Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
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Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate








Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

 

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CDPE: Short Sale and Deed in Lieu

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Possible Crissis? There are Dignified Solutions

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The state of the U.S. economy and housing market has brought many homeowners from security to uncertainty. But within this uncertainty, solutions have been created to assist those who need help. If you or someone you know is struggling to pay the mortgage, it is vital to understand ALL the options available.

The pressures of an upside-down mortgage are not just felt by the homeowner. Lenders are looking to avoid foreclosure and work with homeowners to find solutions to their financial situations. Lenders are not in the real estate business, do not wish to take ownership of a home, and do not want a house to sit idle on the market.

So what options are available to you?

If you or someone you know is facing foreclosure and the damages it will cause to your credit scores, employment or security clearance, you should consider a short sale or a deed-in-lieu of foreclosure. These options could allow you to sell or walk away from your home without incurring liability for deficiency.

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Short Sale

In a short sale, a seller works with their mortgage lender to accept a price that's less than the amount owed on the home. This results in the seller avoiding foreclosure, and allows the lender to avoid taking ownership and selling the property.

 

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Deed-in-Lieu of Foreclosure

A deed-in-Lieu is a process in which a property is given fully to the lender because the homeowner can no longer make payments. The lender then sells the property in order to retrieve a part, or whole of the loan balance owed. In most cases, the homeowner must attempt to sell the home at fair market value for at least 90 days before a mortgage company will consider a deed-in-lieu. This may not be an option if there are other liens on the property, such as second mortgages, judgements from creditors, or tax liens.

 

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In both a short sale and deed-in-lieu, your lender can claim you owe a deficiency judgement on your remaining balance. This means the lender may have the right to pursue the difference of what you owed and the eventual sale price of the home price.

In a foreclosure, all rights to your property are lost, while the lender retains the right to pursue a deficiency judgement. It will also remain on your credit history for 10 years or more.

During negotiations for both short sales and deed-in-lieu transactions, it is imperitive to understand whether your lender reserves the right to pursue a deficiency.


What are the possible tax consequences?

When it comes to the tax implications of a short sale or deed-in-lieu transaction, you will need to consult a tax professional. As a general rule, any debt forgiven by the lending institution will be considered income. Lenders are required to file a 1099-A with the IRS showing the deficiency, which could have tax implications for you. once you have received Form 1099-A, you will need to complete IRS Form 982 to report how much of the debt was forgiven by the lender.

Again, consulting a tax professional is a vital part of this process, and can save you from future financial difficulties.

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Following is a chart showing the consequences of a short sale, deed-in-lieu, and foreclosure, reflecting the amount of time that homeowner must wait until being eligable to secure another loan:

Agency/Fixed Rate - Conventional Loans
   
Short Sale: 2 Years
   
Deed-In-Lieu 4 Years
   
Foreclosure 5 Years
FHA
   
Short Sale: 3 Years
   
Deed-In-Lieu 3 Years
   
Foreclosure 3 Years
 

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What's Your Fastest Way Out?

A deed-in-Lieu is the fastest solution out of a foreclosure, compared to the timeline of a short sale. However, very few lenders will negotiate a deed-in-lieu if a lien, or second mortgage has already been taken out on the home. Also, a deed-in-lieu will be a typical question asked on any future credit applications. Your history of short sales will notb be a concern. In addition, a short sale provides the feeling of accomplishment for selling your home.

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What Should I Look Out For?

If you are considering either a deed-in-lieu or a short sale, it would be wise to review the terms and conditions of your transaction carefully. Make certain your agent can explain whether or not a deficiency balance is forgiven, or how long the lender can pursue a judgement.

Both options can save you from the distress that foreclosure will cause on your credit, finances, future employment and, most importantly, your stability.

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I Heard About "Deed-For-Lease"...What's That?

You might have read about a new program called Deed-For-Lease. Fannie Mae created this program as an option for homeowners who are in distress but not eligable for a mortgage modification. Through this program, qualifying homeowners have the option to remain in their homes as renters after voluntarily transferring the property deed back to the lender. The homeowners must prove they are able to afford market rent, and then sign a lease with the lender.

Deed-For-Lease provides an additional option for borrowers who do not qualify for, or have not been able to sustain other loan-workout solutions. While this program is unique to Fannie Mae loans, be sure to discover what options your lender offers to homeowners who do not qulify for loan modifications but wish to stay in their homes.

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Following are a few of the homeowner qulifications for this program:

  • The property is to be used as the occupant's primary residence.
  • The occupant's income is sufficient to cover rental payments.
  • Inspection shows that the property has been kept in good condition.
  • The occupant agrees to be responsible for regular maintenance.
  • The number of occupants is appropriate for the home.
  • The occupants signing the lease must agree to a credit review.

To learn more, please contact me or visit www.efanniemae.com

 

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First Step:

Talk with an educated real estate professional to evaluate your particular situation and assess your options. As a CDPE-designated agent, I have received extensive training in foreclosure-avoidance options. Before applying for a deed-in-lieu, you should have a plan of action should you not qualify, or if the transaction does not go through.

I am here to help, call today.

828.230.1082

 

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With more than 1 in 7 U.S. homeowners not paying the mortgage, it's clear that no one is immune to the current economic situation.

I believe every homeowner deserves the best information and education to protect themselves from losing their home to foreclosure and ruining their credit. For those already struggling to pay their mortgages and unsure of what to do next, understanding short sales and deed-in-lieu can ease their stress and potentially save them from an impending foreclosure. Deciding on which route will be best for you and your family's future is the most important decision you can make. Please use this information to better understand the options available.

As a CDPE, I have been trained to assist homeowners in these difficult situations. If I can provide you eith more information or assistance, please don't hestitate to contact me.

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Contact me today and let’s get started!
Jerry Lee Hatley
Re/Max Mountain Realty
P.O. Box 1351, Maggie Valley, NC 28751
cell: (828) 230-1082
email: jerryhatley@bellsouth.net

CDPE website: http://www.hosted.cdpe.com/167450/

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Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

Short Sale Specialist: Jerry Lee Hatley
Foreclosure is NOT
your only option!

Short Sale Incentives:
Why Banks will Give You Money to Sell the Home You Can't Afford

The nation’s leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure – both in the form of monetary incentives for borrowers and streamlined procedures for real estate agents. read more.......

Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
   
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
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