Bio Link
I am a realtor serving the Lake Worth area. I hold a CDPE (Certified Distressed Property Expert) qualification, a state-sanctioned designation which recognizes I have the knowledge and experience to help you with a successful short sale, as well as the National Association of Realtor's SFR designation. I won't guarantee a quick sale, but I pledge to do everything I can to MAKE IT HAPPEN! .
Where are we now?
If you are in the process of trying to get your lender to modify your loan, all the best to you! If you have consulted an attorney, I'm sure he or she will provide you with a solution that works for you. If you think that pursuing a short sale may be in your best interest, we are here to help!
How LOW can we go?
STOP waiting for them to take you to court and at least
take an active role. ...<< MORE >>
It's all about the price...
Question: what is a short sale exactly?
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.
About tax consequences...
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, and is set to expire soon.
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.
Are you alone in this mess?
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!
Question: Once foreclosure has started can it be stopped?
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
1. Reinstatement - lender agrees to accept the full amount owed by a certain date to "catch you up"You Have Options to Foreclosure!
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.
Consequences - Foreclosure Vs. Short Sale
| Issue | Foreclosure | Short Sale |
| Future Home Loan | If primary residence, ineligible for 5 years. If secondary residence, ineligible for 7 years |
Ineligible for 2 years |
| Credit Score | Lowered 250 to over 300 points – typically for over 3 years | Only late payments are reported – after sale mortgage reported as paid or negotiated; result is lowered score by as little as 50 points for about 12 to 18 months |
| Credit History | Remains for at least 10 years | Not Reported |
| Security Clearance | Serious challenge | No effect |
| Deficiency judgment | Bank may pursue a deficiency judgment. Almost always results in a lower sales price, which means higher deficiency judgment | It is possible to convince lender not to pursue deficiency judgment. Home may be sold close to market value and usually results in a lower deficiency judgment |
| Employment Issues | Serious challenge for those in or seeking jobs in sensitive areas | Not a challenge |
Information deemed acurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal or accounting advice.