DO YOU OWE MORE ON YOUR MORTGAGE THAN YOUR HOME IS WORTH? Has your home dropped in value? Have you been denied for a loan modification or unable to re-finance because you have negative equity? NEGATIVE EQUITY, often referred to asUNDERWATER or UPSIDE DOWN, means that you owe more on your mortgage than your home is worth. Negative equity can occur because of a decline in property value, an increase in mortgage debt or a combination of both. A SHORT SALE may be an option toSAVE YOUR CREDIT from a FORECLOSURE. Or, perhaps you are current on your mortgage and are trying to get out from an upside down mortgage.
You are NOT alone. SHERI PERRY has successfully closed hundreds of short sales. Millions of Americans owe more on their home than it is worth.
WHAT IS A SHORT SALE?
A short sale is when your mortgage lender allows you to sell your
property for an amount less than what you currently owe. For example: If
the unpaid balance of a loan is, say, $500,000 and a property's "fair market value" is
now $275,000, under a short sale the lender might accept $275,000 as
payment in full. You will not receive funds from the sale, because there
is no equity, however in addition to a short sale being approved, you may qualify to receive a relocation allowance from the net proceeds of the sale at closing (varies
between $1,000-$38,000 but relocation allowance not guaranteed). Your
lender DOES NOT want you to foreclose. They want to help you. A short
sale may be the answer to your financial hardship.
WHO PAYS REALTOR COMMISSIONS?
Your lender will pay the Realtor's commissions since there is no equity
for you to pay. Therefore when the bank approves the accepted purchase
price, this includes paying the commissions, as well as any necessary
title fees, etc.
IS THE CANCELLED DEBT TAXABLE? This is VERY IMPORTANT...Do not delay selling your home as a SHORT SALE if you do not want to pay taxes on the cancelled debt.
As of now, homeowners only have until December 2013 to sell their homes
and possibly qualify to not pay taxes on the cancelled debt. Normally,
debt that is forgiven or cancelled by a lender must be included as
income on your tax return and is taxable. In a SHORT SALE, your lender
will tell the IRS about the cancelled debt and normally you would have
to pay taxes on any cancelled debt since the government views cancelled
debt as income. Let's say you still owe $200,000 on your home and the
fair market value is now only $100,000. If your lender agrees to accept a
"short" payoff and allows you to sell your home for $100,000 you
basically just received $100,000 in "free money" in the government's
eyes. As a result, the government makes you pay taxes on $100,000. What
if you are in a 25% tax bracket? You could now end up owing $25,000 to
the IRS. But the Mortgage Forgiveness Debt Relief Act allows
you to exclude certain cancelled debt on your principal residence from
income. Therefore you may very well not have to pay any taxes on the
cancelled debt if this is your primary residence. For more information
on The Mortgage Forgiveness Debt Relief Act & Debt Cancellation visit http://www.irs.gov/uac/Newsroom/Important-Facts-about-Mortgage-Debt-Forgiveness
FORECLOSURE vs. SHORT SALE?
Wondering if you should simply "walk away" and let the property
foreclose vs. sell your property as a short sale? This is a question
many homeowners ask. Foreclosure is not a good option and can have
severe consequences, including deficiency judgments to pay back your
lender (and even your mortgage insurer) for the remaining balance, wage
garnishment and sometimes loss of one's job. You may be sued many years
after you think it is all over and you are back on your feet. In
Florida, lenders have up to 5 years to file a deficiency action. Once a
judge grants the deficiency, creditors have up to 20 years to collect
(even if you already moved out of state). Click on the "FREE SHORT SALE
HELP" tab on the left of this webpage for a brief video you won't want
to miss, as well as answers to the most common questions homeowners like
yourself often ask regarding the short sale process.
SHERI PERRY is a CERTIFIED DISTRESSED PROPERTY EXPERT (CDPE), CERTIFIED SHORT SALE SPECIALIST & was awarded the SHORT SALES and FORECLOSURE RESOURCE certification (SFR) by the National Association of Realtors (NAR). The NAR's SFR certification is the only one of its kind that focuses on both the buyer and
seller sides of the transaction in a short sale/foreclosure. Sheri has
listed and sold hundreds of short sales. Sheri Perry holds multiple
short sale certifications, completed extensive training & testing
and holds a highly sought after designation recognized by many banks.
She is one of the very few Realtors in the area who began specializing
in short sales nearly 6 years ago before anyone really knew what a short
sale was. Just about anyone can look up "what forms go into a short
sale package" but there are advanced techniques that go way beyond
simply sending a short sale package to your bank. Sheri
is well-known as one of Polk & Hillsborough County's Short Sale
Specialists and is often called upon by Realtors from other companies to
offer short sale training/advice. When selling your property with Sheri
Perry, your listing will be featured on the Multiple Listing Service
(MLS), homes.com, realtor.com, zillow.com, trulia.com,
yahoorealestate.com and 29 other websites. Over 100 million home buyers
across the country visit these websites every month! Your property will
also be featured in the Central Florida Homes & More Magazine as
well as possible flyers, post cards, etc. Your listing goes everywhere
to gain the most exposure to sell your property fast.
CALL SHERI PERRY TODAY (863) 838-5756 for a confidential interview to determine if you QUALIFY FOR A SHORT SALE.Trust Polk & Hillsborough County's Short Sale Expert, SHERI PERRY.
Don't just hire anyone, hire a trusted Certified Short Sale Specialist with years of experience, successfully closing multiple short sales. SHERI PERRY can help SAVE YOUR CREDIT.