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                                                                                                                         Trying to aviod Foreclosure? Contact Tony Vadala 239_898-2120 Cape Coral FL 33909

                                      "Your Hometown Realtor" Tony Vadala

                                              HUD & FHA Consultant

                                                     Short Sale Expert 

Call 239-898-2120    "I Can Help"  Guaranteed. Free Consultation.

 

Consultant Name

Consultant ID

Address

Phone

Termination Date

Ineligible due to sanction

VADALA, ANTHONY G

P0920

PO BOX 100073
CAPE CORAL, FL 33910-0000

(239) 898-2120

n/a

No

                                           

                                                     I Specialize in Short Sales & Lender Negotiations.

 

What is a Short Sale?

In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt.
In such instances, the lender would have the right to approve or disapprove of a proposed sale.

Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
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How We Do A Short Sale

There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." When lenders agree to do a short sale, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose.

As a real estate broker, I am not  a lawyer nor a CPA and cannot give any legal advice. However, I work hand and hand with many lenders in this area.

The difference between Vadala Realty and other companies is we have our owed in house negotiator and pay no fees to outside agencies to do the work. That's why we are Successful!

We have successfully closed many short sale deals this year. We have an excellent success record  .

We will handle and negotiate the complete process from start to finish on your behalf.. We will even get the lender to pay all commissions for the sale for you.

Give me a call at 239-898-2120 for more detailed information.

The lender will pay us the commission on the sale.

Here is a list of companies we have a good solid  working relationship; Lenders & Banks

Be aware the Internal Revenue Service. will consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.

Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.

 

Now if everything goes well, the lender will approve your short sale. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request.

So, is the borrower off the hook?

Not necessarily. The lender still has options to try to collect this shortage. As a condition of the short sale the lender may require the borrower to sign a note to repay the shortage. They may also file a collection or a Foreclosure Deficiency Judgment  for the amount of the shortage. This is something that an attorney with expertise in this area of real estate needs to be consulted.
Here is article published in sw Florida real estate section: Preview Document1.pdf


Also, the IRS may come after the borrowers for income taxes on the amount of the shortage. If the shortage was forgiven, the lender will report the shortage as income to the IRS and the IRS will collect taxes on this amount. Again, for the specifics on this please consult a tax professional.

The Mortgage Forgiveness Debt Relief Act of 2007

When the lender decides to forgive all or a portion of a borrower's debt and accept less, the forgiven amount is considered as income for the borrower and is liable to be taxed.
However, after the signing of The Mortgage Forgiveness Debt Relief Act of 2007 by President Bush, amendments have been made to remove such tax liability and allow the borrower and lender to work freely together to find a common solution that is beneficial to both parties. This protection is limited to primary residences so consultation with a tax advisor is necessary.
Thank you for taking the time to research my profile before choosing a realtor to help you with your property in our area. If I have meet your criteria and requirements for your realtor here in Cape Coral Florida, Please give me a call on my direct line at (239)898-2120 and we will begin the process as easy as possible for you.


Professionally Yours,

Tony Vadala

 
 

                                                                                                               
 

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