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A homeowner may want to do a “short sale” instead because it can be less damaging on one鈥檚 credit than a reported foreclosure. Another benefit to short sale process is that many homeowners are able to get new financing to purchase their next home sooner than someone that has a reported foreclosure. Foreclosures can remain on your credit for ten years Reshad Jones Jersey , and you may not be eligible to purchase a new home from five to seven years. A short sale will remain on your credit, but you may be able to purchase a new home in as little as two years. For many homeowners their credit is able to recover within the two year wait period when they establish good credit and continue making on time payments with their other creditor after they complete their short sale process.
California homeowners might find protection under CA Senate Bill 458. Prior to this year, the law stated that that any note holder of a mortgage or deed of trust for a second home, rental property Michael Deiter Jersey , cash out refinance, home equity loan, and home equity line of credit had the right to go back and file a deficiency judgment against the homeowner even after the short sale was complete. On July 15, 2011 Christian Wilkins Jersey , Governor Jerry Brown signed new legislation that prevents any lien holder from filing a deficiency judgment after the close of a short sale of a one-to-four unit dwelling in the state of California. The legislation closes the loophole that previously allowed note holders on second homes or other non-owner occupied properties and holders of non-purchase money loans to file for judgment. CA Senate Bill 458 extends the protection to all loans regardless of whether the loan is purchase money or cash out, and all occupancy types such as second homes and rental properties. This is a huge victory for homeowners who have multiple liens on their property and real estate investors looking to get rid of their negative cash flow investments and avoid foreclosure and bankruptcy.
Before pursuing a short sale, is it important to consult with a CPA or real estate attorney to see how a short sale process may affect your federal and state income taxes. Your CPA can help determine if you are insolvent, which may protect you from any tax implications Minkah Fitzpatrick Jersey , and help you determine if you are protected under the Mortgage Forgiveness Debt Relief Act of 2007.
You will also need to speak with a knowledgeable real estate agent about the best way to avoid foreclosure and proceed with a short sale. Licensed real estate agents are familiar with the bank鈥檚 requirements for the short sale process and can ensure the short sale application is put together in the most effective manner to prevent the bank from requiring a cash contribution or promissory note from the seller.
Providers Financial is full service real estate brokerage which fulfills the purchase, sales, or short sale needs for consumers in. We specialize in marketing homes for sellers, short sales Dan Marino Jersey , and finding and placing buyers in homes. We have worked with all the large banks and credit unions, and have placed hundreds of people in homes. We have successfully postponed foreclosure sale dates and negotiated hundreds of short sales for homeowners and investors seeking to avoid foreclosure and bankruptcy.


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Free News Articles Home Free News Articles Real Estate Leslie Kavanaugh Announces Opportunity to Own Best Home in Malibu鈥檚 Most Coveted Area of Point Dume Leslie Kavanaugh Announces Opportunity to Own Best Home in Malibu鈥檚 Most Coveted Area of Point Dume

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