Pre-Foreclosure Sale/Short Sale
You do not have to feel alone if you are having trouble making your monthly mortgage payments. Millions of Americans are facing the vary same thing that you are experiencing and many others, like your next door neighbors are quietly in the same position.
What is a Pre-Foreclosure Sale or Short Sale?
Such a sale is defined as a sale where the sale proceeds of your home are less than the amount owed. This type of sale needs bank approval and requires a qualified real estate professionals skills to complete. This type of transaction in many cases may take between 30-120 days to complete depending on the bank and your circumstances.
The negative connotation of foreclosure or short sale has made millions of Americans continue making mortgage payments even though their mortgage balance is far higher then the value of their home. Thus the dilemma. What do we do?
Yes there are considerations and options. Many wonder about the credit and tax effects by no longer making their payments. In many cases it could take 10 or more years before your house value equals your current mortgage balance.
Your credit, the most important aspect of being able to borrow money for a future home can generally be improved far sooner than the financial effects of paying a mortgage that is unaffordable under your current situation. Your credit in a short sale is generally not impacted as much as compared to a foreclosure sale. You may also qualify under current IRS tax rules for tax relief for bank debt relief.
Do I qualify for a Short Sale?
The answer is probably yes, if your home mortgage exceeds the value of your home and If you have lost your job, need to move for employment reasons, face a sickness or some other financial hardship that has recently come upon you.
How do I get started?
Start by assessing your personal situation then contact us either by phone at 800 308-6291 or by email. We can help you stop foreclosure and put you on the path to recovery. We have professional negotiators ready to help you.