Bryan Firth is a Certified Distressed Property Expert that specializes in short sales and pre-foreclosures. He has been the #1 short sales agent in his area for 2 years running.
Short sales are an alternative to foreclosure occurring when a lender agrees to accept a discounted payoff where the proceeds of the sale are less than what is own on mortgage(s).
What is a short sale? Will I have to pay any fees? What are the advantages? Is there a cash incentive? Find answers to frequently asked questions regarding the short sales process.
If you are selling because of a financial hardship then the upside down house debt will be removed in most cases.
A short sale costs you nothing. ALL the selling expenses are paid by your lender.
Your credit rebounds much more quickly with a short sale versus foreclosure. The other benefit is that you will have less debt.
The most common loan programs, Fannie Mae and FHA, stipulate that you can buy another home under their programs in about 2 to 3 years.
Most people do not make mortgage payments during the short sale process (but do continue to live the house).
These cash incentives are being paid by Lenders, the U.S. Treasury (HAFA), and FHA (HUD) to Short Sale your home.
If you qualify, the Mortgage Forgiveness Debt Relief Act of 2007 relieves short sale homeowners from having to pay taxes on canceled debt.
When homeowners are released from the liability of a property and mortgage, they are able to move forward with their lives at last.
First and foremost, if you are behind on your mortgage, owe more than your home is worth, or are in danger of foreclosure, I can help. If you have any questions, please feel free to call me at 847.951.1233 or send me an online message.
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