Because it helps people. There are still lots of people out there living in homes that will never regain their original value. What does that mean? People are continuing to pay on mortgages and will never be able to get equity out of their home. For them there is a way out.
So where does the term short sale come from? The banks agree to accept money that comes up short in paying off the lien or mortgage. What if there are two banks involved? It is ok. They will decide who gets a portion of what. What happens to the amount that they are short? You will get a 1099 for that amount. However, until December 2017, you will be forgiven for that amount thanks to the Mortgage Debt Relief Act.
How do you begin? This is scary but it requires the homeowner to not make his or her mortgage payments for at least 3 months. The bank will not talk to anyone until this happens. Once you have not made your second payment it is time to call a Real Estate agent in. Please make sure you ask if they have short sales experience in Trinity. Ask them if they negotiate themselves or use a mediator.
We hire a real estate attorney for our negotiating. Keep in mind you are not paying any closing costs to get your home sold the bank will. It is in your best interest to have an attorney by your side in case you need them. The process takes approximately 6-9 months from beginning to end. This gives you time to save up for your next move. You can continue to live in the home while it is being shown and while the negotiating is going on with the bank when you get a contract. You will be given usually a 6 week notice that it has been accepted and it will close.
There may be more questions about short sales in trinity you have and we would be more than happy to answer them. Just call the Vision Team at 352-238-0561.