Help for Homeowners
Supported by the U.S Government
Short Sales in San Diego
Important Video
Important Video
1) Short Sale San Diego: One option would be a short sale. A short sale is when you owe more on your home than your home will sell for. The process involves placing your home on the market at a competitive price. After the highest possible price has been achieved on your home your relator will negotiate with the bank to accept less than full payoffs on your mortgages. The real estate fees and closing costs are paid by the bank so you end up with no out of pocket expense. By doing a short sale you may have lees negative impact on your credit report than a foreclosure. You will want to have a complete release of liability from your lender. Fewer foreclosures mean a stronger economy protecting more American jobs. Today we are seeing short sales more readily approved by the banks now that have realized that your home will be in a better condition than when foreclosed. They will receive a higher price from the sale of your home as a short sale as to a foreclosure. The federal government is helping home owners by not having a tax liability from short selling their home. The Mortgage Debt Relief Act of 2007 which is Bill HR3648 insures that any debt forgiven on a mortgage on a principle residence will not be taxed, if the forgiven debt was used to buy, build or substantially improve your principle residence. This bill in an effect throught 2012 for loan amounts up to 2 million dollars for a married couple or 1 million dollars if married filing separately. We always recommend consulting an accountant before selling your home. A frequently asked question is how long do I need to wait to purchase another home? The answer is three years under FHA guidelines and you have shown good credit after the short sale. There as some exceptions to this rule such as: death of a family member, or loss of a job.
For a Free Consultation with a license professional please contact us so we can help you!
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For a Free Consultation with a license professional please contact us so we can help you!
Contact us
We’re always here to help!
