ARE YOU LOOKING TO GET OUT FROM AN UNDERWATER MORTGAGE?


WHAT ARE YOUR OPTIONS?


  • BANKRUPTCY
    • en.wikipedia.org
  • FORECLOSURE
    • en.wikipedia.org
  • DEED IN LIEU OF FORECLOSURE
    • en.wikipedia.org

    WHAT ARE YOUR OPTIONS REGARDING SELLING?
  • Standard sale-With the value of the property being less than what is owed to the lender, you will need to bring money to the settlement to make up the difference.
  • Short sale.

    • WHAT IS A SHORT SALE?
    A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In other words, you are asking the bank to allow you to sell your house for less than what you owe them.

    CAN I QUALIFY TO DO A SHORT SALE?
    The bank will most likely accept a short sale if you owe more on your house than the current market value and you have a valid hardship that is causing you financial problems.

    TYPES OF HARDSHIPS

  • Reduced income
  • Divorce

  • Death of a family member
  • Failed business
  • Tax debt or liens
  • Loss of job/income
  • Separation

  • Medical bills
  • Military service
  • Sickness or illness
  • Too much debt
  • Death of spouse
  • Mandatory job relocation
  • Damaged property
  • Incarceration


    • Lenders may agree to accept the proceeds of a short sale but you have to know the process ahead of time to be fully prepared.

    What are the tax implications
    If you sell your house for less than you owe the IRS can look at the difference as “income” and tax you on it.New legislation may help sellers of a short sale:
    The Mortgage Forgiveness Debt Relief Act and Debt Cancellation www.irs.gov

    Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form
    www.irs.gov



    		 

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