Short Sales Made Simple
Short Sales Made Simple
Is your house payment to high for comfort? LOSING your nest egg? Upside-down in your mortgage? Have your home for sale and can't get an offer enough to cover the payoff? Those are all short-sale scenarios! Don't let it scare you. Short sales are better for you than a foreclosure and better for the lender in most cases.
Real Estate Central has buyers or investors able to purchase your home BEFORE you find yourself in a foreclosure situation, saving a huge hit on your credit, your emotional stress, and sometimes even the auction of your home! Give us a call now to learn how this can work for you. This could be the solution you've been waiting for... call now! Short-sales are not for everyone. You must be in a position of financial hardship due to death, divorce, medical issues, relocation, loss of job, disability, etc. for your lender to consider this option, but if you can't pay.... you can't stay.
Don't know what to do next? Don't worry about it... just call us. We'll take care of everything. We'll keep you in the loop the whole way.
Loan Modification--not working for you? Not surprising considering....
The national short sale program surged 407% this quarter. According to the TARP Quarterly Report to Congress, the HAMP program resulted in only 166,000 permanent modifications from the 3.3 million homeowners who requested help. With the focus now shifted toward short sales, we are here to assist in the nation-wide initiative to reach out to homeowners in need of short sale assistance.
Privately sponsored nationwide initiative encourages homeowners take advantage of the Mortgage Forgiveness Debt Relief Act of 2007 (summarized below) which has been extended through 2012 through the Emergency Economic Stabilization Act of 2008.
Mortgage Forgiveness Debt Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge, prior to January 1, 2010, of indebtedness incurred to acquire a principal residence. Limits to $2 million the excludable amount of such indebtedness. Reduces the basis of a principal residence by the amount of discharged indebtedness excluded from gross income. Disallows an exclusion for a discharge of indebtedness on account of services performed for the lender or any other factor not directly related to a decline in the value of the residence or to the financial condition of the taxpayer. Sets forth rules for determining the allowable amount of the exclusion for taxpayers with nonqualifying indebtedness and taxpayers who are insolvent.
Extends through 2010 the tax deduction for mortgage insurance premiums.
