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There has been a foreclosure sale date set. Is it too late to proceed with a short sale?

The answer depends on the exact date of the Foreclosure sale and the lender. If we can get all of our paperwork done within 10 days of the sale date, chances are better than 50% that we can have the sale date postponed. We need to move very quickly to submit a complete short sale package to your lender and ask them to cancel the sale. It is worth the effort to try.

I have a second mortgage; will I be able to sell on short sale with 2 loans?

Yes, absolutely. Second lien holders are settled.

If my short sale is approved, will I have to be responsible for the balance of the loan(s)?

We endeavor to negotiate your shout sale so that there will not be a deficiency or a promissory note based on the balance owed. Usually, primary residences with one loan and a true hardship will be completely forgiven the remaining balance.

If my debt is forgiven will there be tax implications?

We strongly suggest that you consult with your tax professional. The mortgage debt forgiveness legislation in effect through 2012 offers no tax liability for primary and second homes, it depends on how the loan was originally written.

My property is an investment property. What are the tax implications of a short sale?

Again, we strongly suggest that you consult with a tax professional. Your CPA may be able to offset the ordinary income from the 1099 with the passive losses from the sale by converting passive losses to ordinary losses.

I just received a letter from Bank of America offering between $5000 and $20,000. Is it for real?

Yes. Bank of America is aggressively promoting short sales. You can get a significant payment at closing based on the mortgage balance. However, they set a 120 day time limit on it. Time is of the essence and that is why our program works so well in these situations.

How long does a short sale take?

The timetable for a successful short sale varies depending on you and the lender. Another factor is whether or not you have other loans or liens on the property. 4-6 months is typical, but it may take more time. Patience is required.

Can I live in the home during this short sale process?

Yes. The short sale process allows you to occupy the home and actually extends the time that you can live in the house because we are usually able to postpone the foreclosure sale dates.

Can I rent the property out during the short sale?

That decision is yours. And the type of short sale we are working toward may be a decision factor. For example, a HAFA short sale usually requires the owner to occupy the property.

Your program says that you will have a cash offer on my property. How much is it?

Our buyer is a private equity firm that buys homes to fix up and sell for profit. They will offer approximately 85 percent of the retail value of the house. Regardless if the offer is above or below today's retail value, the contract specifies and is contingent on the complete satisfaction of your loans. This means that you are getting off the hook regardless of the sale price as long as the lender approves.

What will this cost?

When we negotiate on your behalf, we ensure that all of the short sale process fees any homeowner might be charged are paid by the bank or mortgage company.

How does make money?

Some of the fees short sale process fees are paid to us, by the bank or mortgage company. There is never a cost or fee to you, the homeowner, for your solution.

Why does do this?

Two reasons. First, to earn a living. Second, we like earning a living by offering homeowners the solutions we needed and wanted when we were dealing with unemployment, foreclosure, bankruptcy and even homelessness. Most of representatives you work with have been where you are, financially and emotionally. Every family's circumstances differ, yet we all share the experience of this Recession. We know the problems were unimaginable a few years ago. You are not alone.

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