Posts Tagged ‘Money’
TheCapstoneTeam.com (510) 432-0617 Derick Drumm of The Capstone Team at Keller Williams in Fremont, CA explains how a short sale can actually make you money. In this scenario, we assume a monthly mortgage payment of 00. We also assume a short sale time frame of 6 months. If you are experiencing a hardship that prevents you from making payments, this money is essentially going back into your pocket (or better yet, your bank account. The total over 6 months in this scenario equates to 000. Additionally, if you qualify for a HAFA short sale, you may be given 00 at the end of the transaction for relocation assistance from your lender. You could end up with 000 in the bank at the end of a short sale that had the 00 mortgage and took 6 months to close and qualified for HAFA in this example. If you have any questions about loan modification, short sales, foreclosure or your options to avoid foreclosure, contact us. We can help ensure that you understand your options and also help you determine which option is best for your particular situation. Fremont Union City Newark CA California Short Sale Short Sales Loan Mod Loan Modification Foreclosure Avoid Foreclosure How to avoid foreclosure Bankruptcy
www.squidoo.com How To Do a Short Sale Why Would a Lender Accept a Short Sale? A short sale in real estate is not always a pleasant transaction. There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a “short sale.” More than half of my sales in Sacramento over the past few years are short sales. That’s how prominent short sales have become. When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales. If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers: * Obtain legal advice from a competent real estate lawyer * Call an accountant to discuss short sale tax ramifications As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the IRS could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a …
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