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Pre Foreclosure/Short Sales
Click below to search Vero Beach Short Sales
Sebastian Short Sales
Extenuating circumstances influence whether or not lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the homeowner, the advantages include avoidance of having a foreclosure on their credit history. Additionally, a short sale is typically faster and less expensive than a foreclosure. A short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed. Lenders have a department typically called a loss mitigation department, which processes potential short sale transactions. Typically, lenders do not accept short sale offers or requests for short sales until you are behind on your payments. Most lenders have a pre-determined criteria for such transactions. Junior liens, such as second mortgagees may need to approve the short sale. When the lender decides to forgive all or a portion of your debt and accept less, the forgiven amount is considered as an income for the borrower and is liable to be taxed. However, after the signing of The Mortgage Forgiveness Debt Relief Act of 2007 by President Bush, amendments have been made to remove such tax liability and allow the borrower and lender to work freely together and find a common solution that is beneficial to both the parties
A Short Sell means you're asking the lender(s) to accept less than their payoff in order to facilitate the sale and avoid the foreclosure process. Foreclosure is expensive for a lender. Lenders are not in the business of owning property and want to avoid the expensive process of foreclosing whenever possible. Banks and lenders are in business of making loans. They don't want to own property so it is a business decision for the lender make a Short Sale work. Which means it has to make rational, logical sense for the lender. For more details and a list of Pre Foreclosure/Short Sales call Sam at 772 643-5255 or email her at sam@cspflorida.com
Short Sale Property ListingsClick property titles or photos for more information and larger images.
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