For Your Information
When doing a short sale with Bank of America, please submit to us your listing agreement and all of the sellers needed short sale documents. If you send to us the package prior to getting a purchase agreement we are able to submit to Bank of America and get a Approval to Participate which is good for 120 days from the time that they send the approval over. This approval to participate will give us the number that the bank is trying to net and will shorten the length of time needed to get a final short sale approval. ( This only applies to FHA & VA loans ) Please ask your sellers if the loan to be shorted is a FHA or a VA loan.
Do not give up front money to anyone promising to do a short sale for you....
You can sell your home even if you are currently in a foreclosure, the banks will sometimes delay the sheriff sale for you to complete a short sale.
If you have filed a bankruptcy and your intentions are to bankrupt the house you still need to get the house back to the bank in one of the following three ways.
1. A deed in lieu
2. A foreclosure 3. A short sale
If you are in a bankruptcy we will need to contact the trustee in order to get permission from the trustee and the judge to sell the home by short sale.
( Please consult your bankruptcy attorney about the above)
A short sale will effect your credit, by how many points noone can say for sure, it usually depends on how the short sale bank reports the short sale to the credit bureaus. We have no control over how the short sale bank reports a short sale to the credit bureaus
Will I get a 1099 from the bank that gave me the short sale?
Yes and we recommend that you seek the advice of a tax accountant. Below is a link to a tax accountant that is familiar with short sales and the reporting of 1099 income on a short sale.
(You are in no way obligated to use the tax accountant listed on this site)
Slagle Wolf and Associates
4580 Stephen Circle NW Ste 200
Canton, Ohio 44718
CHECK BACK OFTEN ON THIS PAGE WE WILL BE UPDATING WITH NEW INFORMATION AS WE GET IT.
You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender or servicer. If you reject the offer, you do not have to pay us.
NETWIDE TITLE AGENCY INC., is not associated with the government, and our service is not approved by the government or your lender. Even if you accept the offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.