A short sale is an agreement with a lender allowing for the sale of a property to a third party for less than the amount owed on the mortgage. Under this agreement, the lender accepts less than the amount owed and releases the borrower from the mortgage, thereby preventing foreclosure.. (This would include all excise tax, closing costs, agent commissions, etc.)

That is a simple answer, the short sale can save you mortgage company thousands of dollars. The average savings for the companies range from $10,000 - $60,000. Good reason for lender to do a short sale.

When you realize you can no longer afford the mortgage and cannot sell the property for what you owe on it. The quicker you start, the more chance you have. Contact us today to see if you have enough time.

The typical time frame to complete a short sale is three months. If we are in a time crunch with a foreclosure sale date approaching, a rush will be put on the file.

A Deed in Lieu is when the property is deeded back to the lender with the approval of the borrower prior to foreclosure. This can have a huge impact on one's credit.

A legal document conveying title to a real property.

Loss Mitigation is a process to avoid foreclosure. Lenders use loss mitigation to help borrowers who have fallen behind on their mortgage payments.

A mortgage modification is an option that allows a borrowers to restructure and/or extend the term of the mortgage loan and reduce the monthly payments.

A forbearance plan is an option where the lender arranges a revised repayment plan. This could include a temporary reduction or suspension of monthly loan payments.

Each case is completely different depending on circumstances and the mortgage company, but usually a short sale process can take between 2-5 months. There must be an end buyer to the property to be completed.

Foreclosures can show up as a FORECLOSURE. This could report for as long as seven years. Foreclosures will usually have to be disclosed on any new loan applications in the future. A short sale usually reports as a SETTLED DEBT. This could have less impact on your credit, but please consult a credit company for more information.

A lender could possibly 1099 you for the difference in what you sell your property for and what was owed on the property. What this means, the IRS could consider this taxable income. Another result could be the lender requiring a portion of the difference to be paid back in form of an unsecured note. All of this is up in the air until these items are negotiated. That's were we step in to help you. We want to have the lender consider the debt SETTLED.

Unlike a short sale, a foreclosure is usually sold at auction. This usually means there is a wider gap in the difference that you owe and what the house actually sales for. What does this mean to you, a higher potential tax liability. Furthermore, the bank may come after you for a Deficiency Judgment. If a short sale is accomplished compared to a foreclosure, there are no guarantees, a successful short sale should eliminate a deficiency judgment, minimize your tax liability, and keep the foreclosure off your credit. President Bush signed law H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007 to help relieve borrowers from getting 1099 and their losses. Losing your house is enough.“On December 20 President Bush signed into law H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007. H.R. 3648 will provide relief from that kind of tax bite in certain specified situations. Beginning January 1, 2007 and lasting until January 1, 2010, certain discharges of mortgage indebtedness on a principal residence will be excluded from a taxpayer's gross income. As always, though, certain restrictions apply. For more information on deficiency judgments and the tax liability you may face based on your current situation, submit your information to one of our analysts for a free consultation, and as always consult your attorney/tax advisor.”

A Deficiency Judgment is the usual result from a lender selling a house at foreclosure auction. The judgment is usually the difference between the amount that was owed on the house (including any fees, taxes, etc..) and the amount the receive from selling the home.

The lenders are overwhelmed with borrowers in this same situation. Lenders are processing thousands of files each day. That's why its extremely difficult to actually work with the lenders if you do not know the process. It can often take 8-12 phones calls everyday for weeks just to get a return phone call from your lender's loss mitigation department. We even sometimes sit on hold for one to two hours. Luckily, with many lenders, we have ongoing relationships that allow us to negotiate multiple transactions with the same phone call.

For short sale negotiations, non-owner occupied properties are handled in the same way as owner occupied properties.

Usually, that is not a very good idea. We like to keep and maintain arms length relationships in short sale transactions. We do not buy your home or have any reason to buy your home. Our goal is to help you avoid foreclosure by selling your home.

Not necessarily, but having a hardship will have a better chance of doing a short sale.

Your lender relies on us to provide them information. They have know knowledge of any of the homes disrepair without photographs. The old say "A picture is worth a thousand words" is needed here. Photos of repairs needed, such as roof and pool repairs should always be taken. Photograph every little deficiency in the entire home to paint a picture for the lender.

Yes, but we will still need the short sale packages completely filled out for each property. However, the supporting documentation such as the hardship letter, financial statement, bank statements can just be reproduced for each package.

Yes, same packages must be filled out too.

Yes.

We usually touch each file transaction almost every business day, we are here to help you get relief quickly.

Yes, but remember, the more calls to our office the less time we are working on your file. This is not a one week solution. Limited calls will also allow our specialists focus their time and effort on your transaction. Once the complete package is received, it will be assigned to a specialist who will call you with updates.

No. You can do it your self: visit www.eBook.ModSoftKit.com

Absolutely NOT. We are here to help prevent foreclosure and/or sell your home. Other companies out there try this, Please do not sign your home over to ANYONE.