Time is your enemy! ... When facing foreclosure…Time is of the Essence. You MUST act fast to protect your rights and stop foreclosure. Many people who need foreclosure assistance simply do nothing and hope for a miracle. Don't fall into that trap!
The longer you wait, the harder it is for me to help. If your house payments are more than a month behind, your lender has probably already started foreclosure proceedings. As time passes, thousands of dollars in penalties and legal fees can be added to the balance you owe. Every single day extra interest is added! Sometimes homeowners are not even aware how far foreclosure has progressed until it's too late. Don't let that tragedy happen to you!
We can try to negotiate with your bank or mortgage company to help you keep your home and if we can't, we can list and sell your property at a reduced price (this is called a short sale) and get you out from under the note…at no cost. Stop foreclosure and protect your assets and credit history. Start on the pathway back to financial freedom and security.
A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.
The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.
While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. For more information, contact a CDPE in your area.
CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.
The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief. This relief may be available for principle residences only.
This provision applies to debt forgiven in 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
The amount excluded reduces the taxpayer’s cost basis in the home."
Source - IRS website on Home Foreclosure and Debt Cancellation |
|