Maro Island Short Sales
Marco Island, FL
MARCO ISLAND SHORT SALES FOR HOMEOWNERS - First Off, You Are Not Alone! There are many people facing the same outcome! Let me Ask you this.....Are you overextended? Do you owe more on your home then what it is currently worth? Are you experiencing a Hardship in paying your mortgage? If you answered YES to these questions, then you may qualify for a short sale on your home. If you are interested in listing your Naples home on a Short Sale please call or email me - I am working with a local Naples Short Sale Negotiator Company that does not charge any fees. All closing fees and commissions are paid by the bank/lender. I am a certified foreclosure and short sale specialist in Naples Florida. Fill out the form HERE to request your Free short sale package information or Call me Direct at (239) 272-0751
Here are some of my Successful Short Sale Transactions:
|North Naples Town Home||$374,000||$170,000||Approved and Sold For $160,000|
|Naples Home||$231,200||$98,000||Approved and Pending Closing|
|Bonita Condo||$174,000||$60,000||Approved and Pending Closing|
|North Naples Condo||$175,000||$64,500||Approved and Pending Closing|
|Step by Step Short Sale Process||Why Short Sales Fail||Tips to Speed up the Selling Process|
|Short Sale Process||Improve Short Sale Process||Pros and Cons of a Short Sale|
1). What is a Marco Island Short Sale (Short Pay, Pay Off)?
A Short Sale is a process where the lender will look at the loan(s) which you have with them and determine whether or not the house owes more than its Fair Market Value or has such a small amount of equity that if sold, could not cover the agent or closing costs. When they determine that to be true they will then consider discounting the loan(s) to reflect a price which will facilitate the property to sell on the market.
The lender would much rather take a discounted price than have to foreclose on the property and incur all of the costs of a foreclosure and then have to sell the house at auction. This is a very time consuming and costly process for the lenders and they will try to avoid it at all costs.
2) When is the best time for me to start the process for my
Marco Island Short Sale?
It is best to begin the Short Sale process as soon as you realize that you have an unaffordable payment for your budget; you know that your loan owes more than the ‘Fair Market Value’ and cannot sell for what you currently owe; or you have little equity in the property which won’t cover the realtor, closing, or any other associated costs that you need to cover in order to sell the property.
3) Why would my Lender want to allow a Marco Island Short Sale to help me?
It’s simple really. Often a short sale has a far better return on an investment to the lender than a foreclosure. The average savings a lender sees from a short sale property is far higher than the savings of a foreclosure property. Not only does the lender receive higher savings when they allow a short sale, they also get paid on the loan 6 months earlier than in the foreclosure process. This allows them to collect and cash-out earlier than they would if they foreclosed on the property. Not to mention the costs the lenders have to pay their attorneys to complete the foreclosure process. Lenders created the short sale process as an alternative to foreclosure for those reasons. It is a win-win situation for the banks to allow short sales. They do not look at this as helping you, they look at it as a positive solution to a very costly and time consuming issue.
4) How long does the Marco Island Short Sale process usually take?
The entire process of a Short Sale generally takes 30 to 90 days (1 to 3 months). All situations are unique and therefore I cannot guarantee a specific amount of time.
5) What is the difference on my Credit between a Foreclosure and a Short Sale?
A Foreclosure will show as A Foreclosure or A Debt NOT PAID. It is a very negative mark on your credit that can stay there for up to seven years! A short sale will show as – Debt Paid or settled. It is a much better mark and will make it easier for you to get credit in the future. Please consult one of the three major creditors for further explanation.
6) What are all of the liabilities when doing a Short Sale?
On December 20, 2007 President Bush singed a measure to provide financial relief for financially strapped homeowners facing foreclosure. The bill gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan. NO TAXES WOULD BE OWED ON THE VALUE OF ANY DEBT FOREGIVEN OR WRITTEN OFF. Currently such debt forgiveness is taxable income.
Click this site for complete article: http://www.msnbc.msn.com/id/22345416/print/1/displaymode/1098/
Always consult your local CPA for further information on this matter.
It is important to note that if a property should go into foreclosure and is sold at auction the difference in the amount you owe on your loan and the price the lender will get on a foreclosure sale is much higher than the discount they will give at a short sale. Completing a successful Short Sale will eliminate a Deficiency Judgment from happening and minimize the tax liability you may have. It will also stop you from having a foreclosure on your credit.
7) What is a Deficiency Judgment?
A Deficiency Judgment is what can happen if the bank sells a house in a foreclosure sale auction. The bank has the right to sell the house for an amount less than the debt owed and all other fees they may have. If the house sells for less than the mortgage debt, then a Deficiency Judgment can be placed against you. By this you will be held responsible for the portion of the loan that was unpaid. Example: Initial Mortgage Loan of $400,000. The bank collects $300,000 at a Foreclosure Auction. A Deficiency Judgment is placed against you for $100,000 which is the difference. If this is placed on you it will also show on your credit along with the Foreclosure. Once this is placed as a judgment against you the lender can proceed with further legal actions and garnish your wages to collect on the debt. Some states have regulations and restrictions on Deficiency Judgments, but unfortunately MOST DO NOT.
Once again, this is where my presence in a short sale negotiation is invaluable as we will negotiate with the lender to agree on a “release” and “satisfy” position, which mean no deficiency judgment to consequence the short sale.
8) Why Use Marie Orlando?
I will work with the lender on your behalf to provide a fair market value for your property. Coming from a finance background, I know the inner workings of banks and finance companies.
9) Do I need to sign a Power of Attorney when processing a Short Sale?
NO! At no time should you have to sign a power of attorney to process a short sale.
10) Can you negotiate a Short Sale when a home has more than one mortgage?
Yes. The process is the same regardless of the number of liens.
11) Can you guarantee that my short sale will be successful?
I can guarantee that I will do all that is required to complete a successful short sale. Unfortunately I cannot guarantee what the lenders will make as their decision. I know what the lenders require and they are looking for as a discounted price. This makes my success level much higher.