Tag Archives for " short sale FAQ "
November 9, 2017
- in Short Sales by Minna Reid
Tax implications of a short sale
Receiving 1099-C in a successful Connecticut short sale ***UPDATE***Mortgage Debt Relief Act extended through 2025.In a short sale, a home is sold for less than the balance of the mortgage, with the lender (ideally) agreeing to forgive the remaining debt. This forgiven debt creates a taxable event.Receiving 1099-C in a successful Connecticut short saleThe goal of […]
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September 7, 2017
- in Short Sales by Minna Reid
If my spouse isn’t on the mortgage, will they be affected by my short sale?
One of the most frequent questions I hear involves a contemplated short sale where only one spouse is on the loan and the couple is worried about how the other spouses credit will be affected. Common concerns are: Will both spouses income be considered during the short sale? Will the other spouse will suffer credit damage as […]
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September 7, 2017
- in Home Buying , Short Sales by Minna Reid
How soon after a short sale can I buy again?
Most short sellers eventually want to buy homes again, and I am frequently asked how long this will take. While there are some exceptions allowing for a shorter waiting period – 3 years is generally the amount of time you will need to plan to be a renter after your short sale. Even if credit scores may bounce […]
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August 28, 2017
- in Foreclosure by Minna Reid
Stop Foreclosure: Help for Connecticut Homeowners
Stop Foreclosure: Help for Connecticut HomeownersHave you fallen behind on your mortgage payments?Are you scared of losing your home to foreclosure?Do you owe more than your home is worth?YOU MAY BE ABLE TO SELL YOUR HOME IN A SHORT SALE AND AVOID FORECLOSURE!If you would like to sell your Connecticut home, but owe more than […]
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August 28, 2017
- in Short Sales by Minna Reid
SHORT SALE DECLINED? WHAT TO DO TO GET BACK ON TRACK!
Did you know that less than half of all listed short sales in CT actually close? Sad, isn’t it? Seeing as most short sellers are highly motivated to sell, it is rarely the sellers choice simply to “take the home off market”….so somehow more than half of all short sales fail to sell at all […]
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August 28, 2017
- in Short Sales by Minna Reid
Will everyone know about my CT short sale?
Many of my Connecticut short sale clients are concerned that their home will be advertised as a short sale and the whole world will know about their unfortunate predicament. Foreclosures are lawsuits and as such they are public information and broadcast online and in newspapers. Short sales simply require approval from the lender as the lender has to agree to take a loss. A […]
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August 28, 2017
- in Short Sales by Minna Reid
7 KEY QUESTIONS TO ASK THE REALTOR YOU ARE CONSIDERING FOR YOUR SHORT SALE
Short sales can be daunting, and your best bet for a smooth transaction is to get just the right help! Very few Realtors actually understand the short sale process or have a lot of experience with them, so ask the right questions!WHAT TO ASK WHEN INTERVIEWING A REALTOR TO HANDLE YOUR SHORT SALE: How long have […]
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August 28, 2017
- in Short Sales by Minna Reid
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- 4 comments
Can I get cash back from my short sale?
Seller relocation incentives in short sales have become more popular in the last few years. As a condition of any short sale approval, the lender will usually require the seller have no proceeds from the sale. However – there are a few instances where the seller can in fact be paid an incentive from a short […]
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August 28, 2017
- in Short Sales by Minna Reid
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- 7 comments
How long will my short sale take?
How long will the short sale process take? While all short sales are different, there are some general timelines I give folks when asked. Now mind you, I have had short sales approved in 10 days, and I have had short sales that took over a year to have approved, but most traditional short sales will usually fall into […]
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August 28, 2017
- in Short Sales by Minna Reid
Short sale on a jumbo loan? Here’s what you need to know!
A jumbo mortgage is a home loan exceeding conforming loan limits, mainly used to buy high end property, or property in extremely expensive areas. Jumbo mortgages are common in Connecticut, especially Fairfield County.Have a jumbo loan and considering a short sale?If the balance on your jumbo mortgage is greater than the home’s value but you […]
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