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1) What is a Short Sale?A short sale is the process by which a homeowner can sell a house forless money than actually owed on the Loan(s) Balance. 2) How Much does a "This" Bank Short Sale Agent Cost ? ALL my Short Sale Services to youFREE. The Lender pays my Commissions. I have Successfully NegotiatedNo ClosingClostsfor most of my previous Bank Short Sale clients and don't expect that to change with any of my future clients. All of my Clients have Walked Away from their Short Sale ClosingFREEandCLEAR and the majority walked away with AbsolutelyNO CASHout of Pocket! 3) How Do we Qualify* For Free Bank Short Sale Agent Assistance? Hardship– There is a situation causing you to have trouble pay your mortgage. Monthly Income Shortfall– “You have more Monthly Expenses than Monthly Income.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage. Insolvency– The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage. *Can We Qualify for Bank Short Sale without a Financial Hardship?The answer is very oftenYes. More and more often, the short sale is approved. A hardship isn’t always necessary as the bank would often prefer to do short sale than take it back and sell it for less later. 4) What are some examples of Homeowner Hardships in a Bank Short Sale? A reduction in incomethrough the loss of a job, disability, illness, or just the straight reduction in hours that a causes the inability to continue to make payments. Marital difficulties– Separations and divorces are legitimate reasons a lender will consider a short sale. An increase in expenses– Reasons could include an increase in dependents, an illness, etc. An increase in debts– credit cards bills, medical bills, legal fees and other similar types of debt. Death– Death of a family member who was a contributing factor in keeping the mortgage current. Also the corresponding loss of income or medical bills associated with the death such as funeral expenses, etc. Relocation of job– The relocation should be due to a job change. Military service– There are some lenders that will accept being called into military service as an acceptable hardship. Is there a possibility you could still do a short salewithout an actual hardship?Yesit is possible. This is what is known as aStrategic Short Sale. A strategic short sale occurs when there is no hardship and the owner could continue to pay their mortgage. They consider just “walking away” but do not want to suffer the consequences of aStrategic Default(foreclosure). If it makes financial sense to the lender they may still consider a short sale where there isno hardship. In this case the Bank may ask you for a cash contribution. 5) Can I Short Sale My Bank Loan (House)? Yes, if The Home's Market Value Has Dropped. Comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. 6) What is the Affect of aForeclosureon my Credit Score? AForeclosureon your credit report can take7-10 yearsto removeand can cost your credit rating (FICO)up to 200-280 pointswhich is a very big hit. 7) What is the Affect of a Bank Short Sale on my Credit Score? The credit consequences of a short sale vary slightly. Clients haveinformed us that a short sale will show up on your credit report as a 'settlement', 'settlement for less than owed' or a "pre-foreclosure in redemption".A short sale credit score can drop by 50-100 points. There is no way to predict exactly how a US Bank short sale is going to affect your credit for it.We've hadsome clients who have mentioned that they’ve been able torebuild their post short sale credit score in as little as 12 months. Other people who havenotmaitainedtheir credit with other items, well, it’s probably going to take a little bit longer in order to rebuild their credit. 8) What are The Tax Implications of a Short Sale? TheMortgage Debt Relief Act of 2007generallyallows taxpayers to exclude income from thedischarge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven incalendar years 2007 through 2013. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. More information, including detailed examples can be found inPublication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news releaseIR-2008-17. Ask your accountant to utilizeForm 982with your Return. * You should speak to your accountant to determine the amount of short sale tax consequences, if any. 9) What if I am Current on my Payments can I still Short Sale my house? YES. Many of our clients have had their Bank Short Sale Home listed while they were current on their payments. They were one step ahead of the pack. 10) Foreclosure of My Home is very close to happening. Is There enough Time to Short Sale my Home? YES.The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from your short sale agent explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete. 11) What is the typical Bank Short Sale Process? Seller signs a listing agreement with a Bank Short Sale Agent. A Buyer submits an offer to your Short Sale Agent. Seller accepts the buyer's purchase offer. The Bank accepts the buyer's purchase offer. Transaction closes, the Bank releases the lien. 12) Short Sales are Impossible to do and take forever, is that true? Are they impossible?Absolutely Not. Ihave a Very High Success ratein receiving Bank Short Sale Approvals. Do Short Sales take longer than Standard Sales? Probably. But depending on how many loans are on the property we expect anywhere from 60-120 days Maximum. 13) The Market is really slow. Are Buyers interested in Short Sale Properties? Don't Worry! In fact, we and other short sale agents are getting calls from buyers who say they only want to look at foreclosure and short sales. We expect multiple offers on your home within 30 days. For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property. 14) Short Sale My Home or do a Loan Modification? It Depends. The Facts show that only 10% of Loan Modifications get Approved by their Lenders and of the 10% approved, Homeowners were not happy with the small amount of change in their payments. But if your lender lowers your payment significantly, you are happy with your home, future maintenance&repair costs are affordable, and you feel that the home will appreciate back to it's loan balance then a loan modification is a good option for you. However, The great majority of homeowners arenow opting to Short Sale their homefor the following reasons: They are not with happy with thedepreciation and drop in valueof their home Thepotential repair and maintenance costsmay put them right back into Default. (50% of Loan Modifications Default within 1 year) Theirincome and expenseswill still be a struggle after the slightly reduced payments They Just want tomove forward with their livesand start life anew. They wish to put their money towards aworthwhile investment,not a bad asset. 15) Should I Short Sale My Home or file Bankruptcy? It Depends. This is usually called The Option of Last Resort. As far as your Home is concerned aBankruptcyusually just delays the inevitable. But it may be a good option depending on your financial condition and willingness todamage your credit for up to 7 years. A Bankruptcy typically alsocosts thousands of dollarsto initiate. Chapter 13bankruptcy lets you pay off the late or unpaid payments over the length of a repayment plan you propose--3-5 years in some cases. But you'll need enough income to at least meet your current mortgage payment at the same time you're paying off the late or unpaid payments.Chapter 7bankruptcy will stall the foreclosure sale and give you two or three more months to work things out with your lender. Chapter 7 bankruptcy gets rid of your personal liability under the promissory note, but it doesn't remove the lien. Chapter 7 gets rid of debt but not liens--you'll still probably have to give up the house under the lien since that's what provided collateral for the loan.A study done by theAmerican Bar Associationindicated that 96 percent of the people who filed for bankruptcy protectionended up in foreclosure anyway. Many people feel that bankruptcy will stop foreclosure and save their home. However, because it entails that you continue to pay your mortgage (Chapter 7) or that you consolidate all of your debt while still paying your mortgage (Chapter 13) it is usually not a long term solution. With aShort Saletheir areNO Costs to initiateand typically do Not have any Cash out of pocket costs. A Short Sale damages your credit score less and takes a lot shorter time torebuild your credit from 1 - 2 years. But a Short Sale will not relieve other financial debts. 16) Should I Short Sale My Home or Let it go toForeclosure? Foreclosure is The Absolute Worst Optiona Homeowner can choose. A Foreclosure can Damage yourCredit for up to 10 years, and can lower your Credit Scoreup to 250 points. Your are continuously hassled by phone calls, letters, and door knockers with Notices of DefaultandNotices of Sale. Eventually there is a day of Reckoning. The Sheriffs show up to your door and you and your family are Evicted from your own home in plain sight of the entire neighborhood. A Short Sale typically Costs you Nothing,you get to stay in your home during the short sale process, and sometimes US Bank will offerCash Move-Out Assistancefor your cooperation. You Sell your home with your acceptance, under your terms. The Home is Marketed by us like a Standard Sale and you get to leave your home and Neighborhood with Dignity. 17) How Do I Start or get more Information on the Bank Short Sale Process? Contact me for a FREE and confidental Consultation. Call Jeannine Mitchell at 580-512-6507oremail me atLawtonOKHomes@aol.com. The Consultation is Free, All my Services are Free (The Lender Pays us), I do all the negotiations for you with only you best interests in mind, and you can rest assured that you have Certified Short Sale Agents working for you that will deliver a smooth, hassle free process. ...read more
By Jeannine Mitchell with RE/MAX Professionals April 25, 2013
Moving can be a stressful time. You have to worry about loading and unloading everything and a host of other duties. The most important part of moving is loading the moving truck. Planning ahead when loading the vehicle will make the mover go much smoother. ...read more