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In these economic types, you Need an Expert in their field/BofA & Most Direct Lenders have Approved SoCal Superior Properties to expedite their homeowners short sale needs
Tips on Selling Short Sales
Did you know FOR NOW, until the end of 2013, Banks won't 1099 you for the difference in a short sale for your primary home? The IRS Could assess you however, if you Abandon Your Home! There is no reason to foreclose~ Help your economy and receive Free Non-Governmental Help for all your foreclosure options~ SoCal Superior Properties is Certified Distressed Property Expert, CDPE & HR3645 Certified:Expert Advice Now
A short sale in real estate is not always a pleasant transaction.
SoCal Superior Properties can negotiate relocation assistance
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
SoCal Superior Properties is advised by a licensed Broker, Financial Advisor & Legal panel. Always consult a CPA for personal tax consequences. There are certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007. Be Aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. It is very IMPORTANT to determine whether your loan qualifies for a deficiency judgment or claim as these laws are changing daily.
Register with SoCal Superior Properties for updated changes. Register Now
Rules of a Short Sale
Fannie Mae and Freddie Mac mortgage servicers to complete short sales under one uniform approval process, called the Standard Short Sale/HAFA II. Frannie (A collective term for Fannie Mae and Freddie Mac). expects this streamlined process will make short sales uniform, faster, easier and clearer. Under this new program:
Homeowners current on their mortgage payments will be eligible for a short sale if they meet other hardship criteria;
Fannie Mae and Freddie Mac, hereinafter called Frannie, will both wave deficiency collection in exchange for a “cash contribution” from borrowers meeting specific financial guidelines (contribution not to exceed 20% of the borrower’s reserve funds or other assets);
Members of the military who are being relocated will be automatically eligible for the program; and
Frannie will offer up to $6,000 to second lien holders to speed the short sale.
Homeowners with Frannie-held mortgages may be eligible for a short sale if they meet one of the program’s hardship criteria, including:
death of a borrower or co-borrower;
relocation for a job.
You must be approved to negotiate a short sale. No Cost to the homeowner to Sell, if you have a hardship, with SoCal Superior Properties~
877-622-5736 Ext. 5
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HAMP Update New Dodd-Frank Certification Requirement
The U.S. Department of the Treasury issued a HAMP Update titled, New Dodd-Frank Certification Requirement.
Details The Dodd-Frank Certification requirement became effective on September 21, 2010, and provides guidance that borrowers are not eligible to receive assistance under the MHA Program if they have been convicted within the last 10 years of the following in connection with a mortgage or real estate transaction:
felony larceny, theft, fraud, or forgery;
money laundering; or
Certification Effective September 21, 2010 (i.e., the date of the Supplemental Directive), a servicer must obtain a Dodd-Frank Certification from borrowers as outlined in Exhibit A of Supplemental Directive 10-11. Note: there is an Interim Period Requirement (guidance effective from September 22, 2010 through December 31, 2010) and a Final Period Requirement (guidance effective beginning January 1, 2011). Review Exhibit A for specific details.
Additionally, the following are not impacted by the Dodd-Frank Certification requirement if they are outstanding as of the date of Supplemental Directive 10-11 (September 21, 2010):
Home Affordable Modification Program (HAMP) and Second Lien Modification Program (2MP) trial period plans and trial period plan offers;
Permanent HAMP, 2MP, Treasury FHA-HAMP (Federal Housing Administration) and RD-HAMP (Rural Housing Service) modifications and permanent modification offers; and
Short sale and deed-in-lieu of foreclosure (DIL) offers under the Home Affordable Foreclosure Alternatives (HAFA) Program.
SoCal Superior Properties is HAMP Certified. Call today for a private consultation
When receiving real estate advice, individuals should always seek their own legal and tax advice pertaining to each persons financial portfolio. We are a real estate solutions and investment firm that specializes in helping Southern California homeowners get rid of houses fast!
SoCal Superior Properties Inc. can buy your house for cash or help you Sell or Buy in the more traditional form.
Luxury & New development or Design to million dollar renovations and tiny houses~