Last week, I closed a short sale and I gave the homeowner/seller a check for $35,000.00 from Bank of America as a seller incentive to short sale their property. This incentive came directly from the lender. The terms of the short sale also included a complete write off of the debt and waiver of the deficiency as well as no 1099-C penalty to the IRS.
This was not unusual but rather the norm these days, to see the lender providing large monetary incentives to the borrowers for them to short sale their properties.
Plus, the realtors made their commission of 6%, acting as title agent, we were paid by the lender, and the buyer walked off with a great deal.
At the Law Offices of Jacqueline A. Salcines, PA, our staff of attorneys, accountant, realtor and loss mitigation specialists work around the clock to ensure the best deals for our clients.
Perhaps not a short sale, but a loan modification is what the borrower wants, we can assist.
Or a short payoff of a second mortgage so the homeowner can keep the home and produce equity.
We are trained to find the best loss mitigation option for you.
Call us today for a free consultation with attorney Jacqueline A. Salcines, Esq.
Tel. 305 | 669 | 5280