Short sales soon to be more costly for sellers

The Mortgage Debt Relief Act of 2007 expires December 31. This may not sound important, but what the act does is relieve those people selling their homes for less than is owed to the bank of any tax consequences (in most cases).




There are currently 11 million homeowners more than 90 days past due on their mortgage and some of them could get a a "relatively" new start if they could sell their home instead of going through foreclosure. However, the current law will be expiring soon and the short sale process is notoriously slow.



I am not advocating short sales, I would much rather see home owners ride out the down time and that can often be done with a refinance using one of the Freddie Mac, Fannie Mae, FHA or VA programs for underwater customers. However, there are home owners that need to move and a short sale is the way to get that done.



This area is starting to see a turn around in the real estate market and property values are following, although slowly. A Realtor(r) specializing in short sales is the best way to go if needing to get the process accomplished. A mortgage lender that is fast and efficient is invaluable when needing to close on a short sale after approval has been received from the owning bank. If looking to refinance under one of the above programs, contact a reputable loan officer for assistance. I would suggest looking in the region, rather than a national chain (which are often just lead generators) due to speed, accuracy and cost.



Right now is the time to get the ball rolling. Rates have been and continue to be at historic lows for those refinancing and the sooner the short sale is behind, the sooner the seller can start re-establishing their credit.


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