858-345-3825
Q: What is a mortgage default?
A: A mortgage is considered in default when one or more payments has been missed.
Q: Why would a bank accept a Short Sale?
A: Many fees can actually be avoiding when the bank chooses a short sale over a foreclosure. Homes tend to be in much better condition as well, so a bank would rather sell home before it becomes and REO.
Q: How are the closing costs at the end of the sale paid?
A: Generally speaking a lender would absorb these costs. Seldomly during a short sale the lender will ask the seller to bring money into escrow to close a transaction.
Q: What solutions are available if I am in default on my mortgage payments?
A: There are a few steps you can take when you are in default, including but not limited to the following:
- Loan Modification
- Short Sale
- Deed in Lieu
Q: How do I qualify for assistance?
A: Qualifying for assistance has become difficult the last year or so as banks have really pushed away from doing loan modifications. The current administration is subsidizing banks to pursue short sales, which is beneficial for many sellers in a negative equity situation.
Q: What is a hardship?
A: A hardship is life changing situation that puts the borrower at risk of defaulting on their loan. Some examples of this are:
- Loss of Work
- Health Reasons
- Separation or Divorce
- Death of Spouse
- Job Relocation
- Failed Business Venture
Q: How do I qualify for a Short Sale?
A: The borrower must prove to the lender that a hardship exists. In turn the lender (s) must agree and be willing to allow the seller to sell their home at discounted amount of the full mortgage note.
Q: What is required from seller that is planning a Short Sale?
A: A signed listing agreement with your real estate agent. List the property for sale. Cooperate with your agent in the showing of the property. Be willing to discuss all offers regardless of how low you feel the offer is. Vacate the home following the close of escrow.
Q: What is the Mortgage Forgiveness Debt Relief Act of 2007?
A: The Mortgage Forgiveness Debt Relief Act of 2007 IR-2008-17, allows the exclusion of income realized as a result of a modification of the terms of a mortgage or foreclosure on your principal residence. Please consult a real estate/tax CPA for additional information.
Q: What is a mortgage default?
A: A mortgage is considered in default when one or more payments has been missed.
Q: Why would a bank accept a Short Sale?
A: Many fees can actually be avoiding when the bank chooses a short sale over a foreclosure. Homes tend to be in much better condition as well, so a bank would rather sell home before it becomes and REO.
Q: How are the closing costs at the end of the sale paid?
A: Generally speaking a lender would absorb these costs. Seldomly during a short sale the lender will ask the seller to bring money into escrow to close a transaction.
Q: What solutions are available if I am in default on my mortgage payments?
A: There are a few steps you can take when you are in default, including but not limited to the following:
Loan Modification
Short Sale
Deed in Lieu
Q: How do I qualify for assistance?
A: Qualifying for assistance has become difficult the last year or so as banks have really pushed away from doing loan modifications. The current administration is subsidizing banks to pursue short sales, which is beneficial for many sellers in a negative equity situation.
Q: What is a hardship?
A: A hardship is life changing situation that puts the borrower at risk of defaulting on their loan. Some examples of this are:
Loss of Work
Health Reasons
Separation or Divorce
Death of Spouse
Job Relocation
Failed Business Venture
Q: How do I qualify for a Short Sale?
A: The borrower must prove to the lender that a hardship exists. In turn the lender (s) must agree and be willing to allow the seller to sell their home at discounted amount of the full mortgage note.
Q: What is required from seller that is planning a Short Sale?
A: A signed listing agreement with your real estate agent. List the property for sale. Cooperate with your agent in the showing of the property. Be willing to discuss all offers regardless of how low you feel the offer is. Vacate the home following the close of escrow.
Q: What is the Mortgage Forgiveness Debt Relief Act of 2007?
A: The Mortgage Forgiveness Debt Relief Act of 2007 IR-2008-17, allows the exclusion of income realized as a result of a modification of the terms of a mortgage or foreclosure on your principal residence. Please consult a real estate/tax CPA for additional information.