Engage The REMERGE Short Sale TEAM to Manage Your Short Sale

Feel the optimism of moving on to a brighter future!

Managing the short sale is a full time, complex job. It requires qualifying and preparing the Seller's short sale documents prior to the sale, properly marketing the property for a quick sale, negotiating and qualifying the Buyer, preparing the offer for Bank approval as well as relentlessly following up with the Bank for a response. Few real estate Agents have the have the desire to learn or the patience to do short sales because of the time and effort involved in following the protocol.

The REMERGE Short Sale TEAM provides full service, 100% FREE to you. 
We negotiate with the Bank to pay commissions and fees. You will never be asked to pay a fee.  Why wouldn't you give yourself a chance to rid yourself of a burdensome mortgage on a property that is depreciating daily? 

What is a Short Sale?
Foreclosure is the process in place for delinquent properties.  A succesful short sale derails that process. When the sale of property produces less proceeds than the total pay off for all loans, liens and other costs associated with the sale,  the sale is "short".  Short to whom?  Short to the Bank(s) and any lienholders who have a monetary claim against the property.  

Why should I do a Short Sale?
If you are unable to pay your mortgage now or foresee that you will be unable to pay the mortgage in the near future, a short sale may be the only pro-active option you can take to try to avoid foreclosure. Doing nothing assures foreclosure which is the worst possible option. Short Sale enables you to:

* Avoid Foreclosure 
* Avoid "Foreclosure" notation on your credit report.
* Avoid Bankruptcy.
* Let go of financial burden and stress of related to your mortgage delinquencies.
* Minimize financial liability, if any, because your house will sell at a higher price in short sale than it will in foreclosure.

Why would athe Bank accept a Short Sale?
Time is Money. Foreclosure action is expensive and lengthy. During the 12 month or longer foreclosure process, the property is a non-producing possession that is declining in value every day. If the property becomes vacant and/or vandalized, it will cost the Bank even more in repairs, maintainence and security. When foreclosure is complete, the Bank must still hire an asset management company who in turn must hire a local Broker to list and sell the property. The Bank will compare the cost of the Foreclosure vs the cost of Short Sale. If there is little or no equity in the property, the Bank will have to conclude that he is better off accepting a short and immediate sale.

Why wouldn't a Bank accept a Short Sale
The documentation of the short sales package justifies the Bank's action to accept a short sale. If a short sale package is incomplete, it will not be reviewed. If the short sale offer is inadequate, it will be denied. The REMERGE Short Sale TEAM short sale packages are always complete. We shape all offers to get the highest probability of acceptance. 

Generally, the 1st TD holder accepts an offer  within 10% of the current market value. An inadequate offer will be denied by the 1st TD holder. An inaquate pay-off will be denied by the 2nd TD holder.  Approvals from the both 1st and 2nd TD holders are required for a successful end.

Banks recognize The REMERGE Short Sale TEAM transaction packaging and already expect that it is complete and ready for approval. This "halo effect" gives our files the edge over other files in queue to be reviewed and approved by the Bank.

How do I know if I qualify for a Short Sale?
We can't help you without your participation. Although the homeowner may be qualfied for a short sale, an inadequate short sale transaction package will not get processed for Bank approval. 
 
What does a short sale application require?  
                1.  Listing Agreement: by The REMERGE Short Sale TEAM Local Agent 
                2.  Short Sale Forms: by The REMERGE Short Sale TEAM Local Agent 
                3.  Mortgage Coupon for each Bank 
                4.  HOA Coupon for each HOA (if any)
                5.  Copy of last 2 months Pay Stubs or Profit anf Loss Statement, if you are 
                      self-employed or evidence  of unemployment or other sources of income  
                6.  Copy of last 2 months Bank Account Statements (checking and savings)
                7.  Copy of  Tax Returns, 2006 & 2007

If you do not provide all the documents above, for any reason, you cannot qualify for a short sale. If you want to discuss your situation by phone, feel free to call Shelly Gorenstein Toll Free: 877-473-6374.

How long does a short sale process?
The Bank's short sale process is by no means short.  Generally, it takes 3-6 months to close a transaction once an offer and short sale package is submitted to the bank. REMERGE shortSale Coordinators follow the short sale transaction through the Bank maze.

What are the benefits of doing a Short Sale?
                1. You get immediate debt relief without adding any cash to the transaction.  
                     All costs of the sale will be paid by the Bank and the Buyer.    
                2. You avoid public notification of your debt, default and loss of property. 
                3. Your mortgage debt(s) are not marked as "Foreclosure" on your credit report. 
                     You will retain your ability to maintain credit. "Foreclosure" on your credit 
                     report will severely damage your credit rating for years.
                4. During these trying times, you have the help and support of a professional team
                      to whom you can pass the stress and anguish of dealing and negotiating with the
                      Bank and its debt collectors.

What are the consequences of doing a Short Sale for primary residence?
Reconciliation of the debt with both the 1st and 2nd TD holders are explicit in their written terms of approval. Generally, the debt is cleared by the 1st TD holder when it accepts an offer. The 2nd TD holder may accept the pay-off from the offer as payment in full and/or may offer the home owner a promissorry note for a portion of the outstanding loan for payment in full and/or still pursue the homeowner for the remainder. We are in the position to negotiate all possibilities to reconcile your mortgage loans.

The Bank(s) is obligated to report its debt relief loss to the IRS and issue you a 1099 ie income to you.   Debt relief is considered "other income". The recently passed  Debt Relief Bill will not cause taxation on residences  that received mortgage debt relief from January 1, 2007 through December 31 2009. You are advised to consult a tax professional to understand how the 1099  for primary residence  affects the tax return for the year of the sale.

What are the consequences of doing a Short Sale for investment property?
All the loans related to your investment property will be settled. The Bank(s), however, is obligated to report its debt relief loss to the IRS and issue you a 1099, ie income to you.   Debt relief is considered "other income". You will have to reconcile your debt relief in your income tax for the year of the sale. In doing a short sale, your debt relief will be minimized because the property will probably sell at a higher price that it will in foreclosure.
You are advised to consult a tax professional to understand how the 1099  for investment residence  affects the tax return for the year of the sale.

Do I have to stop paying my mortgage to qualify for a Short Sale?
We cannot advise you to continue or terminate your obligation to the Bank. However, even though you are current in your payments, if the value of your property is less than the loans on it, the Bank will still have to deal with a short at sale.

Do I have to have a Notice of Default to qualify for a Short Sale?
NO! A Notice of Default (NOD) is the first step in the foreclosure process that starts 90 days after your first missed payment and follows a very strict time line of legal action. The backlog of delinquent properties queued for processing at the banks is such that we may sell and close your property before or close after the NOD is issued.

What if I already have a Notice of Default?
The REMERGE Short Sale TEAM can still help you with a successful short sale if you already have an NOD. However, you must contact us IMMEDIATELY because time is very short and there is much work to do.

What if I already have a Notice of Sale?
The REMERGE Short Sale TEAM   may be able postpone the Trustee Sale Date and complete a successful short sale if there if there is an offer on the property. However, if the Trusteee Sale date is 5 days or less and there is no offer on the property, it is unlikely that anyone can help you. So, you must contact us IMMEDIATELY because time is very short and there is much work to do.

Where do I go after the Short Sale is complete?
The REMERGE Short Sale TEAM , at your request, will continue to be at your service until you are comfortably resettled in another home. There are many rentals available that cost far less than the mortgage you are used to paying. We will help you move on to a brighter future.

When should I contact The REMERGE Short Sale TEAM  ?
If your mortgage is already overwhelming you or you are expecting it to re-set soon at a higher % rate than you can afford or you have received an NOD, contact us NOW!!  Act fast! A successful short sale depends on you giving us the time needed to complete each of the many steps of the short sale process.

Can The REMERGE Short Sale TEAM  guarantee a successful short sale?
Unfortunately not.  The property may not sell prior to foreclosure, the Buyer may become impatient and withdraw the offer prior to approval, the Bank may deny even a good offer or make unreasonable demands and there are changing criteria occuring at the Bank level that are beyond our control. However, given a well structured short sale package, a fortified offer and enough time to go through the Bank review process, we maximize your success.  We are willing to put in the time and effort on your behalf. If its closeable,
The REMERGE Short Sale TEAM  will close it!

How can I protect myself from real estate predators?
Beware of creative predators who take advantage of desperate people in desperate times!  We are on constant alert to recognize deceptive transactions and practices. 

The REMERGE Short Sale TEAM  will not be involved in activity that is illegal, unethical or violates our real estate agency relationship with the Seller. We work in your best interest, present and future.

Got Questions? Need Help?
Contact
Shelly Gorenstein
for a Confidential Consultation
Toll Free:  877-473-6374
E-mail: shelly@remerge.com

The REMERGE Short Sale Team