| In a rapidly changing real estate world,
much attention is now being given to Short Sales. But only a
very few agents are trained and "certified" in this area. S.
Mark Hastings is one of them. S. Mark Hastings is a RE/MAX
Gateway Certified Distressed Property specialist.
Why should you consider a Short Sale?
The answer is simple. With an estimated 8.5 Trillion, yes
Trillion in anticipated defaults of mortgages and with all the
current mortgages clogging the Court system, every effort is being
made to resolve the issues pre-foreclosure.
Some lenders will stay foreclosures and
some will not. Some lenders will waive Deficiency Judgment
and some will not. The fact is, the system is coming around
and rewarding Short Sales vs Foreclosures and here are some examples
as to how:
- Future loans- 2 years after Short
Sale, 5 years after Foreclosure (Fannie Mae backed mortgages).
- Credit score takes a 50 point hit
with Short Sale, 250+ with Foreclosure.
- Credit Report-not reported on
Short Sale, on for 10 years with Foreclosure.
- Security Clearances- Short Sales
has no effect, Foreclosure may have effect.
- The "U.S Debt Forgiveness Act of
2007 will expire (unless extended) on 01 Jan 2010. This
act allows that the forgiven debt by the lender shall not be
deemed as taxable income.
It may seem overwhelming and you
may feel or have been told to "just walk away" from your home but
don't. Before you do anything, call or e mail me. I have
many tools that may help you avoid foreclosure!
For information, please contact:
S. Mark Hastings
Office: 703-652-5702
Fax: 703-263-2510
E-mail: info@markhastings.net
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