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Don't Lose Your Home to Foreclosure. As
a Licensed Real
Estate Broker, Certified
Loan Originator, Certified Distressed
Property Expert,
Short Sale Specialist,
I Can Help You!
I can give you the expertise necessary to
save your credit,
relieve the uncertainty
and most of all, help your family.
Don't Wait Until
It's Too Late!
In Real
Estate, a Short Sale - What is it?
A Short
Sale is when a lender agrees to receive less than the original amount owed on
the property, via negotiations, to be able to release the lien.
The Short Sale Process
The first step is to find out if a short sale is an available option for you.
Then the
property is put into the market, and the Hardship Package is given to the
lender.
When an
offer is received it is submitted to the lender. If the lender approves the offer,
the file moves to closing
The
Seller's Benefits, The Buyer's Benefits
The homeowner can eliminate their mortgage debts without financing repairs for
the purpose of the selling the property
The lender
pays for commissions and closing costs.
The
seller's credit report is not negatively affected by a foreclosure
Bankruptcy
can be prevented.
The
homeowner can stay on the property until the procedure is finished.
Buyers can
buy property that has a below-market price. Also, the short sale properties are
usually in better shape than foreclosure properties (don't need as many
repairs).
Work with a
Real Estate Agent, Broker
A short sale has the potential to become very complicated. Lenders prefer to
deal with a Realtor instead of with the buyer. As a real estate agent, I am
very persistent and patient with the short sale, using my abundant amount of
experience to make the process as smooth as possible.
There is no
cost for professional representation! The lender covers the costs of the real
estate commission. Make sure a qualified real estate professional is
representing you!
The Home
Affordable Foreclosure Alternatives (HAFA)Program provides additional options
to avoid costly foreclosures and offers incentives to borrowers, servicers and
investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures.
HAFA alternatives are available to all HAMP-eligible borrowers who: 1) do not
qualify for a Trial Period Plan; 2) do not successfully complete a Trial Period
Plan; 3) miss at least two consecutive payment during a HAMP modification; or,
4) request a short sale or deed-in-lieu.
HAFA Policy
Updates
Cancellation
of Debt
If you borrow money from a commercial lender and the lender later cancels or
forgives the debt, you may have to include the cancelled amount in income for
tax purposes, depending on the circumstances. When you borrowed the money you
were not required to include the loan proceeds in income because you had an
obligation to repay the lender. When that obligation is subsequently forgiven,
the amount you received as loan proceeds is normally reportable as income
because you no longer have an obligation to repay the lender. The lender is
usually required to report the amount of the canceled debt to you and the IRS
on a Form 1099-C, Cancellation of Debt. Cancellation
of Debt
Do not
hesitate to call me for free service and for more information about avoid
foreclosure, or if you have any questions about listing and selling your short
sale property for free!
I don't charge any fees for short sale listing and service! In a
successful short sale your bank pays for the Realtor commission, attorney fees,
title company fee, and any other closing costs.
Simply list and sell your short sale property for free!
But I'm not
only a short sale specialist. I also work as a listing real estate agent,
Realtor who works with many types of transactions. So don't hesitate to call me
for any questions you have.
Here are
some great properties that I would like to bring to your attention. Please see
these select homes offered by me for sale. VIEW
MY LISTINGS
Looking for MLS & Short Sale Listings? Start
Search for properties Find the
perfect home for you! A variety of search types allow you to choose detailed
advanced criteria!
Certified
Distressed Property Expert What is a
CDPE?
 
Are you
buying or selling a loft? a condo? a rural property? raw land? an investment
property? short sale? foreclosure? Perhaps cost is your main
concern or timing. Whatever you decide, please contact Regina at
(773) 520-1522 - Chicago
Free property
search engine brought to you by real estate agent Regina Zak Tomas By signing
up with the Property
Research Center, you have access to features that will help you find
and organize the listings that best fit your needs.
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Because Every Short Sale Is Different, It Is
Essential For
Both Buyers And Sellers To
Work With A Realtor That Is Trained,
Certified And Experienced In Doing
Short Sales!
FORECLOSURE
VS. SHORT SALE
Current
or Future Employment
Foreclosure; Employers have the right and are actively checking the credit
regularly of all employees who are in sensitive positions. A foreclosure in
many cases is ground for immediate reassignment or termination. Many employers
are requiring credit checks on all job applicants. A foreclosure is one of the
most detrimental credit items an applicant can have and in most cases will
challenge employment.
Short sale:
A short sale is not reported on a credit report and is therefore not a
challenge to employment.
Deficiency
Judgment
Foreclosure: In 100% of foreclosure (except in those states where there is no
deficiency) the bank has the right to pursue a deficiency judgment.
Short sale:
In some successful short sales it is possible to convince the lender to give up
the right to pursue a deficiency judgment against the homeowner.
Deficiency
Judgment (amount)
Foreclosure: In a foreclosure the home will have to go through an REO process
if it does not sell at auction. In most cases this will result in a lower sales
price and longer time to sell in a declining market. This will result
in a higher possible deficiency judgment.
Short sale:
In a property managed short sale the home
is sold at a price that should be close to market value
and in almost all cases will be better than an REO sale resulting in a lower
deficiency.
Future
Loan with any Mortgage Company
Foreclosure: On any future 1003 application, a prospective borrower will have
to answer YES to question C in Section 7 of the standard 1003 that asks
"Have you had property foreclosed upon or given title or deed in lieu thereof
in the last 7 years?" this will affect future rates.
Short sale: There is no similar declaration or question regarding a short sale.
Credit
Score
Foreclosure: Your score may be lowered anywhere from 250 to over 300 points,
typically affecting your score for over 3 years.
Successful
short sale: Only late payments on mortgage will show and after sale
mortgage will be reported as paid or negotiated. This will lower the score as
little as 50 points if all other payments are being made. A short sale's effect
can be a brief as 12 to 18 months.
Credit
History
Foreclosure: Foreclosure will remain as a public record on a person's credit
history for 10 years or more.
Successful short
sale is not reported on credit history. There is no specific reporting item for
'short sale'. The loan is typically reported 'paid in full, settled, paid
as agreed'.
Other
things to know about short sales:
- The short sales procedure can and does vary from lender to lender.
- Seller will not receive any excess funds.
- Seller may not remain in the property after the sale even with permission of
the new owner.
- Seller will not receive a refund of any escrow accounts.
- Seller may be asked to sign a note for the deficiency at closing.
- There can be no substitution or assignment by buyer.
- Even though a short sale is pending, the lender can still foreclose on the
property
- Buyers must be patient because the short sale process can take several months
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