CALL (719) 659-9482 or click here http://coloradospringsrealty.biz – When ready to sell your Colorado Springs Home – if you owe more than the
mortgage, we can help. Call us to discuss short
sale options; Cornerstone Real Estate Team. If you are looking to buy, feel free to use our Online Colorado Springs MLS search and Property Finder at http://www.coloradospringsrealty.biz
It’s FREE and Online NOW.
mortgage, we can help. Call us to discuss short
sale options; Cornerstone Real Estate Team. If you are looking to buy, feel free to use our Online Colorado Springs MLS search and Property Finder at http://www.coloradospringsrealty.biz
It’s FREE and Online NOW.
Yes, we are seeing a lot of Short Sales in
today’s Colorado Springs Real Estate Market. It is happening to your friends,
your family, and maybe even you. Your home is not worth what it used to be. We
call it being “upside-down” in which you owe more on the mortgage
than the house is now worth. If you can hang on through the slow market, great.
If not -you may want to consider a Colorado Springs Short Sale to avoid a
today’s Colorado Springs Real Estate Market. It is happening to your friends,
your family, and maybe even you. Your home is not worth what it used to be. We
call it being “upside-down” in which you owe more on the mortgage
than the house is now worth. If you can hang on through the slow market, great.
If not -you may want to consider a Colorado Springs Short Sale to avoid a
foreclosure situation. A short sale is when the house or property is worth less
than what is due on the mortgage. The bank (note holder) takes the loss, but
not as such as a foreclosure process. A Colorado
Springs short sale is not always the best option for
everyone. You need expert Colorado Springs real
estate short sale advice to decide on the pros and cons of a real estate
short sale in Colorado.
If you are even thinking of short selling your property, here are some positives
and negatives to consider:
than what is due on the mortgage. The bank (note holder) takes the loss, but
not as such as a foreclosure process. A Colorado
Springs short sale is not always the best option for
everyone. You need expert Colorado Springs real
estate short sale advice to decide on the pros and cons of a real estate
short sale in Colorado.
If you are even thinking of short selling your property, here are some positives
and negatives to consider:
Positive
·
Avoid Foreclosure — Foreclosures can be a very hard and stressful
process for everyone. It might take anywhere from six to twelve months even for
a foreclosure to complete.
Avoid Foreclosure — Foreclosures can be a very hard and stressful
process for everyone. It might take anywhere from six to twelve months even for
a foreclosure to complete.
·
Being proactive — Facing your Colorado Springs foreclosure will help give
you some control over the process. By choosing a short sale, finding a buyer
and negotiating terms with the bank, the huge effect on your credit score by a
foreclosure can be dodged.
Being proactive — Facing your Colorado Springs foreclosure will help give
you some control over the process. By choosing a short sale, finding a buyer
and negotiating terms with the bank, the huge effect on your credit score by a
foreclosure can be dodged.
·
Start over faster — Minimizing damage to your credit score can
help you get back on your credit feet faster. You’ll be eligible to purchase
another house faster than if you entered foreclosure according to major
lenders.
Start over faster — Minimizing damage to your credit score can
help you get back on your credit feet faster. You’ll be eligible to purchase
another house faster than if you entered foreclosure according to major
lenders.
·
You might not owe anything after the Short Sale — Your agent can
try asking the bank to cancel your debt altogether. It does happen, but not all
the time.
You might not owe anything after the Short Sale — Your agent can
try asking the bank to cancel your debt altogether. It does happen, but not all
the time.
·
You won’t need to pay large monthly mortgage payments
You won’t need to pay large monthly mortgage payments
·
The bank may forgive the difference in debt between what you owe
and the final price.
The bank may forgive the difference in debt between what you owe
and the final price.
·
You can avoid the time consuming and traumatic foreclosure
proceedings.
You can avoid the time consuming and traumatic foreclosure
proceedings.
·
Your credit score will usually recover more quickly than a
foreclosure
Your credit score will usually recover more quickly than a
foreclosure
·
You are more likely to avoid bankruptcy
You are more likely to avoid bankruptcy
·
You may not be taxed on the debt forgiven.
You may not be taxed on the debt forgiven.
·
If you are not able to pay the mortgage premium, or work with the
lender on getting a loan modification, a short sale is probably the way to go…
even though it means losing your home and investment.
If you are not able to pay the mortgage premium, or work with the
lender on getting a loan modification, a short sale is probably the way to go…
even though it means losing your home and investment.
Negative
·
There will be damage to your credit — When a short sale is
completed, it is still recorded on your credit but should have a lesser impact
as a foreclosure for most creditors. Although lenders will consider a short
sale similar to a foreclosure, the chances of getting a home loan will still be
slim for a bit.
There will be damage to your credit — When a short sale is
completed, it is still recorded on your credit but should have a lesser impact
as a foreclosure for most creditors. Although lenders will consider a short
sale similar to a foreclosure, the chances of getting a home loan will still be
slim for a bit.
·
Tax Consequences — Talk to your accountant to see if you qualify
for the Mortgage Forgiveness Debt Relief Act of 2007,
no taxes are owed on the forgiven debt.
Tax Consequences — Talk to your accountant to see if you qualify
for the Mortgage Forgiveness Debt Relief Act of 2007,
no taxes are owed on the forgiven debt.
·
Bank Could Demand a note or some payment — The bank is not forced
to forgive the debt. They may ask you to pay them back for the difference on
the sale and what is owed on the mortgage, but you’ll need to agree to this.
Bank Could Demand a note or some payment — The bank is not forced
to forgive the debt. They may ask you to pay them back for the difference on
the sale and what is owed on the mortgage, but you’ll need to agree to this.
·
The mortgage holder/lender does not have to say yes to a short
sale
The mortgage holder/lender does not have to say yes to a short
sale
·
You must prove a hardship that prevents you from making your
payments.
You must prove a hardship that prevents you from making your
payments.
·
A short sale is not short. The time depends on how quickly you and
your agent puts together the hardship package, and how quickly the lender
reacts
A short sale is not short. The time depends on how quickly you and
your agent puts together the hardship package, and how quickly the lender
reacts
·
Lenders are known for taking a while to approve short sales.
Lenders are known for taking a while to approve short sales.
·
If your home has liens, each lien holder/lender must be consulted.
If your home has liens, each lien holder/lender must be consulted.
·
The successful transaction depends on a good offer from a good
buyer.
The successful transaction depends on a good offer from a good
buyer.
·
The real estate agents involved will usually get a smaller
commission.
The real estate agents involved will usually get a smaller
commission.
·
You may be asked to sign a promissory note for the debt
forgiveness for approval
You may be asked to sign a promissory note for the debt
forgiveness for approval
·
Lenders may seek repayment of the debt forgiven after the short
sale is completed.
Lenders may seek repayment of the debt forgiven after the short
sale is completed.
·
Your credit score is going to take a hard hit. Consult tax and
legal advice.
Your credit score is going to take a hard hit. Consult tax and
legal advice.
·
You could be taxed. Consult a tax professional.
You could be taxed. Consult a tax professional.
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