Grand Rapids Short Sales – Grand Rapids Debt Mitigation

Grand Rapids Short Sale Information and Mitigation

Grand Rapids Short Sales A high percentage of the homes currently for sale in the Grand Rapids housing market today are short sales. If you are in this situation it can be heart-breaking, but it is in your best interest in the long run, to pursue this. Short Sales are far more preferable than having a foreclosure on your credit history. With a short sale, you can be back in the housing market within 12 – 18 months. If you wait until your home is foreclosed on, it could take 7 – 10 YEARS before you will be able to purchase a home again.

In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.

What is a Short Sale? Basically, a short sale is where you are upside down in your mortgage. In other words, you owe more on the mortgage than what the house is actually worth and due to financial and economic hardship; you don’t have the cash to bring to the closing to make up the difference. Therefore your lender will have to agree to discount the loan balance on the house so that it can be sold. The current Grand Rapids real estate market and your financial circumstances will influence whether or not the bank will accept a short sale. Banks will often allow a short sale if they believe it will result in a smaller financial loss than foreclosing.

This is where a competent Grand Rapids Realtor and Debt Mitigation Grand Rapids Short Sale InformationProfessional become very important. The Platinum Realty Group has recognized how valuable such a service would be to our clients and we have established a relationship with a local law firm to negotiate short sales on your behalf and help you mitigate your debt. Our goal is to help you sell your home and avoid a foreclosure on your credit history.

You will need to provide proof of hardship in the form of a letter, W-2’s, bank statements and any other documents showing financial hardship. We will gather and compile this information and begin communication and negotiations with your lenders. Your house will be put up for sale and marketed using all of the tools at our disposal, including getting featured on Grand Rapids #1 Real Estate Website. My website enjoys high placement on all of the major search engines and I employ many marketing tools to maximize the exposure to all of my listings. Check out the Market Value section for more information on selling and staging a home or condo in Grand Rapids.

Platinum Realty Group also has a relationship with certified, licensed Debt Arbitrators and Loss Mitigation professionals. Not only can we help you avoid foreclosure, but we can also assist you in getting back on your feet.

If you have any questions about  short selling your property, foreclosures or what type of services we provide, please contact me any time.

Related Information:

The Mortgage Forgiveness Debt Relief Act of 2007 offers relief to homeowners who would formerly owe taxes on forgiven mortgage debt after facing a foreclosure and extends relief for three years, applying to debts discharged in 2007 through 2009.

The Emergency Economic Stabilization Act of 2008 extends this tax relief another three years, covering debts discharged through 2012.

 

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