SHORT SALE Benefits:

  

Benefits

Notes

No foreclosure on your credit

 record

However, Short Sale does have some affect on your

 Credit  (80-100 points hit). Compared to Foreclosure

 and  Deed in lieu of foreclosure will bring a

250-280 point hit.

Possibly lower tax liability

You must be in a hardship.  We do suggest that you

Consult A tax advisor or an Attorney on the impact

 of a short sale.

No deficiency judgment

In California, Purchase Money Loans are NOT

 subject to Deficiency judgments; however,

hard money loans, home Equity loans and

refinances are.

No Eviction

In a Short Sale you get to stay in your home until the

 close Of escrow.  But you must get approval from

the bank for An extension of the Trustee sale

date until there is a Short Sale approval.

No Cost to you!

No out of pocket money is usually expected from you

 in a Short Sale.  The Lender is responsible

for all cost and Expense of a Short Sale.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HUD has a list of approved non profit organizations servicing your residential area:  800-569-4287 

For your information from:  the Mother and Daughter Realty Team @ Perfect Financial Solutions - 866-750-8282

 
This post has been included in California Information San Joaquin County, CA Information
Post is included in group: Short Sales

4 Comments on Short Sale: Noted Benefits

Once again more good solid informaiton.

Now Have a Blessed Day,

John Occhi, Hemet REALTOR®
Mission Grove Realty

12/03/2007 10:45 PM by John Occhi Hemet CA Real Estate (Century 21 Crest - Crest REO)


John thank you for stopping, I hope that this information is useful to someone trying short sales --- I say trying because it is all a "try" -- until you get a successful one.

12/04/2007 01:07 AM by Rosemary Brooks -Mother & Daughter (866)-750-8282 (Family Realty Group - 866-750-8282)


Thank you, especially about the credit scores.  I would have thought a deed would be about the same as a short sale.  I have a client whose lender initiated the conversation about a deed in lieu. Interesting!

12/04/2007 01:26 AM by Melanie Ross, GRI Benicia Ca & Vallejo Ca Real Estate (Coldwell Banker Solano Pacific)


Melanie - I'd suggest if the lender initiated the deed in lieu of that they at least ask for a break in the credit score area.  Won't hurt to ask.

12/04/2007 01:41 AM by Rosemary Brooks -Mother & Daughter (866)-750-8282 (Family Realty Group - 866-750-8282)


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Real Estate Agent: Rosemary Brooks -Mother & Daughter (866)-750-8282 (Family Realty Group - 866-750-8282)
Rosemary Brooks -Mother & Daughter (866)-750-8282
Stockton, CA
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Family Realty Group - 866-750-8282

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