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Hollister Short Sales: How Do I Benefit from a Short Sale?

Hollister CA – The Stop Foreclosure Institute is closing another short sale tomorrow. The sellers had a job transfer out of state. They were short selling an FHA loan with a second mortgage. The short sale was fairly simple because of FHA's short sale guidelines.

Click here to discover how other sellers successfully executed a short sale and avoided foreclosure.

Here is how these sellers benefited from the short sale.

Benefit #1: The sellers were able to walk away with the debt wiped out completely. The FHA short sale guidelines released them from the first mortgage debt. The second mortgage also gave them a complete release. At first they weren't willing to do that, but we offered them a little extra money in return for a complete release. Fortunately, they agreed to it. This meant the sellers were able to completely wipe out a total of $80,000 in upside-down debt.

Benefit #2: Limited Tax Consequences. These sellers will owe taxes on only approximately $30,000 of the loss. Why? Because that was around how much money was borrowed on a home equity line. The Mortgage Debt Relief Act of 2007 states you will not owe taxes on a loss if you used that money to purchase or remodel your home.

However, if you borrowed and used the money for something else, then you would owe taxes on the loss. You would owe the money whether you short sold or the lender foreclosed. (Note: This is only my opinion after reading the law. I recommend you talk to a competent tax professional before making any financial decision.

Benefit #3: They will be eligible to buy another home in two years. Current Fannie Mae rules allow homeowners to buy another home two years after a short sale. Compare that with the five to seven year wait after a foreclosure.

Benefit #4: The sellers paid no money for the short sale. Everything was paid for by the lender. The short sale lender paid the real estate agent, title company, and all other fees. The homeowners can look forward to getting their financial life back on track.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at israel@ighomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (831) 636-8858.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification?Our Hollister loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail to israel@ighomes.com to request a Free Copy.

Or, click here to request a copy.

Thanks for reading this.~Israel Gonzalez.

Israel is a Real Estate Agent at Beale Properties.

Phone: (831) 636-8858. israel@ighomes.com.

View My homes for sale at www.bestREOhomes.com.

Israel Gonzalez specializes in loan modification assistance and short sales in Hollister California. Hollister Loan Modification Help, Hollister Short Sales. Hollister Short Sale Realtor Hollister CA Short Sales. Hollister Realtor.

Important Notice

Israel Gonzalez, Beale Properties, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Gonzalez's personal views and do not reflect the views of Beale Properties.

This information on "Hollister Short Sales: How Do I Benefit from a Short Sale?" is provided as a courtesy to our readers to help them make informed decisions.

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