August 31, 2014

San Elijo Hills Short Sale

San Elijo Hills short sale

Short Sale relief laws expire December 2012 for San Elijo Hills homeowners!

Do you owe the your lender more than what your home is worth?

Are you having trouble making your mortgage payments?

Are you currently behind on your payments?

Would you like to limit damage to your credit and avoid foreclosure?

Would you like to be able to get out from under your mortgage, pay zero commissions, owe the bank nothing, and get a new start?

Did you know that several mortgage relief laws that can save you thousands of dollars on your San Elijo Hills short sale are set to expire in December 2012?

All of these goals can be accomplished with the assistance of an experienced LOCAL real estate Team. Our Team has successfully assisted San Elijo Hills homeowners to acheive these goals so that they could get a fresh start without worry of future tax or delinquency consequences.

To say that we know San Elijo Hills well is an understatement. We are proud San Marcos residents who have lived, dined, shopped, exercised, and worked here for ten years. We know the local real estate market thoroughly. Our Team is extremely active on both the Listing and Buyers side of real estate, so we come into listings with an intimate understanding of San Elijo Hills current inventory, and a pool of ready buyers who are currently searching for a home just like yours. Visit our Testimonials page to learn what our former client’s say about us.

This is a complex process that takes time. The good news is that our Team does all of the negotiating with the lenders – you just supply us with your documents, and we take it from there! The best part? You pay us nothing! The bank pays the commissions from the proceeds of the sale.

Now is the time to take action! Completing a short sale in San Elijo Hills can take several months. It is important to start the process now so that it is completed before December 31, 2012. We have the experience needed. Put us to work and move towards a brighter future. Call us at (760) 798-9024 today for a confidential consultation with no obligations.

 

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What are the short sale relief laws that are set to expire in 2012, and how could they help me?

SB-931 – This law prevents your 1st mortgage lender from pursuing a deficiency from you after your short sale is closed. Let’s assume that you owe $100,000 more than what your home sells for. Before SB-931 you may have been liable to repay the bank that amount. Until December 31, 2012, once your short sale is approved by the bank, you are free of that $100,000 liability.

SB-458 – This law is similar to SB-931 above, but is applied towards subordinate or secondary mortgages. Again, if your short sale is approved by the subordinate lender, you will be released from your secondary deficiencies.

SB-401 – This mortgage forgiveness debt relief act allows taxpayers who have had all or part of their loan balance on their principal residence forgiven by their lender, to exclude the forgiven debt from their CA gross income. This tax relief is for those who short sell their homes in California and applies to discharges of qualified residence indebtedness before December 31, 2012.

Mortgage Forgivness Debt Relief Act of 2007 – This law generally allows taxpayers to exclude income from the discharge of debt on their primary residence. Debt reduced through a short sale qualifies for this relief. This applies to loans that were used to acquire, build, or improve upon on the home. Before this law, the same $100,000 deficiency used in the example above could have been seen as income for tax purposes.

Always consult your tax advisor regarding how the above laws may apply to your individual situation.

What does all this really mean to me?

This means that if you have fallen behind on your mortgage payments – or are about to – that the time to take action is now. Any delay that causes your San Elijo Hills short sale home to sell after December 31, 2012 could cost you and your family thousands of dollars in deficiencies and taxes.

The best way to begin to plan an actionable exit strategy is to consult with your Team of experts. The first step of this process is to contact an experienced local real estate team to speak about various options available for you.

Always consult your tax advisor regarding how the above laws may apply to your individual situation.

Our goal is the same as yours – to complete a successful short sale of your home, allowing you to move forward with a clean slate.  Begin this process today by contacting us at Team@dreamwellhomes.com for a no-obligation confidential consultation.

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