| SHORT SALE |
A foreclosure can be more devastating to your credit than other alternatives. Having your home
foreclosed upon can be reported on your credit history for up to 7 years. This will affect your eligibility to
purchase another home, future credit and could even jeopardize future employment opportunities.
In the case of a short sale you will be able to remain in the property allowing you time to make other living
arrangements. And most importantly you may be eligible through the Fannie Mae program to
purchase a home in as little as 2 years.
You should also be aware of possible tax implications. Laura Lake is not licensed as a lawyer nor a CPA
and cannot advise concerning IRS consequences. We do not recommend that you pay an attorney to
modify your loan, but certain situations may require special legal/taxl advice.
Be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender
who accepts a short sale will not legally pursue you for the difference between the amount owed and the
amount paid (recourse vs. non-recourse loans) Click on the Tax Consequences link on the right side of
this page for more information
New HAFA Program
New Home Affordable Foreclosure Alternative
Not a law, banks do not have to participate
There will be lots of red tape
For homeowners who didn't qualify for a Home Affordable Modification (HAMP)
To find out if you qualify or if you want more information about the Government's Making Homes
Affordable Foreclosure Alternatives (HAFA) program, call us today!
Short Sales will get SHORTER!!!!!
Banks realize that modifications aren't working, (over 70% of loan modification re-default within 6 months).
They rather not deal with a non-performing asset, they would rather cash out
How long will the short Sale boom last in our area?
We estimate 3-5 more years as of 2009.
We are 95% of way through the sub prime fallout
Next wave of short sales will be the unemployment wave
To learn more about your options, get free advice now!
Click here for a list of most Frequently Asked Questions
foreclosed upon can be reported on your credit history for up to 7 years. This will affect your eligibility to
purchase another home, future credit and could even jeopardize future employment opportunities.
In the case of a short sale you will be able to remain in the property allowing you time to make other living
arrangements. And most importantly you may be eligible through the Fannie Mae program to
purchase a home in as little as 2 years.
You should also be aware of possible tax implications. Laura Lake is not licensed as a lawyer nor a CPA
and cannot advise concerning IRS consequences. We do not recommend that you pay an attorney to
modify your loan, but certain situations may require special legal/taxl advice.
Be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender
who accepts a short sale will not legally pursue you for the difference between the amount owed and the
amount paid (recourse vs. non-recourse loans) Click on the Tax Consequences link on the right side of
this page for more information
New HAFA Program
New Home Affordable Foreclosure Alternative
Not a law, banks do not have to participate
There will be lots of red tape
For homeowners who didn't qualify for a Home Affordable Modification (HAMP)
To find out if you qualify or if you want more information about the Government's Making Homes
Affordable Foreclosure Alternatives (HAFA) program, call us today!
Short Sales will get SHORTER!!!!!
Banks realize that modifications aren't working, (over 70% of loan modification re-default within 6 months).
They rather not deal with a non-performing asset, they would rather cash out
How long will the short Sale boom last in our area?
We estimate 3-5 more years as of 2009.
We are 95% of way through the sub prime fallout
Next wave of short sales will be the unemployment wave
To learn more about your options, get free advice now!
Click here for a list of most Frequently Asked Questions
For Immediate
assistance call
760-464-8138
assistance call
760-464-8138
| Stop My Desert Foreclosure.com Helping Homeowners Stop Foreclosure |
 |  |  |  |  |
 |
 |
 |
 |
 |
 |
 |
| Free 24-Hour Recorded Homeowners Hot Line: 1-800-218-7889 Ext #1062 |
| Laura Lake, Keller Williams Realty All Information deemed reliable but not guaranteed 760-464-8138 |
CA Real Estate License #01455311
| | | | |
| Stop My Desert Foreclosure.com Helping Homeowners Stop Foreclosure |