Short Sale What is it?

A short sale is an arrangement with your lender in which you are permitted to sell the property for less than you owe. This is a method of disposing of your home without having the lender foreclose on you. In many cases the lender pays your closing cost and your realtor's commission. Not all lenders papprove a short sale. They are in the business of lending money, not owning houses. The decision depends on a number of factors: Where is your house? How much loss will the lender suffer? What is the possibility that an investor would buy the property at a foreclosure sale? Each lender has its own requirements. You will need to prepare a comprehensive letter explaining why you are requesting the short sale. It is much like the paperwork you completed when you applied for the loan, only in reverse. Now you must prove to your lender that you are in financial distress and can't afford the monthly payments. The short-sale process often works but is complicated, time-consuming and uncertain, which is why choosing the proper agent is critical. It could save you time, money and your credit history. Interview your agent before hiring him or her. Some agents don't do short sales at all, because it's not guaranteed they will get paid. If you start early, before you miss your payments and before your lender notifies the credit-reporting companies, you are ahead of game and have a better chance of succeeding

For list of homes that are bieng sold for short sale or You yourself qualify for a short sale, contact
Edwin Gerace at 803-609-7653

Short Sales don't relieve Deficiency Judgement

You lost your house – but you still have to pay?

As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?

Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes.
It can even happen to people who got their bank to approve them selling their home for less than it is worth. Some banks issue 1099 for the difference and make home owners pay taxes on the short amount as well

Sad Examples are that
Mr. Jones does a Short Sale, His bank 2-4 years latter sends a letter demanding 1- Payment of short sale amount or them to claim Bankrupcy. This is the dark cloud that looms over the future Short Sales

Whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens. But if borrowers ignore the possibility of deficiencies, it could haunt them

Lenders may release property liens in order to facilitate short sales without releasing borrowers from their obligations to pay under the promissory notes. The secured debt can convert to an unsecured one after the sale

Releasing title does not necessarily end the debt. It's complicated because of variations in state law, but, generally, a mortgage has two parts: a pledge of collateral, represented by the home, and a promise to pay off the loan

2010 is Here

2010 is HERE………… Is it 20-10 or 2,010?

Coming into 2010, there are many people trying to decipher all the data that is being reported regarding the housing industry. Due to the information highway, we have and use and some times abuse, data is being thrown at us at a high rate. The main goal is to try to bring clarity to a market that has been clouded with confusion for the last Three to four years.

We must not allow the truth to overshadow the facts. What do I mean by that? Let me give you an example. The housing market is better than it was, that is a fact.
But the truth is that home prices in many areas (NOT ALL) are still falling and will continue to fall for a period of time.
Many people except when they hear that the market is doing better that implies we are back to 2005-2007. News Flash….. That is not the case and will not be the case for many years. Prices in many markets are being adjusted. For example, a wise Realtor/Manager told me about equity and people saying that they lost value of their home. That is a misconception, they got their equity early (Prepaid).

Prices must still be adjusted in order for buyers to be able to afford the home. Proof of that is that the government is still subsidizing home purchases by artificially keeping interest rates low and offering tax credits to both first-time and move-up buyers. The good news is that those programs are creating a market for people looking to sell their home now. The bad news is that they will not last forever. The question that begs to be answered is what happens when interest rates rise (the government program that has kept them low ends on March 30) and the tax credit expires (April 30)? It is my belief that, when these inducements fade, so will demand. What will happen in June is the real question, what will banks and the governments do to keep this market moving.

Pricing has always been about supply and demand. The current housing market is no different.

If you are considering selling your house, put it on the market NOW to take advantage of the increased demand before the aforementioned government incentives that created it disappear. And please don’t wait for the distressed properties to come to market.

Edwin Gerace

About Lexington, SC Lexington, SC Homes For Sale Lake Murray, Irmo Homes for Sale West Columbia Homes For Sale


About Edwin Contact Us Curb Appeal List Closing costs - loans Closing costs - Ins. Free Home Valuation Find A Home! How Escrow Works BLOG Search MLS Newsletter South Carolina Facts Realtor Referal About Lexington About Lake Murray About Irmo LINKS Realtor Ethics Kids Eat Free Why a Realtor Real Estate Info Community Links Homes for Sale About Chapin / Ballentine About Forest Acres Heathwood Area Lake Murray Irmo Homes Lake Murray Lexington Homes Lexington Homes Rosewood Area Homes Irmo / St Andrews Homes West Columbia Homes North East Homes Golf Page Dave Ramsey Lexington Town of Lexington Lexington County Lexington Cities Lexington Zip Codes Lexington Neighborhoods Utilities Lexington County Data Richland County Data About Edwin Gerace Medium Sales Price Community Grant Seminar American Town TheZoo Things to Do Lake Level SCDOT-Traffic Columbia Attractions Sporting Events Travel to Columbia Columbia Events Area Events Famously Hot Lexington County Info Lexington Chamber South Carolina Realtors Columbia Realtors Russell & Jeffcoat Home Buyer Seminar Press Release Just Lexington Home Buyer Closing Costs First Time Buyers For Buyers Press Release Selling Your Home Our Featured Homes Home Applying for a Loan Bi-Weekly Mortgage Your Buying Power Neighborhood Prices Staging Your House 9 Steps to Owning Site Map ARM Calc Fixed Rate Mtg Calc 15 vs 30 Year Mtg Calc Mtg Tax Savings Calc Mortgage Qualifier Calc Required Income Calc Maximum Mortgage Calc Refi Interest Savings Calc Refi Breakeven Calc Mortgage Calculators The Kitchen Ethics in Real Estate Home Appreciation Home Price Index My Blog


.

Short Sales information, Columbia Homes

Short Sale in Columbia, SC by Edwin Gerace

What is a Short Sale and can it save my house? This is in no way something you want to gamble with. You need a professional that knows Short Sales and is an expert in the area. Edwin Gerace is that agent. When days and weeks count, you don't need to risk your largest financial asset with an agent that is not knowledgeable in short sales.

For short sale assistance and other options to consider first before you should consider a short sale contact. There are other options besides than a short sale in the Columbia, SC so that you can stop foreclosure! There is Loan Modifications, and many others.

Edwin Gerace has access to a Loss Mitigation Specialist here locally that works on your behalf to help you through this banking process and decide what is the best path for you. If it is the Short Sale process she will help you and get from point A to Point B. Here is why that is vital. Imagine you going to the front of the bank and talking with the hostess, that is you. Edwin Gerace's friend has relationships with bankers and goes through the drive through and knows what to ask for and has the documents they want and require so that you don't have to wait any longer than you should. Does that sound easy? It is is and can save valuable time.

Listing your house with Real Estate Agent or Broker that knows about short sales. In many cases you may be able to sell your house before your foreclosure is final. Email Edwin Gerace for information

The other option that few consider is to rent your house. In many cases you may get a considerable down payment and perhaps a little more than your actual mortgage. If you need assistance to rent your house consult a property manager and notify your lender.

If you have considered all the alternatives to foreclosure, then a short sale may be the best possibility to move on with your life with the least amount of damage. You win, the bank wins. Your house gets sold; the bank gets a new mortgage. Feel Free to visit my website for more information.

However, in many cases your house may get sold for less than the amount owed, and then the bank can come after you for the difference. Some banks ask for that the remaining funds that were not satisfied to be paid over time or some times they 1099 the seller too.

Earlier this week, mortgage giant Fannie Mae said homeowners who stop making payments and then send their keys back to lenders months later will not be able to get another mortgage through that firm for five years. Freddie Mac also is going after walk-away borrowers, mortgage lenders say. Neighbors of the people who walk way are already being punished by lower home values due to the foreclosure. "People should hang in there as long as they can, ask for help and try to work with their lender,"

If you are going to consider a short sale to prevent foreclosure in the Columbia SC area, consider a company that understands how and has the contacts with a team of professionals that are properly trained to get a short sale completed.

Search Columbia, SC Homes , Search Lexington, SC Homes

+++++++++++++++++++++++++++++++++++++++++++

foreclosure help, SC, Columbia Homes for Sale, Edwin Gerace, Short Sale, Short Sale Assistance, Short Sale Expert, Realtor, Russell and Jeffcoat Realtors

About Lexington, SC Lexington, SC Homes For Sale Lake Murray, Irmo Homes for Sale West Columbia Homes For Sale

About Edwin Contact Us Curb Appeal List Closing costs - loans Closing costs - Ins. Free Home Valuation Find A Home! How Escrow Works BLOG Search MLS Newsletter South Carolina Facts Realtor Referal About Lexington About Lake Murray About Irmo LINKS Realtor Ethics Kids Eat Free Why a Realtor Real Estate Info Community Links Homes for Sale About Chapin / Ballentine About Forest Acres Heathwood Area Lake Murray Irmo Homes Lake Murray Lexington Homes Lexington Homes Rosewood Area Homes Irmo / St Andrews Homes West Columbia Homes North East Homes Golf Page Dave Ramsey Lexington Town of Lexington Lexington County Lexington Cities Lexington Zip Codes Lexington Neighborhoods Utilities Lexington County Data Richland County Data About Edwin Gerace Medium Sales Price Community Grant Seminar American Town TheZoo Things to Do Lake Level SCDOT-Traffic Columbia Attractions Sporting Events Travel to Columbia Columbia Events Area Events Famously Hot Lexington County Info Lexington Chamber South Carolina Realtors Columbia Realtors Russell & Jeffcoat Home Buyer Seminar Press Release Just Lexington Home Buyer Closing Costs First Time Buyers For Buyers Press Release Selling Your Home Our Featured Homes Home Applying for a Loan Bi-Weekly Mortgage Your Buying Power Neighborhood Prices Staging Your House 9 Steps to Owning Site Map ARM Calc Fixed Rate Mtg Calc 15 vs 30 Year Mtg Calc Mtg Tax Savings Calc Mortgage Qualifier Calc Required Income Calc Maximum Mortgage Calc Refi Interest Savings Calc Refi Breakeven Calc Mortgage Calculators The Kitchen Ethics in Real Estate Home Appreciation Home Price Index My Blog