Columbus 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.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohioshortsaleadvisors.theshortsaleguide.com/
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 company, and all the other fees. They
can look forward to getting their financial life back on track.
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 by clicking
here. http://columbusohioshortsaleadvisors.theshortsaleguide.com/
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.
Click
here to request a copy. http://columbusohioshortsaleadvisors.theshortsaleguide.com/
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 www.rickandrobin.com.
Rick & 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.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorse by the government or your
lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to
help you on a short sale, your lender may not agree to a short sale or to
modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else
in life. It takes work and persistence to convince your lender to modify your
loan. No matter what you or we do, your lender may not approve a loan
modification.
We do not recommend that you stop paying your mortgage, because this will cause
damage to your credit and could cause you to lose your home. Because we know
avoiding foreclosure is so important to any homeowner, we recommend that you
speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your
lender if it does not meet your approval. If you decide not to go thru with the
short sale, then you do not have to pay us our fee. We normally make a real
estate sales commission for helping you on a short sale.
The views expressed here are Rick and Robin's personal views and do not reflect
the views of Coldwell Banker King Thompson.
This information on Columbus Short Sales: How do I benefit from a Short Sale?
is provided as a courtesy to our viewers to help them make informed decisions.
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