Mortgage Debet Relief and Short Sales
Short Sales are your best protection against Foreclosure. Short sales release homeowners from bad mortgage debt and provide a fresh start without major damage to your credit score. Very often in foreclosure your credit score can suffer anywhere from 250 points to 300 points or more. Also if you do a short sale you will be able to buy a home much sooner. 2012 is going to be a benchmark year many of the protections passed in the last year will disappear in 2012 such as the IRS mortgage relief act which absolves many short sellers from paying tax on their mortgage relief and debt. It is important to realize that short sales take time and 2012 will be here sooner than we realize. If you mortgage is underwater it would be prudent to act now.
Your Check List for Short Sales
· Was your first mortgage originated before 2009?
· Is your mortgage delinquent or is default foreseeable in the near future?
· Is your unpaid principle balance less than $729,750?
· Does your total monthly mortgage payment exceed 31% of your family’s income?
If your answer to these questions is yes you may be eligible for a short sale.
· Please keep in mind the following definitions: Short sale (when a property is sold with the lender's approval for less than is owed on the property).
· Deficiency (the difference between the sale price of a home and what the seller owes the bank) — in some cases this money still may be owed to the bank by the seller.
It is important to remember two very important bills:
1. SB 931 protects 1st mortgages holders from a deficiency judgments and in most cases at the end of a short sale you will be debt free.
2. The Debt relief act of 2007, which protects the short seller from income taxes on the debt relief,: sellers should seek professional advice.
Both of these acts will disappear in 2012.
The Real Estate Team of Hugh Lilly and Maria Estrada can help you navigate a short sale as well as assist you in:
· Negotiating with your lender to remove bad mortgage debt
· Locate a rental property for you during the process
· Help assist in credit repair
Send for our short sale reports and alternatives to foreclosure. Call us at 209-472-9222 or e-mail us at hometeam@homes-in-stockton-forsale.com for you short sale package.
Stockton Neighborhoods: Brookside, Lincoln Village, Morada, Morada Ranch, Beck Ranch Spanos Park, West Spanos Park, Weston Ranch, Port of Stockton, UOP.
Stockton and Lodi Zip codes: 95208, 05204, 95205, 95206, 95207, 92209, 95210, 95212, 95215, 95219, 95242. 95240
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