ORANGE SHORT SALE SPECIALIST- NOTICE OF DEFAULT? UNDERWATER?

KATNIK BROTHERS- EAST ORANGE SHORT SALE SPECIALISTS. The information below is intended to give a brief synopsis of your Short Sale options. For a more information on Short Sales or to stop a Notice of Default call 714-726-2293 or 714-353-2609.

*****A SHORT SALE COSTS $0 with THE KATNIK BROTHERS. The bank will pay all fees!!!!!*****

What is a Short Sale?

A short sale, negotiated settlement, or short pay occurs when a lender agrees to accept less than the amount owed to pay off a home loan. The lender usually agrees to a short sale due to the costly foreclosure process were they will take a much larger loss.

Short Sale vs. Foreclosure

How long will this process take?

There is no set timeline in the short sale process. It may take several weeks and or months before a lender and home owner can agree on acceptable terms. However, because of the increased popularity of the short sale option, banks have been streamlining the process to provide quick answers and a smoother process. We will keep you informed of the progress throughout the entire transaction.

But my house is going to foreclosure, will I have enough time?

Starting a short sale will not automatically stop the lender from starting the foreclosure process. However, our staff has successfully convinced lenders to postpone a foreclosure while we negotiate a short sale. While there are no guarantees, we will do everything that we can to get your home sold before the lender follows through with their foreclosure!

Can I stay in the house?

Yes, you can stay in your home until the completion of your transaction. In a short sale situation, you are working with the bank to get your property sold. You are an important part of the short sale process for the lender. By keeping you in the home, the lender is more likely to keep the home in its present condition and maintain a higher value than if you were to leave.

Will this have any impact on my taxes?

On December 20th, 2007, President Bush passed "The Mortgage Forgiveness Debt Relief Act of 2007" which allows California Homeowners a (3) year window to avoid paying taxes on the loss the lender takes. Before this act took effect, "If the value of your house declined, and your bank or lender forgave a portion of your mortgage, the tax code treated the amount forgiven as income that can be taxed." According to "The Mortgage Forgiveness Debt Relief Act of 2007" if you sell your home as a short sale by December 20th, 2010, the loss the lender takes will not be considered taxable income by the IRS. The IRS often gets involved with short sales because they are seen as a relief of debt and may be treated as income. Please check with your accountant and let them know about "The Mortgage Forgiveness Debt Relief Act of 2007."