I would sign this offer and get it in to the bank so at least you can
STOP waiting for them to take you to  court and at least
take an active role.  ...<< MORE >>

The point is: pricing is everything ...<< MORE >>

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold and the lender agrees to accept the proceeds as satisfaction of the mortgage still owed.  


To participate in a short sale, you must be able to verify a hardship (see list in a previous post).  While I cannot guarantee that your lender will participate in a short sale,  note that it truly is in the lender's best interest NOT to foreclose.    Part of my job, as a CDPE (Certified Distressed Property Expert), is to gather and present in a cohesive fashion all the documentation necessary to support the short payoff position, list your property, and GET IT SOLD!

I am also a SFR (Short Sale and Foreclosure Resource).  This designation is recognized by the National Association of Realtors.  So far I have had 100% of the short sales I listed approved.  I urge you to call me and find out how I can help you.





Information deemed accurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal or accounting advice.

Question: I’ve heard  that I will have to pay taxes on the difference between what I owe and what I can sell my house for in a short sale.  Is that true?

Answer:  I am neither an accountant nor a lawyer but I will share what I have learned from various sources. 

1. The Mortgage Forgiveness Debt Relief Act of 2007 relieves the homeowner of any potential liability in regards to the shortfall that may occur in a short sale. However, for the most part, this only applies to foreclosures on primary residences.

2. All is not lost on the investment property or second home if the borrower can prove insolvency. The threshold for proving insolvency is much lower than qualifying for bankruptcy. Basically if one’s debts verifiably exceeds their assets they may be absolved with the use of the IRS Form 982.

I strongly urge you to seek out the counsel of a CPA or tax attorney to see if the IRS Form 982 can help you avoid tax consequences.



Information deemed accurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal or accounting  advice.

Absolutely not! As prices continue to fall, and more homes become less valuable than the principal value of their mortgages, more foreclosures are likely. That will, in turn, trigger even more distress sales, in a vicious circle.

The Mortgage Bankers Association's surveys of members suggest one out of 10 mortgages was either delinquent or in the foreclosure process at the end of September, and Moody's Economy.com estimates 12 million homeowners are "upside down" -- they owe more on their homes than their properties would fetch in today's market.

Give me a call today - let's explore your options together!

Answer: Absolutely, but you have to act fast.  If you haven't yet missed a payment, or have only missed one, you may have more options than if you have already entered the foreclosure process.  But you won't know what your options are until you explore them with someone who is qualified to help, like a CDPE.  We are realtors who have earned a state-recognized designation that shows we have the knowledge and expertise to help! 





Information deemed accurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.

Step 1 - Educate yourself.  Read all you can.  Remember knowledge is power.  If you still have questions, contact me to get answers!

Step 2 - Get some help.  This is your home: you owe it to yourself and your loved ones to hire an experienced short sale agent.

Step 3 - Get started NOW.  Time is not your friend.  The clock is ticking.  The longer you wait the worse things become.

Step 4 - Follow directions.  An CDPE has the education and experience to know what the bank is looking for when completing the documentation necessary.




Information deemed accurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.

You Have Options to Foreclosure!

1. Reinstatement - lender agrees to accept the full amount owed by a certain date to "catch you up"

2. Forbearance or Re-Payment Plan - in the first case, the lender agrees to reduce or suspend payments; the second is self-explanatory

3. Claim Advance - if your mortgage is insured, you may qualify for an interest-free loan from yor guarantor to bring your account current

4. Sell

5. Rent

6. Refinance - this one may be tricky if your credit rating has been already hurt

7. Mortgage Modification - the lender agrees to alter the terms of your loan

8. Short-Refi - this one may also be tricky; in essence you can try to refinance less than the total amount of the mortgage

9. Deed-in-Lieu - a "friendly foreclosure"; this option may not apply if you have other liens on your property

10. Service members Civil Relief Act (SCRA)

11. Short Sale

12.  Bankruptcy - the biggest detriment to credit  

I urge you not to wait; time is of the essence here!

Information deemed accurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.

It is important that you understand foreclosure is a process; one missed payment does not mean that you will get a knock on your door the next day.  These milestones must be achieved before the lender can take legal possession of your home.

1. Default:  you have missed between 1 and 3 payments.   Note lenders typically don’t take partial payments.

2.  Legal Notice: the lender or foreclosing party must notify you in writing (Notice of Lis Pendens)

3. Bank Sale or Auction Date: you are informed of a date at which the foreclosing company will take possession

 According to the Mortgage Bankers Association, the average time between the first missed payment and the foreclosure sale is about 1 year.


Information deemed acurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice. 

In order to participate in a short sale, a homeowner must be able to demonstrate that he/she is in a hardship situation, or a material change in their financial situation that has or will affect their ability to pay their mortgage.  Examples include:

1. Job loss
2. Business failure
3. Damage to property
4. Death of a spouse or family member
5. Severe illness
6. Inheritance
7. Divorce
8. Mandatory job relocation
9. Medical bills
10. Military service
11. Payment increase or mortgage adjustment
12. Insurance or tax adjustment
13. Reduced income
14. Separation
15. Too much debt
16.  Incarceration  

Or a combination of the above.

In other words, banks are looking for the three "M"'s (or a combination of them): Money, Marriage problems,or Medical problems.  
 Information deemed acurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.