We are all hearing about SHORT SALES intoday's housing news. Just what is it?
There are many fact-of-life hardships that can happen, which can turn homeownership from a joy to a serious burden.The unanticpated loss of a job, illness, or changes in monthly payments can make your mortgage unaffordable... particularly in this ecconomy. Ignoring this reality will not help, but rather could make things much worse.
If you need help with your mortage, there are approaches you can take but you may not know much about. One is a "SHORT SALE", which is co-ordinated with your lender. In an approved short sale, your lender agrees to accept less than the balance on the loan and the homeowner is relieved of the debt. Lenders do this because it avoids foreclosure, which costs the lender considerable attorney fees and leaves the lender holding and maintaing a property that's usually distant from their offices. Lenders don't want to be property owners or managers. The Federal Goverment has even recognized the prevelence of short sales in the current housing market and for 2008-2009 it has forgiven the the Federal Income Tax consequences of a short sale in most cases. [The "forgiven" amount was previously held as taxable income bythe IRS.]
If you would like to explore the possibility of a short sale for your property, to avoid foreclosure and potentially save your credit rating, contact your lender as early as possibleonce you know futher mortgage payments are in doubt.
Looking for complimentary lists of active short sale properties in the Fernandina Beach, Amelia Island and Yulee, Florida areas? Contact me.... or go to www.AmeliaIslandResidences.com .