Posted by 2obvious.com
When considering doing a ShortSale on your home you might consider the following. We want you to consider using proper legal advice to ensure your informed of all your legal protections and options. I know a few attorneys in town who are familiar with what your doing and can assist you. Or better yet call the local Attorney bar association for assistance at 614-221-0754
- You want an attorney who doesn’t require upfront fees.
- You want him or her to be paid at the closing.
- Ask the attorney how many ShortSales they have done?
- How many were successful?
- At what exact point has a bankruptcy been started?
- And finally ask them if they charge by billable hours or a flat fee
- We also want you to consider discussing your situation with a certified CPA who can advise you on how a shortsale can affect your taxes next year. We will be facilitating the short sale but we are not legal or tax counsel and really want you to get the best advice possible in those areas. The following website is for a CPA and Real Estate attorney I am familiar with and suggest you discuss your situation with them. You might consider calling Nate Busch at 614-207-2441 who is an experienced CPA I have known for several years. www.Realestatetaxlaw.com
- Talk to your bank – There are options you may have with the bank such as the following
- Forebearance – spreading the backpayments, fees and penalties over a fixed number of upcoming payments
- Load modification – modify or recast the existing loan
- Sell and bring cash to closing
- Offer the lender a Deed in Lieu of Foreclosure
- Request a shortsale
- Go to foreclosure
- Consider calling a counselor or seeking assistance with the following:
- HUD approved housing counselor 800-569-4287
- Homeowners Hope Hotline 888-995-HOPE
- Fannie Mae homeowner assistance
- Feddie Mac: homeowner assistance
- Making Home Affordable program
- Use an experienced Short Sale Realtor.
- Ask the Realtor how many Short Sales they have done
- What were the results of the Short Sale transactions and were you the listing or buyers agent
- Is the Realtor aware that some banks will pay the Seller to do a Short Sale
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