Myth #6: Damage to the
homeowner’s credit standing is comparable in a West Sacramento and a West Sacramento foreclosure.
Debunked: No way -
In most cases, credit repercussions and deficiency protections are more
damaging with a foreclosure. West Sacramento Short Sale transactions can often lead to faster financial recovery for
you the homeowner. In certain instances if the West Sacramento homeowner missed
no mortgage payments, they may be eligible to finance the purchase of a home
immediately following a West Sacramento short sale transaction.
Myth #7: Following a West Sacramento short sale, the homeowner will be
ineligible to purchase another property for the next 5-7 years.
Debunked: Not
true. Using conventional lending guidelines, some consumers may obtain a Fannie Mae
backed mortgage a short 24 months after the close of their West Sacramento short sale.
Myth #8: After a West Sacramento short sale transaction, the
homeowner will receive a 1099 and be forced to declare the loss as income.
Debunked: The owner may indeed
receive a 1099, but due to the 2007 Mortgage Forgiveness Debt Relief Act which
expires at the end of this year, among other considerations, the West
Sacramento homeowner may not owe any taxes on their transaction.
Myth #9: The lender will sue
the homeowner after the close of a West Sacramento short sale (or
foreclosure, or deed in lieuof foreclosure) for the deficiency.
Debunked: While I can’t give you tax
or legal advice, I can tell you that when a lender agrees to a West Sacramento short sale they also have to
agree to not seek a deficiency judgment
Myth #10: Any Realtor or self-proclaimed
“West Sacramento Short Sale Specialist”
can manage my West Sacramento short sale successfully
Debunked: This could not be further
from the truth. There truly is a difference in agents and how the job gets
done. Handled in correctly, as the homeowner you could be left liable for
deficiency on the loan and income taxes to boot. Be sure to qualify your Short Sale Agent before hiring them. They
should have completed 10 or more West Sacramento shortsales and have
successfully worked with your lender in the past – there is a difference.
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info
for a free estimate or call me today for a free no obligation consultation.
Call me today and sleep better tonight; you’ll be glad you did
No comments:
Post a Comment