We are experts in assisting homeowners Stop Foreclosure and our core business is helping homeowners stop foreclosure and save their homes. We receive many contacts from homeowners that either can not afford their home, are upside down and do not want to keep their home because of their equity position and homeowners that can not sell because they owe more than the home is worth. If this is you we now found a reputable company to offer short sale help. Their network covers most of the country and most likely in your backyard.
What is a short sale
A short sale is an "arrangement" between the current owner of a home, or in most cases an expert in the short sale help niche of the business, and their lender (bank) to buy their home for less than the total amount owed to pay off the home. The "deficiency" is the difference between the amount owed and what the bank collects at the short sale.
What if we could take that stress away and help you possibly live payment free for several months?We can possibly stop the foreclosure and mitigate the loss! Your lender has a loss mitigation department, shouldn't you? A foreclosure can have serious implications to you financially and emotionally. This is by no means something that should be taken lightly. We understands that you are experiencing something that is one of the most stressful situations that you can ever go through. Our goal is to take your stress away by giving you solutions to your foreclosure problems and give you hope by helping you plan your exit strategy. The quicker you get started, the faster our firm can work to mitigate damage to your financial and credit positions.
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IRS tax affects of the Short Sale. (Mortgage Forgiveness Debt Relief Act of 2007)
Many times to stop foreclosures, a process that does not happen overnight, mortgage companies will negotiate terms with homeowners. In our instance here a short sale occurs when the mortgage company agrees to change the terms of the note by lowering the outstanding principal balance.
The lowering of the UPB (unpaid principal balance) is often a financial deficiency which a mortgage company takes less than what is owed. When lowering the UPB for sale, the term is called a short sale and the homeowner is allowed to sell their home for less than what is owed and the proceeds from the sale are paidto the mortgage company in return for forgiveness of the loan.
When a short sale is processed the contact and negotiations are with a loss mitigator they are responsible for mitigating the losses for lenders. There is no obligation to negotiate with the homeowner, the lender realizes that the loan would otherwise result in a foreclosure. In order to process a short sale help, there are a tax implications to decide when making your decision. In an instance when a short sale is processed, the portion of the loan forgiven, the difference between what is owed and what is paid, may still be taxed as income on the part of the homeonwer.
Here is a simple way of understanding the process. You find a homeo you love and it is the house of your dreams. You go to a commercial lender (or your mortgage broker) and tell them you found a house and you need to borrow money to pay for your dream home. You borrow the money, a loan that gives you enough money to pay for the home, the home is used a collateral for the loan. Ok, so you have borrowed $500,000.00 because you could not live without this dream home and sign a note (payment obligation). Everything is good you bought furnature a new car because neighbors had nice cars... All of a sudden you have had a life change event, we will use unemployment for our scenario. Things get tight around the home and some bills do not get paid and you can no longer afford to live in your dream home. The bank proceeds with their processes, foreclosure, to take the collateral because you are no longer paying. Rather than having a foreclosure on your record you decide to sell. You put the house on the market and it does not sell so you contact the bank. The rep says have you tried to short sale the property? So, now to sell the property fast and you offer the property for less than what was borrowed. You get an offer for $ 350.000.00, $ 150,000.00 less than what is owed, The bank accepts the offer and you sell your home. Now here is the part you need to pay attention to about the banks discount. You borrowed $ 500,000.00 to buy the dream home. You sold the home for $ 350,000.00 a net loss to the bank of $ 150,000.00. The IRS is going to look at the $ 150,000.00 as income because you canceled the debt by borrowing the 500 and pay 350 back the difference went to you and if you made a bad financial decision you have to pay.
The lender will file for a form 1099C Cancellation of Debt. The IRS has treated this amount as fully taxable income on the part of the borrower. The 2007 Mortgage Forgiveness Debt Relief Act (Public Law 110-142, HR 3648), has amended the tax laws to allow borrowers negotiating the sale of their primary residence to avoid having to declare this debt as income (limited to debts of $2 million cap) This forgiveness of debt stipulation does not apply to rental properties or other non-primary residences that a lender may hold as collateral.
Under some circumstances the debt will not be show as taxable under fair value accounting determined that the value of the debt is greater than the fair market value of the asset in question.
**we are not offering legal advice consult with your tax attorney or accountant for more information
Below are contacts from homeowners that needed Short Sale Help
City: Syracuse
State: Utah
Short Sale Help in Utah
County: Davis
I took a voluntary paycut from 57000 to 43000 in order to create job security. As such my loan payment is over 50% of my gross income. I tried to sale the home at normal price on my own for a few months now the last few months Ive tried to sale the home as a short sale with a realator. I had received some assistance from family and church with bills and what not to stay current on the payment so when I got two offers on the house, Country Wide showed no urgency in going forward with the short sale. My money is running out and I have missed the last two payments. Hopefully now an offer will go through quicker. My fear is after three months of missed payments they can put me in foreclosure. I don't want to foreclose but I do want to short sale. I need to know what must be done to make this happen. I need short sale help with Countrywide
City: Alexandria
State: Virginia
Short Sale Help in Virginia
County: Fairfax
I, along with two other friend, purchased a home in Alexandria as a fixer upper investment property that we used as our primary residence in December. We had hopes of selling the property within a 3 year window after doing significant amount of work. we have since performed a significant amount of work, gutted the kitchen and bathrooms, updated the electric work, and much more, but now the market is so that we owe significantly more than the house is worth. We refinanced in 2005 from an interest only to a negative amortization ARM which the lender we working with sold as a something that was \"perfect for us\". We since realize the guy was as sleazy as they get and as soon as the market started heading south we tried to refinance and were unsuccessful because it was no feasible without getting the LTV ratios back in line. We called several lenders including our current one and were told it was not possible to refinance. I was also told by a lender recently who doesn't recommend this very often, that I should pursue foreclosure. I've done a little research on short sales and I'm wondering if this is an option for me. I'm looking to get out of the current house with as little money as I've already lost on it. Our mortgage payment are current and we don't have trouble now making our payments, but this is helped by the fact that we are only paying the interest only portion. Once the ARM expires and the interest explodes I cant imagine we\'ll have any choice but to foreclose. I'm hoping to avoid this process and any advice would be appreciated. short sale help
We offer short sale help through the entire United States. If you can no longer afford your home contact us and we can help get it done. Contact us!
Orlando Short Sale 
