Danielle N. Pierce - Your Short Sale Problem Solver
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Pre-foreclosure Guidance – If you are facing foreclosure and want someone to help you go over your options, call right now for your FREE 1 on 1 consultation. There are many programs out now to help you stay in your home or to unload your property. I can help you decide which option is best for you.
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"Working with Danielle has been a great experience she has helped me find housing twice and I'm grateful to know Danielle as a agent and a person, Thanks again Danielle for helping me." - S. Powell
"My husband and I had to sell our home fast.. Danielle was there from day one. She has excellent communication skills and we loved her weekly follow ups. She is very knowledgeable so she was able to answer all of our questions. Even after the sale she has called to see how we were doing! Danielle you're simply the BEST!" - M.L. Diaz
Mrs. Danielle is a great person to work with. At the time that I was looking for a home I had just lost my mom & had to take in my 2 nephews which meant that I needed more space. She was able to work with myself & my soon to be very picky husband. She took her time & 2 months later we are in our soon to be home. thanks Danielle...." - T. Ratliff
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THE IDEAL SCENARIO FOR A SHORT SALE... |
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Written by Danielle N. Pierce
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Sunday, 27 December 2009 19:29 |
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Short sales appear to be increasing at an EXTREMELY rapid pace. Until the housing market starts to stabilize, it looks as though short sales will not be going anywhere anytime soon.
Unfortunately, there are several different financial outcomes that are possible once the sale is closed. A distressed seller may encounter any of the following scenarios:
1)The lender may issue a 1099C (Cancellation of Debt) for the difference between what the property SELLS FOR and the outstanding mortgage balance. Basically, this will force the Borrower to recognize that amount AS INCOME.
2) The lender may reserve the right to sue the Borrower for a DEFICIENCY JUDGMENT. Again, this is the difference between what the Borrower owes and the outstanding mortgage balance. NOTE: review the provisions under the Mortgage Forgiveness Debt Relief Act as the lender's pursuit of the deficiency judgment may not be allowed for owner occupants.
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