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The Earlier You Start, The Better Chances You Have to Succeed. Losing your home through a bank foreclosure not only destroys your credit for numerous years but can embarrass your family and undermine an owner’s self worth and dignity. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy and foreclosure. One of these options is called a “short sale”. A short sale occurs when the net proceeds from the sale of a home are not enough to cover the seller’s mortgage obligations and closing costs such as property taxes, transfer taxes, real estate commissions, and various legal and bank fees. The seller has no other resources to cover the difference. Your lender may agree to accept less than the total amount based on a combination of many of the following issues. What is the owner’s present financial conditions and current value of the affected property? How expensive will it be to the bank to allow the entire foreclosure procedure to proceed? Are there any offers in the foreseeable future that are less than the outstanding amount still owed on this property’s mortgage? Before considering participating in a short sale, the property owner needs to speak with a competent real estate attorney and accountant because the I.R.S. may consider any debt forgiveness as income requiring the owner to pay tax. The bank can still seek a deficiency judgment against this owner. It’s very important to contact a professional who can begin to negotiate with your bank early in your pre-foreclosure situation. A lender is less likely to agree to work out a fair solution with the owner who is significantly behind in his/her mortgage payments causing it to incur additional expenses in legal fees and foreclosure preparations. The real estate firm of John F. Maniec, LLC has financial resources available to potentially bring your past due mortgage payments up-to-date and possibly even give you some start-up money to move on with your life. But its crucial to find a viable alternative as early as possible before foreclosure becomes an inflexible reality. Call John Maniec at (917) 750-7842 and be completely honest with your current total financial difficulties. You will also have to give him written authorization so he can begin to speak with your lenders and creditors in order to determine if a Win-Win solution to your current financial difficulties can be found. |
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