Benefits of a Short Sale for Wildomar homeowners
1. Relocation Assistance: Mortgage servicers understand that a homeowner who can’t pay their mortgage likely doesn’t have the money to relocate. For this reason, some servicers will offer relocation assistance. We have successfully negotiated relocation assistance for our clients.
2. No Out of Pocket Cost: The very nature of a short sale means the homeowners don’t have money to pay their mortgage, let alone to pay for cost associated with the sale. All of our short sales are negotiated so homeowners pay nothing. Homeowners never pay closing cost, incidentals, or real estate sales commissions.
3. Sold AS IS: Because homeowners are cash strapped and facing foreclosure, they can’t afford to pay for costly repairs so, we market all properties Sold AS IS. This way, potential buyers know, from the start, sellers won’t be paying for anything.
4. No Future Deficiency Judgment: We negotiate our short sales with full satisfaction from the creditors and lien holders. That means, once you close, you are done and you never have to worry about the creditors ever coming back after you for the balance remaining after the close.
5. Mortgage Debt Forgiveness Relief Act: Any forgiven balance on your home is considered taxable income. However, in 2007 the mortgage debt forgiveness relief act was signed into law and extended to December 31, 2013. The law states that homeowners who qualify are protected from having to claim the forgiven balance as taxable income.
6. Purchase Another Home in as Little as two years: Fannie Mae will allow you to purchase another home, with a Fannie Mae loan, in as little as 2 years after you close your short sale. File bankruptcy or foreclose and you won’t be able to purchase another home for at least 5-7 years.
7. A Dignified Transition: With a short sale, you get to transition to more affordable housing with dignity. Specifically, you get to do all the things a normal seller does. You get to hire a Realtor, advertise your home, field offers, negotiate with buyers, agree on terms and ultimately close the deal. No embarrassing public notice in the paper, no harassing phone calls…..it’s like a traditional transaction, you just get bank approval.
8. Less Damage to Your Credit: The short sale will only drop your credit between 50-75 pts. where a foreclosure or bankruptcy destroys your credit for years.
9. You Don’t Have to be Late to Qualify: Approvals for short sales doesn’t require you to be late. In fact, it’s best to start a short sale before your first missed payment.