What is a short sale?

When the owner’s lender agrees to accept less money than what is owed as full payment on the debt.Ex. The owner owes $350,000. A buyer offers $325, 00, you owe back taxes and the commission. The bank agrees to accept this $325,000 offer and further accepts the net amount after expenses.

Who is eligible for a short sale?

Any servicer who decides to take money from the government for the new mortgage assistance program- must adhere to the new guidelines.
Pretty much every lender is participating. You can call us and we will let you know.The guidelines say that if you’re more than 5% underwater, if you lost your job or you have any other hardship like divorce, illness, death of a spouse, job transfer and you have not been able to sell your house the normal way then you’re eligible for a short sale.
More and more homeowners are finding themselves falling into the eligible category because of rising unemployment and declining home prices.
This combination affects millions of homeowners who are looking to escape their mortgage debt.

What are the advantages of doing a short sale?

A short sale helps you avoid foreclosure and bankruptcy.
You can retire your mortgage debt and get a ratification of mortgage and your lien released. There is currently the Forgiveness of Debt Act of 2007. This law in place allows the debt to be forgiven tax free. There used to be a “phantom tax”in place that deemed the debt forgiven by mortgage companies as income subject to a tax. Can you imagine penalizing these already stressed out homeowners? So now is the perfect time to do a short sale.

I’ve heard about a lot of mortgage rescue scams.

How can I be sure I’m doing the right thing

with Island Short Sale?

Yes!There is a lot of deception in this business as unscrupulous individuals and companies spring up to take advantage of other people’s naiveté and vulnerability when they are at their weakest point. At Island Short Sale we have a rack record of success unparalleled in our local market. We are in the real estate business for 20 years with over 800 homes sold and more than 160 million dollars worth of real estate sold. As a New York State Certified Real Estate Instructor you can have confidence in dealing with Island Short Sale. Also- Island Short Sale does not charge any fee! We also do not take over or transfer any deed to property to do a short sale. You should be very cautious and suspect of any company who takes a fee or wants you to transfer your property to them. We conform to 265A The Equity Theft Prevention Act.

Call us with any other question you may have!