Top 5 Short Sale question

I have composed of the most frequent question I am asked from homeowners who are
considering a short sale. Here are the top five  Short Sale questions I am asked often.

1. How does a short sale effect my credit ? Depending on how your Short Sale is negotiated with your lender it could have a smaller impact then not paying your mortgage and going into foreclosure.

2. Why is a Short Sale better then a Foreclosure ? Selecting to do a Short Sale you avoid the foreclosure stigma on your credit, and you may be able to purchase again in 2-3 years oppose to the 7 years with a foreclosure.

3. My foreclosure date is 2 weeks away, can I do a short sale ? Depending on the lender, you will need to submit a complete Short Sale packet and also your Realtor® will need to send in a packet without this, they will not postpone. Some lenders will need a purchase contract to postpone the Sales date.

4.  What are the tax consequences in doing a short sale ? You should always check with your tax person . The mortgage debt forgiveness act 2007 has positive tax consequences for those who participate in the Short Sale with owner occupied homes, again consult with  your tax person.

5. I am current on my mortgage can I do a short sale ? In most case the answer would be Yes, if you can prove to the lender you have a hardship.

I hope my blog was able to shed some light on the Short Sale process.
I am a Houston Realtor® please visit my website at www.keystomyplace.com

For any question you may have on the short sale process please email or call me with your questions. 713-269-9235 direct