short sale to avoid foreclosure www.ok8888.com

Short Sale to avoid Foreclosure 2008 www.ok8888.com
Many homeowners today are finding themselves in a tough spot, as the value of their homes dip but their mortgage payments increase. If you are in financial trouble and must sell your house because you can’t make the payments, doing so before the bank gets involved increases the possibility that you’ll walk away with a little equity, or at very least, without damaging your credit. You may also be able to work with your lender to restructure your payments, delay them temporarily until you get back on your feet, or refinance your current loan - for example, with a 40-year, fixed rate mortgage or a adjustable-rate mortgage that locks in an interest rate for five or so years. Though you might not want the loan forever, it may keep you in your house for now, until the market stabilizes, home market rebounds, or your income increases.
Perhaps you’re already behind on your mortgage payments, or are worried that you won’t be able to sell your house for what you owe on it. In that case, you may have considered a real estate “short sale.” This is preferable to walking away from the property, because it doesn’t do the same damage to your credit.
With a short sale, the lender agrees to accept less than the full amount owed on the property. Lenders allow sellers to do this because foreclosures are expensive, and they stand to lose even more if that seems imminent.
However, short sales aren’t always great for the seller. For one thing, it can be tough to get your lender to allow the short sale. Even if it’s approved, the lender may drive a hard bargain - you may have to fight to get permission to sell your house for what you know it can bring on the open market.
Moreover, some short sales aren’t the end of the road - lenders have been known to include promissory notes in the paperwork leaving you on the hook for the remaining balance.
Furthermore, any amount your lender forgives is considered “income” to you. That means the lender will likely report it to the IRS, and you’ll have to pay income taxes on it. Although, past year (2007) congress passed the law which allows certain homeowners to do short sale and do not pay any taxes on “income”. If you leave in New Jersey and would like to know more about this law and if you can qualify, please send me an email and I will gladly assist you.
While it’s true that a short sale is preferable to foreclosure, which can seriously damage your credit and make it much more difficult and expensive for you to buy a house in the future, you’re better off selling on your own, if you can, Of course, with foreclosure looming, a quick sale works best - even if it means getting a little less cash and in this case contacting realtor would be the best option. In future, I’ll give you some tips for making your house attractive to prospective buyers so that you can try to get out of the market before turning to the bank.
Call Peter Wu at (214) 682-8888 cell