The Mortgage Forgiveness Debt Relief Act of 2007 is Expiring

So what are other homeowners doing? Many homeowners that are considering a short sale or a loan modification have decided that instead of waiting for the market to come back they are opting to sell their house now and get out while the getting is good!  If you owe more than your house is worth, it will take years to break even. If you decide to sell your house BEFORE you break even, there will be debt that is settled by the lender. Pursuit of a short sale AFTER this deadline expires will be subject to additional tax liability.

There are many circumstances that will determine if a lender provides "Cash For Keys".

But in this particular case, the sellers did very well.  Beats foreclosure hands down.

6/24/11

Mark,

Thank you so much for all you did for us at a really stressful time.  You and Sam were on top of everything and had answers when we called you.  These are some important points that happened as we were going thru a short sale.

                Foreclosure sale date was postponed.

                Lender did not hold us responsible for the deficiency of the note.

                We received $23,000 at closing for participating in the short sale process.
                $3,000 from the HAFA Program and $20,000 from Chase.

If you know of others that are going thru the same circumstances they can call us if they would

like.  You have are numbers.

Sincerely,

Walt & Marlene Klein

HAFA- Home Affordable Foreclosure Alternative.  Here is some great information about the government's new HAFA program, providing foreclosure avoidance options including short sales and deeds-in-lieu of foreclosure. Here's the big picture, clearly explained.

Don't be the next homeowner who goes into foreclosure without trying some alternatives to avoid foreclosure. The advantages some alternatives - short sales being the number one alternative - can provide for your credit history, credit score and your financial situation make them worth pursuing. Currently 7 out of 10 homeowners facing foreclosure do so without believing or seeing ways to improve their situation - they don't realize there are alternatives and that those options are better than sitting back and letting foreclosure happen.

We know some distressed home sellers don't want to talk about their financial situation, they might be embarrassed about it, think it will change with time, or just don't see any hope that it will improve, when infact there is an opportunity for them to avoid foreclosure either through a short sale or loan modification. And the advantages of avoiding foreclosure are really important financial advantages that will affect their credit score, credit history and financial situation now and into the future. The chart below illustrates those advantages of short sales vs. foreclosures.

Homeowners can save and eliminate up to $500,000 in deficiencies off of their existing mortgages

Short sale negotiations is by far our biggest asset to you. We have the ability to successfully negotiate with your lien holders, while keeping your best interest at heart. If you don't have a strong negotiator consistently working to negotiate your short sale on your behalf you may not get your entire deficiency forgiven. The key to a successful short sale is a strong negotiator - we can offer that to you. Here is a snapshot of some of our most recent Colorado short sales we've negotiated. The sellers walked away from a deficiency with the least possible damage to their credit and often with an extremely large amount forgiven by their loan holder. Check out the negotiated short sale sales prices below to see the savings we were able to negotiate for these sellers.

Here are a few of our recent experience and sucess with short sales, all areas, all price ranges

4/21/2011