SHORT SALE INFORMATION - Beatriz E Dominguez

BEATRIZ E.DOMINGUEZ - REAL ESTATE

(321) 303-4832 Fax (407)641-9091

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Beatriz E Dominguez
Email Beatriz E

Phone:	407-770-1464
Cell:	321-303-4832
Fax:	407-641-9091
Address:	8600 Commodity Circle # 105
City:	Orlando
State:	Florida 32819
Country:	United States

SHORT SALE GENERAL INFORMATION

WHAT IS A SHORT SALE? A “Short Sale” or a “Short Pay” occurs when a Lender agrees to accept less than the amount owed to pay off a loan as an alternative to foreclosure. If the property is worth less than the amount owed on the loan, then even if the lender forecloses and takes back the property, they know they are going to take a loss. We can often convince a Lender that they will “do better”. If they take less than what is owed now rather than taking the property back by foreclosure and trying to sell it later.

HOW DO SELLERS BENEFIT? The seller can avoid having a “foreclosure” on their credit report. Most lenders tend to report “settled” upon successful closing of a short sale. Recent reports state that if a borrower misses 2-5 mortgage payments ,their credit score will be affected by an estimated 30-60 points. If a borrower suffers foreclosure, it can affect their score 140-200 points.

HOW LONG WILL IT TAKE? The Short Sale negociation process is a lengthy one. It may take several weeks or more likely several months to get an approval. So it’s important to be patient during this long process.

HOW DO I KNOW THIS WILL WORK? You don’t. We cannot, have not, and will not make any promises to you that will work. Once you missed a payment, the lender is in charge and can proceed to foreclosure if they want to. But we know that they do not want to and we are very good at presenting alternatives to the lender that they often want to accept rather than foreclose.

WILL I GET MONEY FROM THE SALE? No. A universal requirement of Lender in granting a Short Sale is that the borrower will not get any proceeds from the sale of the property. The lender is going to take a loss on your loan-they are not going to let you get any money.

This is a “Short Sale Package” (lender requirements) that needs to be submitted to the bank by a Real Estate Agent (the seller can’t do it by himself) at absolutely “NO COST” for the seller. The commission is paid by the bank, and it would NOT affect the seller situation at all.

If your experiencing financial hardship and are behind in your mortgage payments or have any questions I'm are here to help you. Specializing in pre- foreclosure, short sales, foreclosures and bank owned properties. Information will remain strictly confidential.

I'm a "Certified Short-Sale Professional"

Short sale sellers need to close in 2012

WASHINGTON – Feb. 3, 2012 – If a bank writes off debt in a short sale, it’s a “taxable event,” and the lender tells the Internal Revenue Service about the deal by submitting a “Form 1099-C, Cancellation of Debt” at the end of the year. Home sellers must acknowledge the amount when they fill out their federal taxes. Through Dec. 31, 2012, however, the federal government forgives any tax liability associated with forgiveness of a mortgage loan.

“In general, homeowners believe the government will extend this tax provision,” says San Diego Realtor Joy Bender. “However, as evidenced by the First Time Homebuyer Credit expiration in 2010, you can’t always count on the government to bail you out.”

The government generally considers forgiven debt to be income. If a seller has signed legal loan papers to take out a $200,000 mortgage and the lender accepts $100,000 in a short sale, for example, the seller received the equivalent of $100,000 in free money by government estimates. As a result, the IRS taxes it. For tax year 2012, however, the government still forgives the debt; in 2013, it might not.

The tax amount can be significant. On a debt of $100,000, a short-sale seller in the 25 percent tax bracket could end up owing $25,000 in income taxes.

Since short sales can take months and even fall through, homeowners considering a short sale may want to start the process sooner rather than later.

© 2012 Florida Realtors®

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