Short Sale eBook for Shortsalepromiami.com 060110

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    SPECIAL REPORT

    $97

    How To Stop Foreclosure With a Short Sale

    FREE

    By Russ Irizarry

    South Florida Short SalesA registered member of the

    Better Business Bureau

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    Table of Contents

    Introduction 3

    The Foreclosure Process 4

    Options to Avoid Foreclosure 7

    What is a Short Sale? 10

    Financial Effects of a Short Sale 13

    Actual Credit report after a Short Sale 15

    Short Sale Case Studies 16Short Sale Benefits 24

    Foreclosure vs. Short Sales Comparison 25

    Frequently Asked Questions 27

    Beware of Foreclosure Rescue Scams 29

    Conclusion 30

    Testimonials from past sellers 33

    Disclaimer

    The content in this presentation is based upon our research, knowledge and experience. In no wayis any information contained herein to be interpreted as legal or tax advice. To be assured of soundlegal advice with regards to foreclosure, real estate, bankruptcy or agency laws, please employ theuse of a competent legal or tax professional and/or your real estate broker.

    Please consult your broker, accountant and attorney, as appropriate, for advice specific to yoursituation. Although every effort is made to keep this presentation current and relevant, it is yourresponsibility to seek guidance from qualified professionals in order to keep up with rapidlychanging market conditions and periodic changes to the law.

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    IInnttrroodduuccttiioonn

    Inside this report, you will find valuable information on the foreclosure process in the

    state of Florida, the foreclosure timeline, several options to avoiding foreclosure, and an

    overall explanation of Short Sales and the Short Sale process, and some sample casestudies.

    I have shown homeowners not only how to stop foreclosure, but also how to

    successfully get their homes sold with a Short Sale with the least amount of damage to

    their credit and finances. My team has negotiated short sales successfully with major

    lenders such as Wells Fargo, Bank of America, Chase, Citi, Aurora, Suntrust,

    Indymac/One West, WaMu, Saxon, GMAC, EMC, Litton Loans, and BBT.

    If you are facing foreclosure, this may be the first time. Well, its not our first time and if

    you let us help you then we can guide you to make logical decisions that will not onlystop your current foreclosure, but will set you up for future financial success.

    If you have any questions whatsoever as you are reading this, please feel free to call me

    at 1-866-412-5269 anytime. My service is available 24/7. You can also email me at

    [email protected]

    Whats important is that you understand your options so

    that you can make the very best, most logical decision.

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    The Foreclosure Process

    The Foreclosure Process varies by State, and falls into two categories: Judicial, and Non-

    Judicial.

    Non-Judicial Foreclosure process happens without the courts. (full discussion isbeyond the scope of this report)

    Judicial Foreclosure is processed though the courts, as in the state of FL.

    (For detailed information on the Foreclosure process in Miami-DadeCounty, go to: www.miamidade.gov/foreclosure)

    33 SSttaaggeess ooff FFoorreecclloossuurree

    I Pre-Foreclosureis the period between the Banks Notice of Default (Lis Pendens) to

    the Borrower, and the property going to a Foreclosure sale.

    II Public Auction (the actual Foreclosure) is the 2nd phase. This is where the property issold on the courthouse steps. (In Dade County at 140 W. Flagler room 908 daily at

    11am)

    III REO is the final phase of the cycle. Here, the Bank has foreclosed and owns the

    property, and will eventually put the property on market.

    For the sake of this report, we will only be discussing the Pre-Foreclosure stage. In the

    Pre-Foreclosure stage, the homeowner has several options prior to the property going

    to Public Auction. Options for avoiding foreclosure can be categorized as follows:

    1.Staying in house (slowing or stopping Foreclosure)2.Moving from house

    But before we get into the options, its important for you to understand the pre-

    foreclosure timeline.

    Stage I - Preforeclosure Stage II

    Public Auction Stage III Bank Owned REO

    http://www.miamidade.gov/foreclosurehttp://www.miamidade.gov/foreclosurehttp://www.miamidade.gov/foreclosure
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    Pre-Foreclosure Timeline

    As you can see from the above timeline, you have approximately 8 months from the

    time you start missing payments, to the time the bank takes the property back at public

    auction.

    However, due to large volume of foreclosures now being taken back by the lenders, theprocess can take longer than a year. Again, if you want to see details of the process in

    Miami-Dade county, go to: www.miamidade.gov/foreclosure.

    http://www.miamidade.gov/foreclosurehttp://www.miamidade.gov/foreclosure
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    FFoorreecclloossuurreess

    DDiidd yyoouu KKnnooww?? A homeowner who goes through foreclosure is ineligible for a Fannie Mae backed

    loan for 5 years thereafter, and an investor owner is ineligible for 7 years thereafter.

    Future mortgage loans and interest % rates will be affected because the foreclosed

    homeowner must answer Yes to the Form 1003 Uniform Residential Loan Application

    question Have you had property foreclosed upon or given title or deed in lieu thereof

    in the last 7 years?

    A foreclosure can affect credit scores downward by 200-300 points, typical for over 3years

    Foreclosure stays on credit history for 10 years

    Current and future employment may be affected as many employers now require

    credit checks, particularly for employees in financial or sensitive positions.

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    The first and most important thing you need to know about Bankruptcy is that it

    does not permanently stop or prevent a foreclosure from occurring, it can only

    temporarily freeze a foreclosure action.

    Options to Avoid Foreclosure

    There are Two Categories of Options:1. Staying in House

    2. Moving from House

    If you fall behind in your loan, you should contact your creditors as quickly as possible

    and attempt to work out a voluntary repayment plan. The sooner you contact your

    lender, the more options you will have.

    1. OPTIONS FOR STAYING IN THE HOUSE

    Refinance: The borrower pays off the existing mortgage loan with proceeds from a

    new loan with more favorable terms. (must do before missing payments) Refinance willnot be an option if there is no equity in the home.

    Repayment Plan: The borrower is allowed to catch up on missed payments by

    making more than the monthly payment until the amount is brought current. (very

    difficult to do if the financial problem is not temporary)

    Forbearance Plan: Bank allows you to skip monthly payments temporarily, or make

    partial payments for a specified time. Missed payments may be added to principal or

    become part of a repayment plan or loan mod. (can only do if financial problem is

    temporary)

    Loan Modification: Allows for changes to the original terms of a borrowers

    promissory note, which may include an adjustment to the interest rate %, an extension

    of the loan term, or adding missed payments to principal. If your loan is backed by

    Fannie Mae/Freddie Mac, you can have your loan refinanced or modified FREE OF

    CHARGE if you qualify. Go towww.makinghomeaffordable.govto see if you qualify.

    Bankruptcy: A borrowers loan may be changed from the original terms based on a

    Loan Modification as part of a court-approved reorganization plan. Your options would

    be either Chapter 7, or a Chapter 13. I cannot give legal advice, (in as much as my

    parents would have loved for me to become an attorney), so I strongly advise you do

    your own research. Try a Google search with the terms foreclosure vs. bankruptcy or

    can bankruptcy stop foreclosure.

    http://www.makinghomeaffordable.gove/http://www.makinghomeaffordable.gove/http://www.makinghomeaffordable.gove/http://www.makinghomeaffordable.gove/
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    A Final Note: All the above options for staying in the house have one thing in common

    the homeowner MUST be in a position to make some sort of reasonable payment

    that is agreeable to the Bank, and make it on time every month.

    On Feb 18, 2009 the Obama Administration announced the Making Home

    Affordable (MHA) Program, a plan to stabilize the housing market and

    offer FREE assistance to homeowners by reducing mortgage payments to

    affordable levels and preventing foreclosures. You can find out if you

    qualify by going to www.makinghomeaffordable.gov. Also, your local

    HUD office will also review your loan modification options with you FREE

    OF CHARGE. Go to www.hud.gov.

    If you have fully explored all of your options

    for staying in the house and have been unable to

    find a comfortable solution, then you need to

    consider your options for moving from the house.

    2. OPTIONS FOR MOVING FROM THE HOUSE

    Deed-In-Lieu of Foreclosure:

    Allows for the owner to voluntarilytransfer a property to the bank without goingthrough the full foreclosure process. Essentially, the owner gives the deed back to the

    bank. A Deed-In-Lieu shortens the process for the bank, with less costs. It has the

    same negative impact on credit as a foreclosure - a black mark for 7 years. The courts

    are not involved. A Deed-In-Lieu is not an option if there is more than 1 mortgage or

    lien on the house. You should contact your lender as early as possible to find out if this

    is an option.

    Walk away and do nothing, resulting in Foreclosure. It is unfortunate that one of

    the most common options by homeowners is to do NOTHING. This is most likely due to

    fear, confusion, and lack of knowledge of all of the available options. Doing nothing is

    absolutely the worst option because of the negative effects a Foreclosure will have on

    your credit and your future. It will be very difficult to find a place to rent, finance a car,

    or apply for employment. Every time your credit is pulled, your foreclosure will come

    back to haunt you.

    http://www.makinghomeaffordable.gov/http://www.hud.gov/http://www.hud.gov/http://www.makinghomeaffordable.gov/
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    The Short Sale:

    The Bank agrees to accept less than what is owed to settle the mortgage in full (a

    discounted pay-off), and release or satisfy its lien upon the sale. For example:

    Home Sold Price: $300,000Mortgage Balance: $450,000

    Short: ($150,000)

    There are clear advantages to a Short Sale versus a Foreclosure for both

    the homeowner and Bank in virtually all situations (see graph on p. 21).

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    WWhhaatt iiss aa SShhoorrtt SSaallee??

    If you have been unable to arrange an acceptable agreement with your

    lender, or find another suitable solution in a TIMELY MANNER, then it is

    time to seriously consider selling.

    A Short Sale occurs when the proceeds of a real estate sale fall short of the mortgage

    balance owed on the property. In 2008, Short Sales accounted for about 11% of U.S.

    homes sales.

    In Miami-Dade county, Short Sales make up about 35%* of all homes on the market.

    In Miami-Dade over 2,200 Short Sales have closed successfully from Jan 1 Sep 30

    2009.* Those homeowners successfully avoided foreclosure.

    Two conditions must exist for the lender to consider a

    Short Sale:

    1. There must be little or no equity in the property.

    2. Homeowner must prove a legitimate hardship.

    WWhhyyddoo LLeennddeerrss CCoonnssiiddeerr SShhoorrttSSaalleess??

    Lenders will consider Short Sales for the following reasons:

    Lenders are in the business of making loans, not owning real estate.

    If the lender forecloses, the value of the loan increases their liabilities, reduces

    their ability to make loans, and contributes to their insolvency.

    Foreclosures cost lenders time and money. It costs an estimated $60,000+ to

    foreclose.

    The Short Sale offer is equal to or less than what a lender can expect to lose by

    foreclosing and selling the property at a future date (especially in a market where

    prices are depreciating). The property is in less sellable condition at time of foreclosure.

    Lenders created the Short Sale option as an alternative to foreclosure.

    * source: Southeast Florida MLS

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    Obama Administration offers

    incentives for short sales

    On Feb 18, 2009 the Obama Administration announced the Making Home Affordable

    (MHA) Program, a plan to stabilize the housing market and offer FREE assistance to

    homeowners by reducing mortgage payments to affordable levels and preventing

    foreclosures.

    You can find out if you qualify by going to www.makinghomeaffordable.gov. Also,

    your local HUD office will also review your loan modification options with you at NO

    CHARGE to you. Go towww.hud.gov.

    On May 14, 2009, the Obama Administration announced incentives and uniform

    procedures for Short Sales under its new Foreclosure Alternatives, as part of the

    Making Home Affordable Program. Incentives: Incentives include: (1) $1,000 for mortgage servicers for successful

    completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for

    borrowers/homeowners to help with relocation expenses; and (3) up to $1,000

    toward the cost of paying junior lien holders to release their liens.

    Standardized Documents: The program will include streamlined and standardized

    documents, including a Short Sale Agreement and an Offer Acceptance Letter. The

    goal is to minimize complexity and increase use of the Short Sale option.

    WWhhaatt DDooccuummeennttss AArree

    RReeqquuiirreedd ffoorr aa sshhoorrtt

    SSaallee??

    The Sellers Lender will require the following documentation from the Seller to consider

    the Short Sale:

    Purchase and Sale Agreement this is the contract to sell your house between you

    and your buyer

    Hardship Letter a letter written by you to your lender explaining your hardship and

    why you can no long make your mortgage payments.

    Authorization to Release Information Form signed by you authorizing your lender to

    release information and negotiate the short sale with your agent, buyer, or other 3rd

    party such as attorney or title company.

    http://www.makinghomeaffordable.gov/http://www.hud.gov/http://www.hud.gov/http://www.hud.gov/http://www.hud.gov/http://www.makinghomeaffordable.gov/
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    HUD1 financial summary of the transaction that that tells the lender the sales price

    and the proposed payoff.

    Financial Statement A summary of your monthly income and expenses, your assets

    and liabilities.

    2 most recent Bank Statements, 2 most recent Federal Tax returns, and 2 most recent

    paystubs.

    The compilation of all of the above documents is what makes up a completed Short

    Sale Package. The main purpose of the Short Sale package is to substantiate your

    hardship to the lender, and prove that you can no longer make your payments. Your

    bank wants to see that you simply cannot afford your house anymore.

    The Short Sale Package is similar to making an application to purchase a

    house, except youre doing it IN REVERSE!! Youre making an application to

    get out of a house.

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    FFiinnaanncciiaall EEffffeeccttss

    OOff AA SShhoorrtt SSaallee

    A Short Sale can affect credit your FICO credit score downward by 100-200 points.

    However, once the property is sold, it will show as account settled on your credit

    report.. A short sale is considered to be less damaging to your credit as compared to a

    Foreclosure which can affect your credit downward score by 200-300 points.

    A Short Sale can result in a deficiency Judgment. There is the risk that the bank can

    pursue a judgment for the shortage (difference b/w total mortgage owed and sale

    amount). However, if there is no money to be recovered (if the seller doesnt have any

    other assets worth pursuing) a deficiency judgment may not be enforced. In mostcases, the lender is more likely to issue a 1099C for the amount of debt relief. (See your

    local CPA for details.)

    NOTE: A lender can still pursue a deficiency judgment even if the home

    goes to foreclosure for the difference b/w the REO sale price and the total

    mortgage balance!! HOWEVER..By doing the Short Sale, we can

    negotiate with your lender to waive the right to pursue a deficiency.

    ANOTHER NOTE: In the state of Florida, certain assets are protected from

    a deficiency judgment. These include your homestead (primary

    residence), life insurance policies and annuity contracts, pension andprofit sharing plans, IRAs, disability income and prepaid college plans.

    (see your local attorney for details, do your own research)

    One of the things we ask for when negotiating a Short Sale is a full Satisfaction of Lien

    or that the lender waive its right to pursue a deficiency. If the bank does satisfy the lien,

    the bank will most likely issue a 1099C for amount of debt forgiven.

    Example:

    Mortgage balance: $450,000

    Approved Short Sale payoff: $300,000

    Shortage/Deficiency:

    In this example, the bank may send the seller a 1099C showing $150,000 as income. In

    the eyes of the IRS, debt relief = income to seller.

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    However, the good news is..

    In 2007, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007 which

    eliminates taxation on debt forgiveness on owner-occupied homes. It applies to debt

    forgiven between 2007 and 2012.

    You can read all about Mortgage Forgiveness Debt Relief Actof 2007at the IRS

    website here:

    http://www.irs.gov/individuals/article/0,,id=179414,00.html

    So in the above example, if the bank sends you a 1099C for $150,000, you would not

    have to pay income tax on it if the property was your primary residence. (Again, see

    your accountant for details, and do your own research)

    http://www.irs.gov/individuals/article/0,,id=179414,00.htmlhttp://www.irs.gov/individuals/article/0,,id=179414,00.html
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    Actual Credit Report After a

    Short Sale

    The above screenshot was taken from a credit report of a homeowner who successfully

    sold their property as a short sale. Had the property not been sold, it would have gone

    to foreclosure. The seller hadnt made a payment in over 6 months.

    As you can see, the account status was reported as Account legally paid in full for less

    than the full balance. There are many factors which will invariably affect your credit

    score, however, the credit impact of a short sale is considered to be less damaging than

    a deed-in-lieu of foreclosure, or a foreclosure.

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    Short Sale Case Studies

    Below are some recent examples of Short Sales that we have successfully completed in

    Miami-Dade County. I have also attached the respective Short Sale Payoff approval

    from the lender.

    CASE STUDY 1.

    ___________________________________________________________________

    CASE STUDY 2.

    22161 SW 94 Ave

    Cutler Bay, FL 33190

    Lien Amount Negotiated Short Sale

    1st

    Mortgage (Saxon Mortgage) $519,750 $215,464

    21470 SW 86 Pl

    Cutler Bay, FL 33189

    Lien Amount Negotiated Short Sale

    1st Mortgage (WaMu) $198,000 $134,2242

    ndMortgage (WaMu) $ 49,000 $ 2,000

    TOTAL $247,000 $136,224

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    __________________________________________________________________

    CASE STUDY 3.

    3355 NE 13 Cir Dr #104

    Homestead, FL 33033

    Lien Amount Negotiated Short Sale

    1st Mortgage (Chase Mortgage) $169,306 $41,219

    ____________________________________________________________________

    CASE STUDY 4.

    17655 SW 80 Ct

    Palmetto Bay, FL 33157

    Lien Amount Negotiated Short Sale

    1st Mortgage (Chase Mortgage) $722,500 $337,741

    ____________________________________________________________________

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    ____________________________________________________________________

    CASE STUDY 5.

    8493 sw 158 ct

    Miami, FL 33193

    Lien Amount Negotiated Short Sale

    1st Mortgage (Indymac/One West) $320,000 $170,040

    ____________________________________________________________________

    See the corresponding Short Sale payoff approvals on the

    following 4 pages.

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    SShhoorrtt SSaallee BBeenneeffiittss

    The following are the greatest benefits of the Short Sale transaction:

    Sellers get the house sold and remove a major burden. The sale allows

    them to move on with their lives.

    Credit ratings are not as damaged as compared to a Deed-In-Lieu, or a

    Foreclosure Action. Sellers can regain their financial stability much sooner,

    and qualify for a new mortgage easier and quicker at some time in the

    future. Credit will heal faster.

    The Short Sale can be negotiated so there is no deficiency judgment. The

    mortgage lien can be satisfied (depending upon the lenders approval).

    Sellers have a greater sense of personal dignity by having their home sold,

    versus losing the property to foreclosure.

    The 1099C received by the sellers for the amount of debt relieved by the

    lender is non-taxable if the home is their primary residence. (The Mortgage

    Forgiveness Debt Relief Act of 2007 eliminates taxation on debit forgiveness

    if the residence was owner-occupied. See your accountant for details. This is

    not tax advice.)

    Per Fannie Mae guidelines, you can be eligible for a new home mortgage

    only after 2 years, versus 5 years with a Foreclosure

    In order to more easily see why the Short Sale option is

    preferable over Foreclosure, we have provided a side by

    side comparison on the following page...

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    Foreclosure vs. Short SaleIssue Foreclosure Successful Short Sale

    Future Fannie Mae Loan On a Primary

    Residence (effective5/21/08)

    A homeowner who loses a home

    to foreclosure is ineligible for aFannie Mae backed mortgage for

    a period of5 years.

    A homeowner who successfully

    negotiates and closes a shortsale will be eligible for a Fannie

    Mae backed mortgage afteronly 2 years.

    Future Fannie Mae Loan on a Non-Primary

    Residence (effective May21, 2008)

    An investor who allows aproperty to go to foreclosure is

    ineligible for a Fannie Maebacked investment mortgage for

    a period of7 years.

    An investor who successfullynegotiates and closes a short

    sale will be eligible for a FannieMae backed investment

    mortgage after only 2 years.

    Future Loan with anymortgage company

    On any future 1003 Application

    (standard loan application), aprospective borrower will have toanswer YES to question C in

    Section VIII, that asks, Haveyou had property foreclosed

    upon, or given title or deed inlieu thereof? This will affect

    all future rates.

    There is no similar declaration,or question regarding a short

    sale.

    Credit Score

    Score may be lowered anywherefrom 250 to over 300 points.

    Typically, this will affect score forover 3 years.

    Only late payments onmortgage will show, and after

    sale, mortgage will be report as

    account settled or accountpaid or negotiated. This canlower score from 50 100

    points, if all other paymentsare being made. The credit

    effect of a short sale can be asbrief as 12 to 18 mos.

    Credit HistoryForeclosure will remain as a

    public record on a persons credithistory for 10 years or ore.

    A short sale is not reportedon a credit history. There isno specific reporting item for

    short sale. The loan istypically reported as accountsettled or account paid.

    Security ClearancesForeclosure is the most

    challenging issue against asecurity clearance outside of a

    conviction for a serious

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    Security Clearances(continued)

    misdemeanor felony. If a clienthas a foreclosure, and is a police

    officer, in the military, agovernment employee, a security

    officer, or any position that

    requires a security clearance,in almost all cases, clearance

    will be revoked and positionwill be terminated.

    A short sale, on its own, doesnot challenge most security

    clearances.

    Current Employment

    Employers have the right, andare actively and regularlychecking the credit of all

    employees who are insensitive positions. A

    foreclosure, in many cases, is

    grounds for immediatereassignment or termination.

    A short sale is not reported ona credit report, and is therefore

    not a challenge toemployment.

    Future Employment

    Many employers are requiringcredit checks on all job

    applicants. A foreclosure is oneof the most detrimental credititems an applicant can have,

    and, in most cases, willchallenge employment.

    A short sale is not reported ona credit report, and is therefore

    not a challenge toemployment.

    Deficiency Judgment

    In 100% of foreclosures inFlorida, the bank has the right

    to pursue a deficiencyjudgment.

    In a successful short sale, it ispossible to convince the

    lender to give up the rightto pursue a deficiencyjudgment against the

    homeowner.

    Deficiency Judgmentamount

    In a foreclosure, the home willhave to go through an REOprocess if it does not sell at

    auction. In most cases, this willresult in a lower sales price, and

    a longer time to sell in a

    declining market. This will resultin a higher possible

    deficiency judgment.

    In a property negotiated shortsale, the home is sold at a pricethat should be close to marketvalue, and in almost all cases,

    will be better than an REO sale,resulting in a lower

    deficiency amount.

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    Frequently Asked Questions

    Will a Lender accept a short sale if my payments are current?

    Speak to your lender. In most cases they will accept a short sale if you can

    prove a financial hardship that is not temporary, have explored all of your

    options (refinance or loan modification), and will soon no longer to be able

    to make your payments.

    Can you guarantee that the bank wont come after us for the deficiency if

    we do the Short Sale?

    No we cannot guarantee that. It is up to your lender. However, we can tell

    you that the bank will have to incur costs if they pursue a deficiencyjudgment. Unless you have great credit, are not delinquent, or have

    significant assets, most banks will not. A lender usually releases liability of

    the mortgagee as part of the short sale approval, and issues a 1099 instead

    (depends on the lender, and your financial position).

    What is a 1099?

    1099 is a form used by the IRS to report various types

    of income. The bank may report the amount of debt

    forgiven to the IRS, which you will have to report as

    income on your tax return whether or not you receive

    the 1099 (Debt relief = income). However, in 2007

    Congress passed the Mortgage Forgiveness Debt Relief

    Act of 2007 which eliminates taxation on debt

    forgiveness on owner-occupied homes. Applies to debt forgiven

    between 2007 and 2012. (Again, were not giving you tax advice. See your

    local CPA for details.)

    Why do I have to provide personal financial data?

    In order for the bank to approve your Short Sale, you need to prove your

    financial hardship. The hardship needs to be justified and documented. The

    supporting documents required by the lender are 2 recent pay stubs, 2

    recent bank statements, 2 most recent tax returns and a financial

    statement.

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    How long does the Short Sale process take?

    From submission of the Short Sale package to final approval can take

    anywhere from 90 to 180 days. The Short Sale Package must be 100%

    complete, and there must be continuous follow-up with the lender. You

    must call the lender (and usually be on hold for 20 minutes) at least 2 times

    per wk.

    Can I Short Sale the property myself?

    In most cases the lender will want to see that there is a realtor involved, and

    there was an attempt to market the property. You can attempt to Short Sell

    the property yourself, however, there are 2 potential pitfalls:

    1st- If you dont have specific knowledge of the market, you will not know

    how to price your property correctly to generate buyer interest and get the

    property sold.

    2nd- When negotiating the offer with your lender, you will need to provide

    them with a very specific set of documentation, including a very strong

    justification supporting the offered price. If this is not done correctly, it will

    most likely lead to the offer being declined or simply ignored. You will now

    have wasted time that you don't have while the lender continues to

    foreclose on the property.

    Can I receive any proceeds from the sale?

    Since you owe more than the property is worth, the lender will not permit

    you to receive any proceeds from the sale.

    Is there any guarantee that my lender will accept a Short Sale?

    We make every effort to work with your lender on your behalf and get them

    to accept a short sale. However, we could never make any guarantees that

    your lender will accept the Short Sale. All lenders are different and every

    situation is different. One thing is for sure, they do not want your property

    back and many times they will accept a short sale if it makes financial sense

    for them. Our goal is to come up with a win/win offer.

    Will this cost me anything?

    We do not charge any fees.

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    ALERT!! Beware of Foreclosure Rescue ScamsHELP is free!!

    Scam artists often target homeowners who are struggling

    to meet their mortgage commitment, or anxious to selltheir home. Recognize and avoid common scams. Assistance from a HUD approved housing counselor is

    FREE. Go towww.Hud.gov for more info. Beware of anyone who asks you to pay a fee in exchange

    for a counseling service or modification of a loan. Beware of people who pressure to sign papers

    immediately or try to convince you that they can saveyour home if you sign or transfer over your deed to yourhouse.

    Do not sign over the deed to your property to anyorganization or individual unless you are working directlywith your mortgage company to forgive your debt.

    Never make a mortgage payment to anyone other thanyour mortgage company without their approval.

    Learn your options and your rights and be an informedconsumer!

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    CCoonncclluussiioonn

    If your payments are several months behind, your lender

    may have already started the foreclosure proceeding.

    As time passes, thousands of dollars in penalties and

    legal fees can be added to the balance. Time is not on your side. You

    must REALIZE that you need help. THE QUALITY OF THE HELP YOU SEEK

    WILL MAKE A DIFFERENCE IN THE END.

    The reason I wrote this Special Report is to provide information, and help

    homeowners understand their options. My intention is to help educate,

    and hopefully lessen any confusion, fear, or anxiety there may be about the

    foreclosure process. I hope you found the information in this report to be

    helpful. Please call me anytime at 1-866-412-5269 if you would like to

    discuss any of these options, and I will gladly answer your questions.

    When the market was hot, I sold hundreds of homes and became

    successful in real estate sales. When the market turned, many clients came

    to me looking for help. For me it is a MORAL OBLIGATION to help past

    clients to whom Ive sold homes in the past.

    To hold myself to a higher standard, I registered my company with the

    Southeast Florida Better Business Bureau. You can check me out here:

    http://www.seflorida.bbb.org/Home.aspx

    South Florida Short Sales

    6538 Collins Ave #67

    Miami Beach, FL 33141

    Ive also set up a free hotline, that you can call anytime if you have any

    questions related to real estate, the foreclosure process, Short Sales, or

    anything in this Special Report.

    http://www.seflorida.bbb.org/Home.aspxhttp://www.seflorida.bbb.org/Home.aspxhttp://www.seflorida.bbb.org/Home.aspx
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    I invite you to call me anytime. It would be a privilege to have the

    opportunity to answer your questions and be a trusted real estate resource.

    If you have already decided that it is in your best interest to sell the

    property and are ready to discuss this option, call me, and here is what we

    will do:

    Initial phone consultation with you to make sure youve explored all

    of your options (ie. loan modification)

    If youdecide that a Short Sale is for you, well set an appointment

    with you to discuss the process in detail. We will guide you through all

    of the necessary paperwork and what is required.

    If your property qualifies, we submit a cash purchase offer to the

    lender(s) with a completed Short Sale package.

    We negotiate a settlement with your lender(s). We continue to market the property and secure an end buyer while

    we are negotiating with your lender to accept a short sale. You

    cooperate by making the house available to show.

    We pay off lender(s) and close with the end buyer.

    WWhhyyWWoorrkk WWiitthh UUss??

    You get an immediate cash purchase offer on the property allowing us

    to get the Short Sale started NOW. The closing will be handled by an Attorney owned Title Company,

    locally owned and operated.

    We are Professional Short Sale Specialists. Negotiating Short Sales is

    what we do exclusively and full time, nothing else.

    Call us at 1-866-412-5269

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    WE DONT CHARGE ANY FEES, AND YOU DONT PAY ANY

    COMMISSIONS.

    We are a local company, located in Miami-Dade County, FL.

    We are an A rated company with the Better Business Bureau

    Our priority is to create a WIN-WIN-WIN for all parties involved:

    Homeowner Avoids Foreclosure!

    Lender Gets a bad loan off their books!

    Buyer Gets a home they want at a great price!

    Buyers lender creates a new performing loan!

    Realtors get paid $$ on the sale!Neighborhood avoids a vacant house!

    Economy stimulated by all of the above!!!

    Thank you for taking the time to read this Special Report. If you know of

    anyone else who could benefit from the services I provide, I would sincerely

    appreciate the opportunity to be of assistance to them as well.

    In friendship,

    Russ Irizarry1-866-412-5269www.AvoidForeclosureMiamiDade.com

    www.StopForeclosureMiamiDade.com

    www.ShortSaleProMiami.com

    Who is Russ Irizarry?Russ Irizarry has been a resident of Miami-Dade

    county since 1996. He is a former CPA with a Big 5

    accounting firm and a Fortune 500 corporate

    background. From 1998 to 2005 he worked for a top

    national homebuilding company, selling hundreds of

    homes to families in the Miami-Dade county area.

    Since 2001 he has actively invested in real estate with

    rehabbing, landlording, and wholesaling experience.

    Since 2007 he has worked short sales exclusively,

    helping homeowners avoid foreclosure in all areas ofMiami-Dade county.

    You are welcome to contact him at

    [email protected]

    http://www.stopforeclosuremiamidade.com/http://www.shortsalepromiami.com/mailto:[email protected]:[email protected]:[email protected]://www.shortsalepromiami.com/http://www.stopforeclosuremiamidade.com/
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    Testimonials

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    Testimonials

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    Testimonials

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    Testimonials