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Selling a home short, is the sale of your house in which the proceeds fall short of what you still owe on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when an owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
A deed in lieu is a means of escaping an overly burdensome mortgage. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender.
A deed that transfers whatever ownership interest the transferor has in a particular property. The deed does not guarantee anything about what is being transferred, however. For example, a divorcing husband may quitclaim his interest in certain real estate to his ex-wife, officially giving up any legal interest in the property.
For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or an option ARM which is re-casting (resetting higher), up to now the only option was, letting the bank foreclose. That's not really a good option since a foreclosure can damage your credit record for at least 10 years. But some experts are now advocating a "short sale." This is a case of a distinction with a difference: If your bank agrees to a short sale, you then can hire an agent to find a buyer for the house, you sell the house for a loss, and with the bank's blessing, they agree to eat the loss (although they could still demand the homeowner make some kind of payment or share the loss).
Many times, you'll also need to scale back your own spending. Putting expensive jewelry on your credit card will make a bank less inclined to do you any favors on the sale of your home. And be prepared that if your bank does absorb the loss, the IRS might treat that as taxable income and you'll have to come up with the cash to cover the taxes.
Of course, the better option is to find some way to stay in the house—by first, seeing if the lender is willing to restructure the loan, or forgo a couple of monthly payments to help you get back on your feet. Apparently, more and more lenders are willing to make accommodations to avoid taking the property back. Banks hate to take over homes, especially in a declining market, so you shouldn't underestimate the willingness of a bank to make concessions.
Please contact us if you feel that you would like to sell your home quickly. We generally maintain a list of buyers who are looking for short sales. Please click here if you would like to be added to our wait list.
Private Waterfront estate in gated community located on 75 acre freshwater lake - only 10 minutes to town and 15 minutes to beachside! Every wall in house is insulated and doors are solid core. Insulated attic area with A/C for storage. Over 6,500 sq. feet of pavers lead to a double car garage on west side and a triple on the east. This home has 5 bedrooms, 5.5 baths, 5 car garage, theatre, game, and hobby rooms and a 3rd. floor observatory. Huge balcony for watching sunsets and large windows for natural light. Upper and lower covered porches on rear of home overlook the pool area and lake. Downstairs Master is handicap friendly. “Safe room” has full bath attached. Granite countertops throughout – 4 wet bars inside and 1 by the pool. There is a formal dining room and a living room with wood burning fireplace. Both master suites offer a separate master sitting area and the Master upstairs offers a morning bar. Enjoy boating, skiing or relaxing on your own custom beach. Too many extras to list! It is a MUST SEE.