If approved by the lender in a timely manner, the following are some of the benefits of a properly performed short sale in Connecticut:
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Avoid foreclosure. The negative effect on one's credit, auction signs, deficiency judgments and other negative consequences of foreclosure may be avoided by the successful negotiation of a short sale.
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Avoid bankruptcy. Even when a homeowner is behind in mortgage payments and owes the lender more than the house is worth, a successful short sale could allow a homeowner to avoid filing for bankruptcy.
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Eliminate the balance of any mortgage and home equity loan owed to the lender. Such forgiveness is not necessarily the case in a foreclosure.
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If the owner is insolvent, the forgiveness of debt is not usually considered a taxable event for the homeowner. However, a homeowner should always consider all tax implications before agreeing to a short sale.
If you are in a situation that is preventing you from meeting your monthly mortgage obligation we'd like a chance to speak with you about your options. Peter and Laura Testa are licensed Real Estate Agents who have been successfully handling Short Sale transactions for over 4 years. With a 100% success rate we are happy to lend our expertise- FREE OF CHARGE- to qualifying homeowners faced with financial hardship. To learn more about the short sale process please contact Peter or Laura Testa at 203-442-3873. Do not let valuable time slip by while you continue to default on your payments. Call us today.
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