Short Sale – Words that will be around in the real estate world for at least a few more years

Short Sale

Short Sale, Short Sale, Short Sale. Heard it enough? Plenty more to come! 2012 should set the record as many people rush to beat the deadline for tax forgiveness. The MTDFRA ( Mortgage Tax Debt Foregiveness Relief Act) and many state counterparts will expire at the end of 2012. That means that if the transaction closes after that date the homeowner will need to pay taxes on the amount forgiven. See my previous blog on this subject.

Many Banks have taken 3 years to get to the point where they can now process short sales in an efficient and timely manner. At the beginning it was a nightmare. We (agents) would have to fax in a 60 page files multiple times because the banks “couldn’t locate” the files. We would have to call in 30 times just to get a hold of a clerical who didn’t know the answers to anything!

But….now the time is right. The banks have streamlined the process and now have dedicated departments to assist Realtors and customers. We can now get a short sale done in as little as 5 weeks. However, keep in mind you should allow 90 days at a minimm in case there are “issues”.

If you are having any issues with your mortgage, get help now.

The mortgage companies are truly prepared to assist with many options and the government now has programs in place to help, too, such as the HAFA short sale program .

The process is now very smooth. There is little pain and the effect on credit has been minimal. But…you do have to move out of the house if you chose the short sale.

We’ve come a long way in helping the many, many Americans in need. GET ALL THE ANSWERS!

Please visit my website at ShortSaledignity for a free Fighting Foreclosure guide

Feel free to comment!

And…by the way….If you are having even the slightest hint of mortgage problems,go get my free book, Fighting Foreclosure.

I am a Certified Residential Specialist serving all of San Diego County in Southern California. Please contact me if you have any real estate questions at all. I can refer you to a Certified Residential Specialist and a short sale expert in your area.