I am NOT in foreclosure and I have missed NO PAYMENTS, can a short sale work for me or do I qualify for a short sale?
It is difficult to do a short sale if foreclosure has not been filed but it is possible if a couple of payments have been missed and there is a good hardship story. The lender must be convinced that they will NOT BE REPAID without the short sale.
If you are not in foreclosure and you have not missed any payments, a short sale is probably not likely, but it is possible. The key is to have a legitimate financial hardship that will keep you from making the payments. A short sale is not just an easy way out of a bad investment. If you are working and your house has just lost some value, that is just unfortunately a bad investment and you are responsible to pay the shortfall.
Short sales are when lenders agree to discount a mortgage for someone who has had legitimate hardships and who has little chance of paying the amount owed. You may be hearing stories that mortgage companies are hurting and they don't want these houses and are giving big discounts away. These stories are mostly urban myths and are not true. In fact, the opposite is happening. Since profits are down, lenders are getting tougher when negotiating prices. They are not letting properties go cheaply and without very good reason. They will try ANYTHING to get you to repay the mortgage in full. A short sale is only a last resort, but we do know how to get lenders to agree to a short sale.
What if my mortgage is an FHA...or HUD...or VA mortgage?
Short sales can still be done on all these types of mortgages though each one has different criteria. Just let us know what kind of mortgage you have and we will take that into account.
IF YOU ARE HAVING TROUBLE WITH MAKING YOUR PAYMENTS OR ARE HAVING ANY FINANCIAL DIFFICULTIES A SHORT SALE MIGHT BE YOUR BEST OPTION.
CONTACT US TODAY TO SEE IF YOU CAN QUALIFY. OUR SERVICES ARE FREE AND EVERYTHING IS KEPT IN THE STRICTEST CONFIDENTIALITY.
CONTACT FRED SED AT 949-274-3733 OR EMAIL AT FREDSED@PGCOASTAL.COM
I have other liens (i.e. mechanics, IRS, court judgments) on my house; can I still do a short sale?
Yes, but again, it gets much more complicated and will take longer. If this is the case on your home, be sure to COMPLETELY list all potential liens you have. Each lien holder will have to be negotiated with individually. A short sale in this circumstance will take longer than 60 days.
I am an heir to an estate that has a mortgage it (or I) can't afford to pay. Can I do a short sale?
Yes, this is common. When you contact us, make sure to note the homeowner is deceased.
I have 2 or 3 mortgages on my house. Can I still do a short sale?
Yes, each mortgage or Line of Credit (HELOC) can be negotiated individually. It is important to know which mortgage filed the foreclosure or if more than one are in foreclosure, which filed first.
IF YOU ARE HAVING TROUBLE WITH MAKING YOUR PAYMENTS OR ARE HAVING ANY FINANCIAL DIFFICULTIES A SHORT SALE MIGHT BE YOUR BEST OPTION.
CONTACT US TODAY TO SEE IF YOU CAN QUALIFY. OUR SERVICES ARE FREE AND EVERYTHING IS KEPT IN THE STRICTEST CONFIDENTIALITY.
CONTACT FRED SED AT 949-274-3733 OR EMAIL AT FREDSED@PGCOASTAL.COM
I am behind on my mortgage payments, but not yet in foreclosure. Can I do a short sale?
Yes and this is happening with much greater regularity. Sometimes, these are actually the most attractive short sales for an buyer/investor and a lender because a lender can avoid ALL the costs of foreclosure with a short sale before foreclosure is filed.
In these case, it is more important to have a very good "hardship" story to explain to the lender why you are unable to make the payments.
My house needs a lot of repair; can you still do a short sale?
Yes, though it can make the process more difficult because the price must be substantially lower. The key is to be able to show the bank's appraiser all the work that needs to be done. Let us know if this is the case with your home.
IF YOU ARE HAVING TROUBLE WITH MAKING YOUR PAYMENTS OR ARE HAVING ANY FINANCIAL DIFFICULTIES A SHORT SALE MIGHT BE YOUR BEST OPTION.
CONTACT US TODAY TO SEE IF YOU CAN QUALIFY. OUR SERVICES ARE FREE AND EVERYTHING IS KEPT IN THE STRICTEST CONFIDENTIALITY.
CONTACT FRED SED AT 949-274-3733 OR EMAIL AT FREDSED@PGCOASTAL.COM
I have heard that I could still owe taxes after a short sale, is this true?
Yes, this is true but it is not that simple. If this is a concern to you then you need to consult an attorney or CPA, but without trying to get too complicated, we can provide our experience with this problem.
When a lender "writes off" part of a loan, it has to account for where that money went. In the case of a short sale, it is determined that the amount goes to the foreclosed homeowner, since it is their personal debt that is forgiven so that the house can be sold. The bank can account for this in one of 2 ways.
Either the bank keeps the amount of the discount on the books as a bad debt and they can go through the courts to try to collect from you on the bad debt. Or the bank can issue a 1099C form to you for the amount forgiven and that amount can be considered "income" for you.
In our experience, having the bank issue the 1099C is better for the homeowner for a couple of reasons. (Again, please consult a CPA or tax adviser if you have questions) When you receive the 1099C, the control is in your hands as to how to treat the 1099C income on your return. When the bank keeps the debt, the choice is in their hands as to whether they come after you to collect.
Most importantly, even if you receive the 1099C and declare it as income, as you should do, there is a good chance you will owe very little tax if any at all. This is because there is an IRS rule regarding "Insolvency", which essentially says if you are insolvent (more liabilities than assets) at the time of the short sale, then you don't have to count the 1099C as income. There is an IRS form to fill out to show you are insolvent. See www.irs.gov
The bottom line is the typical people who are in a foreclosure or short sale situation have little income or assets, so the 1099C is usually not counted as income, or the tax rate you might pay is very low. Again, ask your tax person or you can call the IRS for free advice.
If you are concerned about owing a debt after the short sale, it is important to remember that if you do not use a short sale to satisfy your lender, then the foreclosure process will continue. If the lender takes back the house and has to sell it for less than you owe, YOU CAN STILL BE HELD LIABLE for the amount they lost. The bank can go after you in court to collect the deficiency. So whether you choose foreclosure or short sale, you still have the potential to owe a liability to the bank. Clearly a short sale is the better way to go considering all things.
So the short answer is that you can owe taxes both after a short sale or after a completed foreclosure; however, if a short sale is done properly, the tax can often be avoided in large part. Again, each situation is unique.
IF YOU ARE HAVING TROUBLE WITH MAKING YOUR PAYMENTS OR ARE HAVING ANY FINANCIAL DIFFICULTIES A SHORT SALE MIGHT BE YOUR BEST OPTION.
CONTACT US TODAY TO SEE IF YOU CAN QUALIFY. OUR SERVICES ARE FREE AND EVERYTHING IS KEPT IN THE STRICTEST CONFIDENTIALITY.
CONTACT FRED SED AT 949-274-3733 OR EMAIL AT FREDSED@PGCOASTAL.COM
Is Laguna Beach Your Next Place Of Residence?
If your answer is yes then this is where you want to be and we offer our services for free! Our job is to find qualified tenants to occupy these properties! *
There is no cost to you as the potential tenant/renter, which means our services to you would be free. Our fees are paid for by the owner/landlord of the properties. For additional information, questions, or if you would like to set up a time to preview any property please contact Fred Sed with Fairview Realty at 949-274-3733.
(To reference a property, use the MLS # that is located next to the pictures. It is in bold and it starts with a letter then a series of numbers)
RENTAL PROPERTIES IN LAGUNA BEACH, LAGUNA BEACH LEASES
CONTACT FRED SED 949-274-3733 FOR ADDITIONAL INFORMATION OR TO SCHEDULE A SHOWING!
*Subject to credit check fee of $15.00 per person over 18.
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Fred Sed of The Pahua Group specializes in buyer representation of foreclosures/bank owned REOs and tenant representation of Orange County Rental Properties. Fred is also a short sale specialist.
Thank you for taking the time out of your day to browse my site. I cannot stress enough how very important it is that you seek the right advice from the right realtor with the right skills. Today's market is much different than what we have experienced in years past. A few years ago, all you had to do is place a home on the market and it would sell in a few days with multiple offers, and really no skills were needed. But today's market as I have said is completely different.
Every decision you make, every step you take, could affect the outcome of whether or not your home sells for the top dollar this market will allow or whether or not you negotiate the best deal possible. That is why you need a professional that is highly trained, experienced, and skilled in today's marketplace. Someone who is going to work for you day in and day out to make sure all of yours need are not just met, but exceeded.
Contact me today, whether you are in the market to buy or sell real estate, so that I can send you the information that is crucially needed in today's marketplace,
Thank you for the opportunity to be able to assist you with all of your real estate needs!
Best Regards,
Fred Sed
The Pahua Group
949-274-3733
FredSed@PGcoastal.com
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