What does it cost to short sale your home:
Most of the time nothing. The bank pays both Realtors and pays the taxes and other fees. If you live in a Townhome you may need to pay the association dues until it closes. If you don’t you may have the Association put a judgment against you which they can garnish wages or levy bank accounts.
Some clients have had to bring money to satisfy the first or second mortgage. I have never seen an amount higher than $6000, but then again I am still shocked in what I see in some short sale approvals from time to time. Depending on if the bank knows it is a rental property and the owner has not paid the mortgage in 8 months but has continued to collect rent (consult legal advice) this may work out for the short selling owner. Other scenarios have been that the second mortgage has taken a portion of the $3000 hafa funds provide by the first. Most banks understand that the homeowner doesn’t have much money, but they also understand how long that homeowner has not been paying the mortgage and still living in the property.
Put your mind at rest about being foreclosed on and give Short Sale Dale a call! Give me a call or send me an email and we can meet and talk about your options. No documents, no sales pitch, just the facts that you need to know so you can make the right decision for your family, like I did.
If you have any questions or comments, please post below or contact me at the following :
Dale Frisch 612-284-8161 or Dale@AttractiveRealty.com
We are not lawyers or tax accountants and you should always seek the advice from a professional
regarding legal or tax questions.
For a Free legal consultation on Real estate matters, Short Sale/ Foreclosure or Bankruptcy
Contact Nathan Nelson with Virtus Law PLLC 763.432.2169 Or Info@virtuslaw.com
Click here to visit their website
Call 612.284.8161 or Email Dale@AttractiveRealty.com