Indeed there is, and 1850 Realty can help!
This might seem like an odd topic in 2018, but the fact of the matter is short sales still exist. Options exists for you if you are “underwater” on your home via negative equity, mortgage and/or property tax arrears. This can be a very stressful and emotional topic for those going through the process, and 1850 Realty is here to help in a safe, friendly and confidential manner.
I’m behind on my mortgage, what do I do?
There are a number of things in play here, and the laws have changed in California protecting homeowner’s right to keep their property. That doesn’t mean you get a free pass at foreclosure though. Many mortgage servicers will try to help you in a number of ways, some of which may include:
- Temporary payment reduction
- Payment abatement with arrears amortized into existing principal
- Principal reduction to make payments affordable
If you have equity and are facing foreclosure, 1850 Realty can help you sell quick to extract your equity and avoid losing everything if you are unable to work a payment scenario with your loan servicer.
I need to sell a property, and I owe more than it is worth. What now?
This is your classic short sale scenario: you can’t afford to pay the shortage in principal or fees to sell. There are many possible permutations to get to this point, and none of them matter. What matters is 1850 Realty can help you avoid a foreclosure on your credit. Short sales still generate a hit, but it is not nearly as devastating as a foreclosure. We partner with you as an intermediary, collecting relevant documents, as well as negotiating with lien holders on your behalf. We also put an end to all harassing calls from creditors related to the process, which is a major stress relief!
What about taxes? Will I owe money?
This process has been in flux for years, as far as official state (Franchise Tax Bureau) and federal (Internal Revenue Service) mortgage forgiveness goes. Even if a clear cut law isn’t on your side, your certified public accountant can help you explore the process of insolvency that may render any forgiveness income tax free. This process can get complicated, and we can help you find a professional if you need a referral.
1850 Realty has negotiated a great number of short sales for clients over the years, and we have done so with additional factors such as divorce, death, and selling of mortgage debt to new lien holders. We protect you and your interests every step of the way. If you would like to arrange a no hassle, confidential consultation, we are here at your service: call (760) 814-1850 or email info@1850realty.com
