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Jolanta Brosko-Osika

Direct: (773) 519-1353
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Jolanta Brosko-Osika

RE/MAX City

Mailing Address 7020 W. Higgins Ave
Chicago, IL 60656
Office Phone 773-775-0600
  • Direct 773-519-1353
  • Office 773-775-0600
  • Office Fax 708-667-7006
  • Assistant secretary
CDPE, SFR, SHORTSALE /PRE-FORECLOSURE SPECIALIST

"SHORT"SALE/PRE-FORECLOSURE CERTIFIED 773-519-1353 CALL TODAY!!!!!!!

NOW HELPING OWNERS IN DANGER OF FORECLOSURE!!!! SHORT SALE!!!!!

WHAT IS A SHORT-SALE?

THE SHORT REFERS TO THE FACT THE PAYOFF AMOUNT INDEED IS"shorter"THAN THE MORTGAGE BALANCE ON THE PROPERTY.SHORT SALE IS A PROCESS WHERE A NEGOTIATED
SETTLEMENT IS MADE BETWEEN THE LENDER THAT HOLDS THE MORTGAGE AND THE SELLER FOR A THIRD PARTY BUYER BY A PROFESSIONAL REALTOR OR ATTORNEY, EVEN BEFORE THE FORECLOSURE PROCESS IS INITIATED BY THE LENDER.

EXAMPLE; BANK AGREES TO SELL YOUR PROPERTY FOR $ 200,000 ON WHICH $ 240,000 IS OWNED IN MORTGAGES AND TAXES

YOU DON'T HAVE TO ABANDON YOUR PROPERTY,OR PAY ANY FEES UPFRONT!!!!!!!!!!!!!!
THE REALTOR'S COMMISSION, LAWYERS FEES AND ALL CLOSING COST ARE PAID BY THE LENDER

SHORT SALE VS FORECLOSURE; THE PURPOSE IS TO AVOID FORECLOSURE(REPOSSESSION OF REAL ESTATE). PROCESS BY WHICH THE LENDER FORCES A SALE OF A MORTGAGED PROPERTY BECAUSE THE BORROWER HAS NOT MET THE TERMS OF THE MORTGAGE.IF YOU
MISS 3-4 PAYMENTS ON AVERAGE THE LENDER WILL INITIATE A FORECLOSURE.

WHAT ARE THE BENEFITS OF SHORT SALE VS FORECLOSURE.

IF A SHORT SALE IS APPROVED ,THE DIFFERENCE BETWEEN THE SALES PRICE AND AMOUND OWED IS FORGIVEN AND REPORTED AS SETTLED DEBT/PAID IN FULL
YOU DONT HAVE TO PAY TAXES ON THE AMOUNT FORGIVEN IN SHORT SALE ON YOUR PRIMARY RESIDENCE ACCORDING TO MORTGAGE FORGIVENESS DEBT RELIEF ACT SIGNED BY PRESIDENT BUSH ON DECEMBER 20TH,2007
WE NEED TO BE AWARE OF SAME IMPORTANT ISSUES WHILE DEALING WITH SHORT SALE AS IT APPLIES TO: THE SELLER,THE LENDER,THE PURCHASER.

SELLER;
1.GETS TO LIVE IN THE PROPERTY DURING THE SHORT SALE PROCESS.
2.NET PROCEEDS TO THE SELLER MUST BE "ZERO"ON THE HUD STATEMENT
3.LENDER MAY RELEASE OWNERS FROM ANY FURTHER LIABILITY IN CONNECTION WITH THE LOAN,MEANING NO'"DEFICIENCY JUDGEMENT TO BE FILED.
4.A POSSIBLE THIRD PARTY "investor purchase and lease-back or resell" to the current sellers
5.SELLER CAN AVOID OR OFFER AN EXPLANATION OF A FORECLOSURE SHOWING UP ON THEIR CREDIT IN ORDER TO IMPROVE THEIR CREDIT
6. MAY BE ABLE TO AVOID A BUNKRUPTCY, IF THERE ARE NO OTHER MAJOR NON-REAL ESTATE RELATED DEBTS.

LENDER;
1.NET AMOUNT WITH SHORT SALE PROCESS WILL BE EQUAL TO OR GREATER THAN PROCEEDS FROM A POSSIBLE SHERIFF'S SALE WITHOUT MONTHS OF FORECLOSURE PROCEDURES AND EXTRA EXPENSES INVOLVED(ATTORNEYS FEES).
2.NET PROCEEDS FROM THE SALE ARE AVAILABLE IN CERTIFIED FUNDS WITHIN 24-HRS
3.REDUCES INVENTORY OF NON-PERFORMING ASSETS
4.MAY CHOOSE TO ISSUE A FORM 1099 FOR THE SHORTAGE AS A "FORGIVEN DEBT " ON WHICH THE SELLER MAY HAVE TO PAY TAXES

PURCHASER OR INVESTOR;
1.PICK UP 10-30K IN EQUITY
2.PROPERTIES ARE OCCUPIED WITH UTILITIES ON.
3.VERY LITTLE COMPETITION UNLESS THE PROPERTY IS LISTED FOR SALE.
4.POSSIBILITY OF SELLER BUY BACK OR LEASE BACK.
5.SOME OF THOSE PROPERTIES ARE GREAT FOR OWNER OCCUPIED INVESTORS WITH CAPITAL GAINS POSSIBLY FREE (UP TO $ 500K FOR JOINT RETURNS)IF YOU SELL AFTER LIVING IN IT FOR TWO YEARS OR MORE.

LENDERS PREFER TO WORK WITH REALTORS WHO COULD MAKE SURE ALL THE STATE AND LOCAL REAL ESTATE LAWS ARE COMPLIED WITH INCLUDING PROPER DISCLOSURES AS IN REGULAR SALES TRANSACTION.
LENDERS DON'T WANT ANY FUTURE LIABILITY DEALING WITH NON-LICENSED INVESTORS OR CONSUMERS DIRECTLY.


AS A SHORT SALE RESULT YOU WILL DROP CREDIT SCORE ABOUT 100 TO 150 POINTS ON AVERAGE.
BUT YOU SHOULD BE ABLE TO REBUILD YOUR CREDIT WITHIN 2-3 YEARS.MANY BANKS DONT REPORT SHORT SALES TO CREDIT BUREAUS AS OPPOSED TO FORECLOSURE WHICH COULD STAY ON YOUR CREDIT REPORT UP TO 7 YEARS OR LONGER.

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