Looking for West Sacramento short sale information? You have
come to the right place. Mike Rigley Certified Default Advocate,
Distressed Property Expert and your short sale specialist here thank you for
joining us. Today we’re covering West Sacramento Short Sale Myths 6-10 so
let’s get started…
Myth #6: Damage to the
homeowner’s credit standing is comparable in a West Sacramento short sale 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 homeownermissed
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 FHA insured
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 and
pay taxes on that money.
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 lieu of 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 West Sacramento Short Sale Agent before
hiring them. They should have completed 10 or more West Sacramento short sales and have
successfully worked with your lender in the past – there is a difference.
Is an West Sacramento short sale right for me?
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 or for the
latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did
No comments:
Post a Comment