| Welcome to our Frequently Asked Questions Page. Below you will find a list of the most common questions being asked. Click on any question you like. If you do not see your question, you may contact us here and a representative will contact you in return within one business day. |
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What is a "Short Sale"? |
| A Short sale is when a lender will accept less than the full amount due on a mortgage when a property is sold. The lender will accept the short sale if it will help avoid the time and expense of a foreclosure. |
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How does a short sale affect my credit? |
| Going through the process of foreclosure is VERY DAMAGING to the home owners credit. Foreclosure can damage credit up to 7 years and bankruptcy up to 10 years. Future mortgage possibilities will be greatly diminished due to this one instance. |
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What is the benefit of a short sale to the home owner? |
| Just being in the foreclosure process is stressful enough for the home owner. And since is the lenders money is involved, they will do everything they can to collect. Having a foreclosure filed against you, in addition to late payments has already damaged your credit enough. A short sale will help relieve all of those stresses by satisfying the current mortgage(s) and show a "paid" status on them. The borrower, in most cases, is now relieved of any future obligations. The biggest advantage to the owner is that they will receive the opportunity to start over! |
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What if I dont want to do a short sale? |
The option of having a short sale on a property was created to help both owners and lenders. However there are other options available such as Loan Modifications (MOD) or a Forbearance Agreement. If you are against having a short sale and you are in the foreclosure process it is imperative you get pro-active and make a decision before it’s too late. Remember, this company was created to help distressed homeowners, if you have any questions you may call us and ask at any time, no obligation. |
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What are the tax consequences if I do a short sale? |
Because the lender is accepting a lesser amount then is owed, they will claim the difference as a loss. For tax purposes, this amount is considered a gain for the home owner. However, if this is your primary residence there are 5 situations that will forgive the tax burden...
1. Insolvency - your total debt exceed your total assets at the time your debt was settled.
2. Bankruptcy - the debt was already relieved through bankruptcy proceedings.
3. Indebtedness due to a certain real property business loss
4. Indebtedness due to a qualified farm expense
5. Discharge of your debt was treated as a gift
If this property was an investment property, you may be responsible for your gain. Please consult your accountant or a tax advisor for further information. |
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How long will this process take? |
| The short sale process takes some time to complete. It is a lengthy procedure which requires expert negotiation, routine follow ups with your lender, and obtaining and presenting relevant materials according to your lender and today's market. The average short sale can be completed within 3-4 months. |
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What will your services cost me? |
| NOTHING!!! This service and almost all the services we offer are completely free to the home owner. Our fees are paid directly by your lender. No up-front deposits or retainer fees will be asked for, just your cooperation. Remember, we are here to help you. |
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How do I stop all the collection calls from my lenders? |
| Your lender is nervous and is protecting their own interests. This means that they will continue to call, and call, and call. Once you enlist with us, we will immediately alert your lender that you are now being represented and indicate to them that you are taking action to resolve the problem. This will stop all the calls by your mortgage lender. |
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I already have a Listing Agreement with a Realtor, how do I get out of it? |
| If you are already trying to sell your property through a traditional real estate company and feel that they are not able to resolve your situation quickly enough. You can contact us with your listing agreement and we will negotiate with your RE company. In most cases, a simple letter will relieve you on your contract with them. Another situation you should consider is the mortgage amount. If your mortgage is "upside down", meaning you owe more than it is worth, then a simple sale of your house is not what you need. You will be held 100% liable for the remaining balance on your mortgage(s). |
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How do I know I qualify for a short sale? |
| A short sale will typically be done on a home which is going into foreclosure. This means the owner is at least three payments behind and the foreclosure suit has been field by one or more mortgage lenders. This does not mean you have to wait for this to occur. If you are behind or in default on your mortgage you are a potential candidate. Also, negative equity is or no equity is required. A short sale is when the lender is accepting a payment short of the original amount. If you have equity in your home and are falling behind on payments, contact us for an offer on your home in one business day. If you meet this criteria, please use the link to our contact us page and fill out our no-obligation form. |
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We BUY short sales! |
| NY Metro Short Sales is a growing company. And with each short sale or property purchase, we are becoming more and more popular in the real estate community. We are in touch with investors who actively looking to purchase property. We have also been known to purchase property our selves. If you have a short sale listing or a short sale candidate, please use our no-obligation contact form to receive a call back from us within one business day. |
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I'm ready to work with you, what do I do now? |
You have made the decision and you are ready to pursue the Professional Real Estate help that you need, what's the next step? The first thing you need to do is to contact us by filling out our contact form. Then you will need to have the following information prepared:
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Last 2 years tax returns
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Last 2 months bank statements
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Your Hardship letter (please write us your story, we can help you write this)
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Purchase and Sale agreement of property in question
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Financial worksheet (provided by lender)
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Last 2 pay stubs (if currently employed)
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Authorization to release information. We will email this to you
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Last Statement from mortgage company (both if applicable)
Please note, if you are having trouble finding all, or any, of these documents we can help you obtain copies of them.
After you have filled out our contact form, a representative from our company will contact you within one business day.
Thank you for your inquiry and we look forward to servicing your real estate needs. |
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What is a Hard Money Loan? |
A Hard Money Loan is a loan from an individual to another individual, usually given with a return in mind. These individuals can be companies, corporations, private people, etc. All funds are provided up-front.
Our hard money loan contracts yield an above average return. to inquire about our contracts please fill out our contact form or call us directly at 866.944.METRO (6387) option #2.
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