Stop Foreclosure do a Short Sale "Nisha Kaur" (Buy Sell Homes in VA, MD & DC)

[buysellvahomes]

A short sale is the process by which a homeowner can sell a house for less

money than actually owed on the mortgage(s).

There are alternatives to bankruptcy or  foreclosure proceedings for

homeowners/borrowers who can no longer afford to keep mortgage

payments current. One of those options is called a "short sale."

[buysellvahomes]

Sometimes, to avoid going through the costs of foreclosure, a lender will

sanction a short sale by allowing a homeowner to sell (allowing a buyer to

purchase) the home for less than the mortgage balance while the home is

in pre-foreclosure stage

[buysellvahomes]

Short Sale Consequences

A short sale is dependent on a buyer making an offer to purchase. If you

do not receive an offer, you will not qualify for a short sale. So even if you

meet all the other criteria, it is possible that no one will buy the short sale.

It is also dependent on the lender accepting the buyer's offer. If the lender

rejects the offer, a short sale will not take place.

[buysellvahomes]

• Tax Consequences. If the lender agrees to the short sale, the

lender may possess the right to issue you a 1099 for the shorted

difference, due to a provision in the IRS code about debt

forgiveness. Many situations are exempt from debt forgiveness,

according to the Mortgage Forgiveness Debt Relief Act of 2007.

You should speak to a real estate lawyer and a tax accountant to

determine the amount of short sale tax consequences, and

whether you can afford to pay those taxes, if any.

[buysellvahomes]

• Blemished Credit Report. A short sale will show up on your credit

report. It's a pre-foreclosure that has been redeemed. Short sales

affect credit ratings. While the damage to your credit report may

not seem as bad as a foreclosure to you, creditors may not make

the distinction.

[buysellvahomes]

Always seek legal counsel before attempting to pursue a short sale. A real

estate agent cannot give you legal advice.

[fakald0]

Nisha Kaur is professional, knowledgeable, and above all honest. We were impressed with her dedication and hard work. Throughout the entire process Nisha was professional, conscientious, and motivated. Nisha is absolutely the best in the business. We recommend Nisha Kaur without reservation. Thank you for everything that you have done for us. Again, we will always be grateful.

[fakald0]

Nisha Kaur is professional, knowledgeable, and above all honest. We were impressed with her dedication and hard work. Throughout the entire process Nisha was professional, conscientious, and motivated. Nisha is absolutely the best in the business. We recommend Nisha Kaur without reservation. Thank you for everything that you have done for us. Again, we will always be grateful.

[fakald0]

Nisha Kaur is professional, knowledgeable, and above all honest. We were impressed with her dedication and hard work. Throughout the entire process Nisha was professional, conscientious, and motivated. Nisha is absolutely the best in the business. We recommend Nisha Kaur without reservation. Thank you for everything that you have done for us. Again, we will always be grateful.

[fakald0]

Thank You!