Tired of Waiting For YOUR Government Bailout? You Might Want to Try A Short Sale Instead.
Tired of waiting on the government to save you? Thus far there hasn't been much to help the average homeowner in distress save their home. It doesn't take a genius to figure out what it would take to keep people in their homes. Principal reduction coupled with interest rate relief. Yet it just hasn't happened for the large majority of people seeking relief. A mortgage cram down as a part of bankruptcy was proposed and then rejected. This would have allowed a bankruptcy court judge to write down a mortgage to an affordable level as a part of a bankruptcy proceeding -- and it would have kept a lot of people in their homes. But, the banks lobbied hard (maybe using some of that bail out money) and said that it would be unfair - and guess what? It didn't happen. Success rates of loan modification applications under the government HAMP program have been underwhelming. And now, there is talk of eliminating even that limited relief for distressed homeowners.
So, are you wondering where YOUR bailout is? Or, are you just tired of waiting? If your home is severely underwater and you are having difficulty holding on to it - you may want to explore a short sale as an option. One positive law that the federal government passed offers limited tax relief for homeowners who complete a short sale before the end of 2012. California followed suit by passing the Conformity Act which mirrors federal tax relief at the state level -- and it ends on January 1, 2013.
What will a short sale do for you? A well negotiated short sale will allow you to walk away from a bloated mortgage and not be pursued by the lender -- and if you have more than one mortgage loan there is a possibility that the second lender would try to pursue you even after a foreclosure. Each person's situation is different and those considering a short sale should consult with their attorney and tax advisor prior to listing their home as a short sale. If you are tired of waiting for a government solution, and are ready to take action about your situation, you may want to consider a short sale of your underwater home.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast. If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
*Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
Copyright© 2011 Tni LeBlanc * Tired of Waiting For YOUR Government Bailout? You Might Want to Try A Short Sale Instead.*
Tni LeBlanc, Broker
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