Jan
30

Short Sale

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Can a short sale of your home let you breathe a sigh of relief?
If you have faced a major financial set back and are facing trouble to stay current with your mortgage payments, then foreclosure is not the only option that you should opt. If the present worth of your house is less than the amount you owe to your lenders, then a short sale of your home can be more worthy. It will save your credit score get disrupted and prevent you from being called a bankrupt. But before making a short sale, you must look through all the possible options such as modification of your home loan or refinancing your home that can do good to your mortgage. If none of the options suits you, then you can think of a short sale of your existing property other than bankruptcy.
3 Steps to make a short sale
Read on to know the steps that you’re required to take while you’ll make a short sale of your biggest investment, your home.
Talk to your lender:
Before you begin with the process, you must consider the likelihood that will make a lender work with you on a short sale understanding your perspective. For this, you have to state solid reasons of your hardships that hinder you to stay current with your mortgage payments. However, a lender won’t be sympathetic to a dishonest debtor. Hence, you have to be true to your words. You have to gather all the documents that are required to prove your financial trouble to your lender. The documents must include your bank statements, your pay stubs and many more. Convince your lender in such a way that he agrees to your proposal.
Talk to the bank:
In order to proceed with your short sale, you have to talk to the bank about the possibility of engaging in this type of transactions. Since the process of short sale is complex, you must consult with an attorney, a tax professional and a real estate agent who will guide you throughout the process.
Settle your sale price:
When a buyer agrees to purchase your property, you must make sure that the cost of selling the property is close to the total amount of money your need to get out of such situation. In some state the bank will ask you to pay a part or your total short fall. So try to make this amount less.
Lastly, after you have made the short sale, you must pay the amount to your lender and breathe a sigh of relief. You don’t have to pay tax on the shortfall. As on December, 2007, the U.S president has passed the Mortgage Forgiveness Debt Relief Act under which a lender is not allowed to charge any tax on the mortgage that he has forgiven.

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