What is a Short Sale?
If you owe more on your mortgage than your property is worth in today’s market, you may qualify to complete a short sale. In a short sale, your lenders agree to accept the proceeds from the sale of your property, even if it is less than what you owe.
If you are unsure whether you’d qualify, meet with Seal The Deal’s short sale specialist to discuss this and let us determine if you meet the qualifications and advise you what your options are. If we believe a loan modification or short sale is in your best interest, we can direct you.
At Seal The Deal Real Estate, we listen to our clients to be sure they are getting the best deal possible. We are short sale specialists and have been speaking directly with Mortgage Bank Short Sale Departments since 2005.
Here are some key facts about short sales:
- Most times your bank will assist you with $3,000 to help towards your moving expenses.
YOU MUST NOT VACATE YOUR HOME because a vacant home isn’t the right choice most times!
- The government is offering the Mortgage Forgiveness Debt Relief Act of 2007. This generally allows taxpayers to exclude income from the discharge of debt on their principal balance of their unpaid mortgage, ALLOWING YOU TO MOVE FORWARD WITH RELIEF OF DEBT.
- There is no expense to you. YOUR BANK PAYS ALL FEES AT THEIR DISCRETION.
At Seal The Deal Real Estate, we always recommend getting advice from your accountant and your attorney.