http://stopforeclosurecolumbusoh.com
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was how these sellers benefited from the short sale.
Benefit #1: The sellers were able to walk away with the debt wiped out completely. The FHA short sale guidelines released them from the first mortgage debt. The second mortgage also gave them a complete release. At first they weren't willing to do that. But, we offered them a little extra money in return for a complete release. Fortunately they agreed to it. This meant that the sellers were able to completely wipe out a total of $80,000 in upside down debt.
Benefit #2: Limited Tax Consequences.These sellers will only owe taxes on approximately $30,000 of the loss. Why? Because that was around how much money was borrowed on a home equity line. The Mortgage Debt Relief Act of 2007 states that you will not owe taxes on a loss if you used that money to purchase or remodel your home.
However, if you borrowed and used the money for something else, then you would owe taxes on the loss. You would owe the money whether you short sold, or the lender foreclosed. This is only my opinion after reading the law. I recommend that you talk to a competent tax professional before making any financial decision.
Benefit #3: They will be eligible to buy another home in 2 years. Current Fannie Mae Rules allow homeowners to buy another home 2 years after a short sale. Compare that with the 5-7 year wait after a foreclosure.
Benefit #4: The sellers paid no money for the short sale. Everything was paid for by the lender. The short sale lender paid the real estate agent, title cColumbus OH – The Stop Foreclosure Institute is closing another short sale tomorrow. The sellers had a job transfer out of state. They were short selling an FHA loan with a second mortgage. The short sale was fairly simple because FHA's short sale guidelines. http://stopforeclosurecolumbusoh.com Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at robin.lemmons@kingthompson.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495
Discover how other sellers successfully completed a short sale and request a free consultation http://stopforeclosurecolumbusoh by clicking here.
Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. to request a copy. to request a copy. http://stopforeclosurecolumbusoh
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495.
robin.lemmons@kingthompson.com
"A Zest For The Best"
View My homes for sale at http://www.rickandrobin.com.
Rick and Robin Lemmons specialize in helping Columbus Homeowners short sale and never pay the bank another penny. Columbus Loan Modification Help, Columbus Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
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This is only my opinion after reading the law. I recommend that you talk to a competent tax professional before making any financial decision.
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