Some homeowners would prefer to get rid of their house and make a fresh start … without a FORECLOSURE on their credit! The problem is they often owe so much on the mortgage that they have little or no equity. On top of that, without cash to pay for needed repairs, broker commissions, closing costs, advertising, etc. selling a house in the current housing market is no easy proposition.

Homestead can help. We are Short Sale Experts! We have helped people in many different situations sell their house fast; we can help you too. We will help you get rid of the hassle of selling your house so that you can get on with your life. We are not real estate agents; we simply negotiate short sales. Most Real Estate Agents don’t have the time or expertise to negotiate short sales. WE DO!

A short sale is a sale of a house in which the proceeds fall short of the balance of the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed when the homeowner cannot afford the mortgage payments. The lender may agree to a short sale to avoid a lengthy and expensive foreclosure, and the owner is able to pay off the loan for less than what is owed.

If your mortgage company forecloses on your home, it will show up as FORECLOSURE on your credit report, and can stay there for seven to ten years. Anytime you apply for a new loan or have your credit run, the foreclosure will show up. Often employers ask if you have been foreclosed upon in job interviews. A short sale however is listed as SETTLED DEBT, and is far less harmful to a credit rating. Please consult a credit company for more information. It is also possible the bank could 1099 the homeowner for the difference in what the property is sold for and what was owed. This means the IRS could consider the difference as income, and the debtor could be taxed on that income. Remember though in a foreclosure, the house is sold at an auction, which typically causes the difference and amount of the 1099 to be much greater. Furthermore, it is more likely the bank will seek a deficiency judgment against the homeowner in this scenario.

It is best to begin a short sale when the homeowner realizes they can no longer afford the mortgage, so that the property can be marketed properly. We also work with homeowners who are already in foreclosure. Contact us to discuss your situation.  

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Click below to access the short sale info page and start the short sale process  

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When facing foreclosure time matters, delay is your enemy. You must act fast while there is still time to halt the foreclosure proceedings. Apply Online or call us for a no obligation consultation.  Get back on your feet, and put yourself back in the race.