Mortgage Fraud and News

Things you should know about doing a Short Sale on your HOME!

A foreclosure stays on your credit for 10 years as a public record
A Short Sale only affects your credit for 2 years and shows as paid, not a public record
After a foreclosure, you can’t finance a house through Fannie Mae for 5 years.
After a Short Sale, you can finance a home after 2 years
50% of all foreclosures could have been eligible for a Short Sale
Banks would rather agree to a Short Sale than foreclose and be stuck with the property
The bank will sometimes ask for a deficiency judgment, but this can be negotiable
A deficiency judgment can be stretched over 7 to 10 years with 0 to 3% interest usually
You can Short Sale a house with a 1st, 2nd, even 3rd mortgage, HOA liens, don’t let anything stop you. You never know until you try. A reputable Realtor will usually not charge you a fee up front
You do not have to be late on payments to Short Sale your house
Some banks are refusing to look at Short Sale packages submitted by 3rd parties (non-Realtors or an outside Short Sale company)
Short Sales can be done for owner-occupied, 2nd homes & investment properties
With a Short Sale you MAY be able to completely eliminate any deficiency judgment
With a Short Sale you MAY not have to pay IRS tax on “Forgiven Debt (Phantom Income)”
Don’t deal with any company that asks you to sign a deed over to them “to help you”
We can still do a Short Sale if you’ve received a Notice of Default/Foreclosure sale date
Normally lenders pay all your closing fees including the Realtors commission on Short Sales
It doesn’t matter what your house is worth vs. what you owe, you can do a Short Sale
In a Short Sale everyone has to WIN, Seller, Buyer & Lender. Simple idea, but it works
With a reduction of income you may be able to stay in your home with a Loan Modification
You can do a Loan Modification by yourself without paying anyone, you still may want help
There are also other ways to keep you out of foreclosure including, Special Forbearance, Partial Claim, Repayment.
There is Cash for Keys program some banks offer. If you turn the keys and house over to them in good, broom clean condition they’ll pay you up to ,000
Some banks have Fresh Start programs where they will help you relocate
Some banks will even rent the house back to you if they intend to hold it for a while

Tags: About, Cash, Default, Doing, Foreclosure, Home, Keys, Know, Notice, Sale, Short, short sale, Should, Things