Maine Short Sale Process


 

Please provide a few pieces of information below and I will contact you to discuss your situation.



Home Affordable Foreclosure Alternative (HAFA) Program highlights:

  • -$3000 Seller relocation assistance in cash at closing


  • -No deficiency judgment


  • -Fast approvals


  • -No seller cash contribution or promissory note


HAFA APPLICATION – FORM 184

Are you interested in selling your home to get out from underneath the debt? Please fill out this short sale application and Marty will be in touch with you and discuss all of your options. * Denotes a required field.

 

Why consider a Short Sale?

1. Tax Liability – The sale of the home in either a Foreclosure Sale or a Short Sale is a TAXABLE EVENT. It may not make much sense to you, however, when you consider what the Bank will lose or "Charge Off" is considered "Debt Forgiveness" actually considered as fully taxable income.

    Example: You owe $200,000 on the mortgage balance but today's current market value is only bringing in offers of $100,000 that will result in a "Deficiency" of $100,000. At the end of the tax year, the bank will issue the seller a $100,000 1099-C as misc. income.

   When processing your short sale with the Maine Short Sale Network you will not be liable for taxes owed on the canceled debt.

2. Deficiency Judgment - The difference owed, referred to above, is called the deficiency of the sale. In the State of Maine, banks can pursue home sellers even after they successfully complete a short sale or are foreclosed on, by seeking a Deficiency Judgment through a separate legal action.

    We have the programs to get bank to agree to waive their right to pursue deficiency collections when properly negotiating the short sale.

 

3. Credit - When a short sale is successfully negotiated by our team, you will SAVE your credit for the future. The sale will result in all 3 major credit reporting bureaus reporting the sale as "Paid in Full for less than full balance."

   This will result in the beginning of Credit Repair, and as the sale seasons over time, you will be eligible for new credit accounts and mortgages in as little as 2 years! 

If the property goes to Foreclosure Sale or Bankruptcy, the seller will not be eligible for credit for at least 7-10 years and also be on the hook for the Deficiency Balance owed.

 

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