Do You Know Someone Who Wants to Avoid the "F" Word??

Do You Know Someone Faced with....

-Foreclosure

-Past Due Mortgage Payments

-Poor Luck Selling Their Home

-Losing their Job or Divorcing

-Mortgage terms changing

A Short Sale May be the Answer!

What is a Short Sale?
A Short Sale occurs when the lender agrees to accept less than the amount owed against the home because there is not enough equity to sell AND pay the costs of the sale.

Why do you want to avoid Foreclosure?
-Settle the debt
-Potentially less tax exposure
-No out of pocket expenses to TRY for a short sale
-Buy again sooner
-Potentially avoid bankruptcy
-Less ongoing security risk
-Homeowners credit file
-Dignity

For seller's trying to decide whether to let a home go through foreclosure versus attempting a Short Sale, salvaging their credit is the main advantage to attempting a Short Sale.
Remember:
Oregon is a single action, non-deficiency state
It can sometimes be better to do a Short Sale and Bankruptcy than go through Foreclosure
Short Sale is an Action.
HR3648 (The Mortgage Debt Relief Act of 2007) generally allows taxpayers to exclude income from the cancellation of debt on their principal residence until 2012

Do You Qualify for A Short Sale?

• Have you missed or been late on any mortgage payments?

• How far along in default are you? (Is there a foreclosure date set?)

• Do you have a legitimate, documentable hardship?

• Are you prepared and willing to do the work it takes for a short sale? (Gather appropriate documents, allow marketing, be responsive, etc.?)

• Do you have the ability to make any monetary contribution, in order to fully settle your debt? (Sometimes a lender will fully settle the debt with a small contribution from homeowner, this is usually more applicable on the 2nd or 3rd loans)

Visit www.MollysRealEstate.com  for more information on Short Sales and to see if you may qualify.
Answering these questions just gives us an idea of where at on the Short Sale timetable you and your property will fall at. Answering No on these questions doesn't necessarily mean you and your property won't qualify.

Contact Molly LeBlanc with Pete Anderson Realty Assoc., Inc at 503-490-5229 (cell) 503-256-9723 (office) or molly@mollysrealestate.com for more details and any other questions you may have.

Molly LeBlanc
Real Estate Broker
Certified Foreclosure Alternatives Consultant

**Always contact both an Attorney and a Tax Professional when thinking about proceeding with a Short Sale on your home. **