SHORT SALES MARYLAND Information about SHORT SALES A lot of families are now facing difficult hardships that can turn home ownership from a dream home to a nightmare home. . . The loss of a job, medical expenses, business cut-back or simply an unexpected hike in monthly payments can make your mortgage unaffordable. WARNING: Ignoring the situation will not make it disappear; it will only make things worse. After all is done and you have exhausted all possibilities to save your home. .. There is an approach that can help you prevent a foreclosure on your record. . It is called a SHORT SALE
In an approved short sale, the lender agrees to accept less $$$ than is owed for the property and you, the homeowner is relieved of the debt. A lender may be willing to accept less than is owed on the mortgage for several reasons. Typically they would like to avoid the expense of foreclosure and the burden of maintaining a vacant house that may not sell for months. . A short sale usually does less damage to your credit than a foreclosure will. Just be aware that there maybe substantial tax consequences doing a short sale. Consult a professional before going forward with one.
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic
It gets personal when your close friends and relatives have to go this route.
Nov 01, 2009 08:13 AM
RE/MAX DFW Associates - Royse City, TX
Buy*Sell*Rent
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County
Nice short, concise explanation. HOpe that you get a few hits on this post from consumers!
Nov 03, 2009 01:26 PM
A New Dawn Real Estate Services, LLC - Manitowoc, WI
Short Sale Assistant
Nice Post - Short, concise and easily understood by those who are not RE professionals. I am glad that you mentioned that there can be substantial tax consequences attached to doing a short sale.
My company assists RE Professionals, Homeowners and Investors in processing short sales. It is all we do and we have been doing it for over 8 years. I am constantly amazed at how many so called "professionals" neglect to inform their client of the potential tax consequences. I believe that complete disclosure should be mandatory.
I am saddened by the calls I get months later from homeowners that want to know what a 1099 is and why they got one. Some of them have never even seen the complete approval letter, only the page they are required to sign.
Nov 04, 2009 11:39 PM
Ambassador
2,224,310
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Fernando Herboso - Associate Broker MD, & VA
301-246-0001 Serving Maryland, DC and Northern VA
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