A Homeowner’s guide: Short Sales and preventing Foreclosure Pt1 (the reality of a foreclosure)

The dream

It’s the year 2005, for others 2006, and for others 2007, and you are happy because you finally realized the American dream of owning a home.

You finally have a home where can build a future for yourself and your family. According to your agent and your mortgage broker, they promised you could refinance in a year or two and take some money out for a big vacation or they promised you could move up to a bigger and better home and make money by renting the home you just bought and become a millionaire just like that.

The nightmare

Now fast forward to 2007 and you are hit in the faced with the reality. What happened to your dreams? Dreams eagerly over-inflated by Read more

September 17th, 2007 · Filed Under Foreclosure-Short Sale Information, Real Estate & Mortgage FRAUD

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A Homeowner’s guide: Short Sales and preventing Foreclosure Pt2 (Alternatives to selling)

The solutions

If you are in similar situations as mentioned on my previous post, there are some steps that you should take before refinancing. The first thing you should do is (*if you have enough time*) repair your credit (beware of credit repair companies). Next, calculate if you have built enough equity to benefit from the refinance. If you credit is in good shape and you have built enough equity you will most likely be able to either maintain or lower you payment after you have refinanced. Great! What a relief right?

If you cant repair your credit (beware of credit repair companies) in time to refinance or if you have already missed some payments due to Read more

September 17th, 2007 · Filed Under Foreclosure-Short Sale Information, Loan Modifications

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A Homeowner’s guide: Short Sales and preventing Foreclosure Pt3 (Selling your home)

Other solutions

If none of the solutions listed on the article above helped you solve your problem you still have other options.

Beware, however, that the following solutions have credit, legal and tax ramifications. The credit ramifications I can explain them to you in detail on a one on one meeting. If you would like to know about your tax and legal ramifications, seek professional advice from a CPA and/or attorney.

The other options you may have are: Read more

September 17th, 2007 · Filed Under Foreclosure-Short Sale Information

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A Homeowner’s guide: Short Sales and preventing Foreclosure Pt4 (The ramifications)

Now that you now all the options available when facing a foreclosure or a short sale or the possibility of not qualifying for a refinance; I will tell you what ramifications or consequences could be expected when doing a short sale, deed-in-lieu of foreclosure or a foreclosure.

*Again, I need to disclose that to cover the specific legal consequences and tax liabilities you may face when doing a short sale, deed-in-lieu of foreclosure or a foreclosure, you need to seek the professional advice from a CPA and/or an attorney with experience on these fields.

Many lenders will ask sellers to Read more

September 17th, 2007 · Filed Under Foreclosure-Short Sale Information

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