What are some short sale benefits?

There are many benefits and seasoned programs to help distressed homeowners who wish to pursue a short sale. Programs sponsored by state governments as well as lenders offer relocation assistance to qualified homeowners. To enroll in relocation assistance programs, give us a call at 1-800-760-9156

Some of the benefits for short selling your home:

  1. Government sponsored relocation assistance is available to qualified homeowners. Learn More
  2. Lenders are offering monetary compensation for homeowners who short sale. The major lenders who settled a lawsuit, including Bank of America, Chase, and Wells Fargo are offering some homeowners up to $30,000 for short selling in certain situations. Other lenders offer different benefits.
  3. All costs associated with performing the short sale are paid by your lender. This means there are no out of pocket expenses for you when you perform a short sale.
  4. By law, all mortgage debt is considered forgiven when the short sale is completed. This means that your lender cannot come after you for any remaining mortgage balance.
  5. California laws and clarifications by the IRS allows you to avoid paying taxes on a short sale in most situations. Learn More
  6. You are allowed to live in the home until it is sold.
  7. Lenders are not permitted to foreclose on your home during the short sale process.
  8. A short sale is less detrimental to your credit than a foreclosure.
  9. Outstanding deficiency judgements, such as HOA, can be forgiven or negotiated through a short sale settlement. Foreclosures can allow the opportunity for a lender to come after you for any outstanding debt still owed.