Short Sale FAQS

Frequently Asked Questions

Q. What happens when I miss my mortgage payments?

  1. Foreclosure could occur. Foreclosure is the legal process that your mortgage servicer can use to take or repossess your home. If this happens, you will be forced to move out of your house

Q. Will I be able to avoid foreclosure? 

   a.    A short sale is done to prevent foreclosure. I will work diligently with you to avoid foreclosure..

Q. What is the cost for doing a Short Sale?

    a.   All the costs are paid by the lender and that includes agent's commission and attorney's fees. You pay nothing. Be wary of phony counseling agencies offering assistance for a fee. Also, watch out for potential ?buyers? who ask you to deed the property to them while they help you with your financial troubles. Signing over your deed to a third party does not necessarily relieve you of your loan obligation.

Q. Does it look better on my credit to do a Short Sale?

  1. A short sale is reported differently to the credit bureaus. Avoiding foreclosure on your credit is a big reason to do a short sale.

Q. Are there tax consequences to a Short Sale?

  1. I am not a tax advisor and recommend that you speak with a CPA, tax advisor, or legal counsel.

Q. If I do a Short Sale can I still stay in my home?

    a.   You can stay up to the day of closing.

Where do I go from here?

    a.   Now that you have put the stress behind you, you can move on with your life. I can help you find different housing options that will work best for you.

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