if I short sale my home?
A: It all depends on the lender who services your mortgage. E-mail or call Ann for more info on the guaranteed cash at close program.
A: A Short Sale transaction occurs when the lenders are paid a negotiated amount that is less than the actual principal balance owed.
A: HAFA pays $3000 at close of escrow if you qualify for the program.
Q: Why are the Banks Accepting Short Sales?
A: In a foreclosure, the lender incurs legal fees and may not take possession of the home for several months. When the lender takes possession, the condition is unknown, and the home will have to be sold regardless.
Q: How are the Selling Costs Paid?
A: In a successful Short Sale transaction the selling costs are absorbed by the lender.
Q: What is a Mortgage Default?
A: A mortgage is considered to be in default when one or more monthly payments have been missed.
Q: What Solutions are Available if I am in Default on My Mortgage Payments?
A: You may qualify for a broad range of solutions to help you during your hardship.
Q: How do I Qualify for a assistance?
A: Borrowers need to prove that they are experiencing a substantial financial hardship.
Q: What is a Hardship?
A: A hardship is a situation that has a life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term. Some examples are:
A: The borrower must prove that a hardship exists. Then the lender must be willing to accept the short sale proceeds as full settlement of the debt.
Q: What is Required From the Property Owner?
A: The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence. Please see a real estate CPA for further information.
Our Short Sale team can Help you!
We will advise you of your pre-foreclosure options and may be able to help stop the foreclosure proceedings as well as even saving your credit. Default situations are time sensitive so trying to avoid dealing with the overwhelming situation is simply unwise. Let us try to provide you with the quality of life both you and your family should have.
For a FREE Consultation Call (714) 588-7676