Your #1 Hawaii Short Sale Resource!
If you find yourself in a position where you owe more than your home is worth and you need to sell, a short sale may be your best option. But don't get taken for a long, stressful ride by a self proclaimed 'expert' use...
We Have Saved Over 200 Hawaii Families From Foreclosure Through Successful Short Sale Closings And Loan Modification! For A 24-Hour FREE CDPE Report on Foreclosure Vs. Short Sales
Call 1-800-808-8159 and enter ID# 0025
"What is a short sale?"
Simply put, a short sale is a real estate transaction where the homeowner owes their lender more than what their property is worth and they need to sell. In a short sale, the lender must approve and accept less than what they are owed as full payoff (this means they may settle for $400,000, even if you currently owe them $500,000...even if the loss is hundreds of thousands of dollars).
Are you facing a financial hardship that you know will decrease your income?
Are you getting behind on your mortgage and you're not sure if you can catch up?
Or do you just need to sell quickly but your home is worth less now than when you bought it? If you are facing any of the situations above, and you think a short sale might be your best option, then read on. If you're still not sure and just want more info, then click on the button at the top labeled "Request A Free CDPE Report" and choose from the few reports.
Before doing a Short Sale, here's 3 things you should know about a Short Sale:
How does a short sale affect my credit?
A short sale is like smash in your car door and a foreclosure is like totaling your car. A smashed door like a short sale is lot easier to repair. That is as specific as I can get, because I have some across so much information on this, that the only way you will really know is when you see your credit report. There are a lot of factors that come into consideration regarding your credit score, making it difficult to predetermine what it will be before an event takes place.
What are the tax consequences?
The lender will issue you a 1099C on the difference and you will need to treat that difference as income. This creates a taxable situation. However, if you use IRS form 982, you may be relieved of the tax burden. See excerpt from IRS web site. “This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion dosen’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision.” IRS.com 1-19-09
What happens to the difference I owe the Bank?
The ideal approval is a full lien release with no further obligation. Variations of this however, maybe the best that can be negotiated. See disclosure statement below.
Don't worry. It's not your fault...
You gotta remember, we've all had our ups and downs in life and a lot of other good people are also in the same tough spot as you. Life seems scary when you're facing the reality of foreclosure and we know how you feel when you just don't wanna answer the phone any more...
We all agree that we're in the middle of a national mortgage crisis and that, in many cases, homeowners who have bought or refinanced in the last few years have been seriously abused by unethical lending practices!!
You bought your home and hoped (like we all did) that it would increase in value (and some folks were even promised it would!), but most likely the harsh reality is that now your home is worth less than when you bought it and the value is still declining sharply.
We've helped hundreds of homeowners in this position to get the help they deserve. We've also helped train hundreds of real estate professionals locally on the short sale process.
It's sad but true!
Did you know that nearly 90% of the homeowners nationwide who try to "short sale" their home will end up losing their home to foreclosure due to an uneducated or lazy agent?
Don't allow this to happen to you!
We hate to say this about my fellow agents, but the majority of them that are "trying to help" have not been properly trained and sadly, they are misinformed as to how to even negotiate with lenders. Some even get so far as to submit your 'short sale packet' and then just sit back and wait for a response! In the end, they simply don't know how to help you and you will become one of those "90%" that were not helped.
"Short sales are not easy!"
...unless you seek the help of an expert agent with a proven track record. We have been personally trained by a former Chief Loss Mitigator who is a career loss mitigator and asset manager with 20 years in the business (he is ultimately the guy at the bank who accepts or declines short sales). Actually, we went so far as to take that training to the entire team. We are now helping save even more folks from foreclosure.
The team of seasoned professionals we work together with has successfully negotiated short sales for many families. We actually get the banks to say YES to our short sales. Before you agree to have an agent help you sell your home, ask him/her to show you just one short sale approval within the last 6 months... we doubt they can.
The best part is, our mentor has taken his tips and tricks from working INSIDE THE BANK and taught Team Lally exactly how to ethically BEAT THE BANK... 93.2% of the time!
Our mentor most recently worked for IndyMac Bank, a top ten lender, as the head of their HELOC loss mitigation division. His insider knowledge and broad base of industry contacts allows us to get our approvals faster than any other agents in Hawaii!
Now it's up to you...
We are ready, along with my team of experts, to go to battle for you. Are you ready to take a serious look at your options and see how a short sale can help you?
Avoid Paying TAXES on the money the bank loses at foreclosure! (YES, you may have to pay taxes on the amount of loss to the bank if the home goes to foreclosure!)
- Save your credit from the ' Foreclosure ' ding
- Avoid Bankruptcy / Foreclosure
- Relieve the stress that this financial burden has become
- WITH NO OUT OF POCKET FEES OR ANY UP FRONT COST OF ANY KIND! or in other words, you pay us nothing and if we do our job and save you from foreclosure, only then will we get paid by the lender!
Not all agents can do a short sale and not all people qualify for our help. We are here for you if your situation meets the following criteria:
- You have a valid hardship
- You have little or no equity in your home
- You are unable (or soon will be unable) to pay your bills on time
- You want to work with an expert
If you're not sure and just want to find out if you qualify, give us a call and we will walk you through your options. Believe it or not, you may need help getting a temporary reduction in your payments to 'catch up'. In any case, call us to talk about the several options that you may not be aware of.
If you don't know what else to do and you don't call us at (808) 388-5466, what will it cost you in damaged credit, frustration and stress? If we are unavailable when you call, Team Lally has assistants taking calls from 8am to 4pm Hawaii Standard time (HST) Monday through Friday.
We know how you feel and We can help.
P.S. Don't let the lender's abusive scheme take advantage of you and cause you to lose your home to a foreclosure auction! Save your credit and have peace of mind dealing with experts! View a video about Short & Simple Video of the Credit Crisis.