Buy a New Home After Bankruptcy, Short Sale, or Foreclosure in 2015!!

short saleEconomists are predicting that many homeowners who suffered financial hardship and the loss of their home during the foreclosure crisis will be ready to purchase again in 2015.  Purchasing a home has many perks, the most attractive being earning equity in your home.  And with the way “home values are continuing to sky rocket in Colorado” now is a great time to buy and earn some equity with your new home!

Read “Boomerang home buyers are coming back” by Ben Rooney with CNN Money for more information.

Many Boomerang Buyers, or those that suffered the loss of their home during the foreclosure crisis, aren’t aware that you can be eligible to purchase again after as little as one year after the loss of your home or bankruptcy.

FHA generally requires 3 years after your foreclosure or short sale to be eligible for an FHA insured loan, there are new FHA Programs that allow eligibility to some buyers after just one year but they have higher insurance and interest rates.  You can qualify for a new VA loan in just 2 years after your short sale or foreclosure.  There are Conventional Loan programs that you may qualify for immediately after your bankruptcy is discharged, or your foreclosure has sold.

Read “2015 Buy Again After Bankruptcy, Short Sale, Foreclosure, or Deed in Lieu” by Scott Schang with Find My Way Home for more information.

Aaron Storck and Tatyana Sturm-Storck

Aaron Storck and Tatyana Sturm-Storck

Tatyana Sturm and The Storck Team have been honored to serve the Denver and surrounding areas in relocation real estate for the last 10 years as one of Denver’s leading short sale and foreclosure specialists.  If you or someone you know is facing foreclosure, make sure you are educated on your options.  You might have equity or money in your home that you are unaware of in this ever changing real estate market.  Call or text The Storck Teamto explore your options with short sale and foreclosure today at (720) 350-5909.  We are available 7 days a week for a consultation.

 

The Short Sale Process for Sellers

short saleHave you fallen behind in your mortgage?
Have you recently suffered a job loss on reduction in your income?
Have you recently been through a divorce and can’t afford your monthly bills alone?

 

These are all situations that many Americans face on a daily basis, it’s scary!  If you have fallen behind on your bills and/or received a notice from your mortgage lender that they you could be facing foreclosure you have options!  You may have equity in your home that you are unaware of, home values have gone up an average of 10% in the Denver area over the last 12 months.  You may qualify to short sale your home.  If you are considering a short sale, here are a few guidelines to the process.

 

1. First you must determine if you and your home are eligible for a short sale.  There are several qualifying factors here.
-Is your hardship going to be long term?
-Do you owe more on the home that market value (what you can sell it for).
-You can no longer afford to keep your home or need to relocate.
-You are not eligible for a loan modification or refinance through your lender.

2. Select a Realtor to help you short sale the home.  Surprisingly your Realtor will play a critical roll in the short sale of your home.  A Realtor knowledgeable in the short sale process, like The Storck Team, will have a team of specialists on your side from professional short sale negotiators to Realtors experienced in marketing and lender policies regarding your home.

3. Apply to your lender for participating in a short sale.  The lender will ask you for documentation to approve your request to short sell.  This is where our team of professionals will help you start the process in explaining to your lender why you need to short sell your home.

4. We put your home for sale on the real estate market.  Your home will be designated as a short sale and marketed with the understanding that the home is sold as is and you are not in a position to make any repairs.  This protects you from going through costly inspection repairs that you cannot afford.

5. Your lender will hire an appraiser to assign a market value to your home.  This is a huge step!  This will let you know how much you need to accept for a contract price on your home.

 

There are so many variables to the short sale process, and each circumstance is different.  Despite being called a “short” sale, they actually take significantly longer than a regular home sale.  A short sale means that you are selling the property short of what you owe on your mortgage.  You should plan on the sale process taking a minimum of six months.

 

Aaron Storck and Tatyana Sturm-Storck

Aaron Storck and Tatyana Sturm-Storck

Tatyana Sturm and The Storck Team have been honored to serve the Denver and surrounding areas in relocation real estate for the last 10 years as one of Denver’s leading short sale and foreclosure specialists.  If you or someone you know is facing foreclosure, make sure you are educated on your options.  You might have equity or money in your home that you are unaware of in this ever changing real estate market.  Call or text The Storck Teamto explore your options with short sale and foreclosure today at (720) 350-5909.  We are available 7 days a week for a consultation.

Another Beautiful Closing Brought to You by The Storck Team!

21343 E 55th AveToday we had the pleasure of celebrating another closing full of smiles around the table with one of our long time short sale clients.  We were honored to serve you as your Realtor and are so excited for you to start the next chapter in your life.  Bringing everyone together through real estate is one of the greatest joys and we are blessed to get to experience it with our beloved clients for a living!

 

 

21343 East 55th Avenue

 

If you or someone that you know is facing foreclosure, you have options.  Don’t let your lender talk you into something that doesn’t feel right for you.  You may have equity in your home that you are unaware of in this crazy Colorado market.  Many people who have suffered financial hardship also qualify for a short sale on their home.  The Storck Team specializes inshort sale, foreclosure, and relocation real estate.

 

Aaron Storck and Tatyana Sturm-Storck

Aaron Storck and Tatyana Sturm-Storck

Tatyana Sturm and The Storck Team have been honored to serve the Denver and surrounding areas in relocation real estate for the last 10 years as one of Denver’s leading short sale specialists.  If you or someone you know is facing foreclosure, make sure you are educated on your options.  You might have equity or money in your home that you are unaware of in this ever changing real estate market.  Call or text The Storck Team at (720) 350-5909.

 

Short Sale Tax Breaks Continue for 2014

The Storck TeamThis month the US House of Representatives passed the vote to continue the Mortgage Debt Forgiveness Act for all home owners whom were involved in a short sale for 2014.  In 2007 the Mortgage Debt Relief Act was initiated basically meaning that homeowners whom have suffered financial hardships and had to short sell their homes cannot be taxed for the difference of the sale price and what was owed with their loan.  Prior to 2007 any debt forgiven in a short sale was considered income and the home owner was responsible for claiming the debt forgiveness as income on their taxes for the year the short sale took place.  

 

 

For more information on the Mortgage Debt Relief Act:

Short sale tax break passes in House

IRS: Home Foreclosure and Debt Cancellation

 

IRS Mortgage Debt Forgiveness: 10 Key Points

 

Aaron Storck and Tatyana Sturm-Storck

Aaron Storck and Tatyana Sturm-Storck

 

Tatyana Sturm and The Storck Team have been honored to serve the Denver and surrounding areas in relocation real estate for the last 10 years as one of Denver’s leading short sale specialists.  If you or someone you know is facing foreclosure, make sure you are educated on your options.  You might have equity or money in your home that you are unaware of in this ever changing real estate market.  Call or text The Storck Team at (720) 350-5909.

 

 

Short Sale Home for Sale FAQ’s

Aaron Storck and Tatyana Sturm-Storck

Aaron Storck and Tatyana Sturm-Storck

Short selling your home is a very tricky and complicated process.  It takes much longer and requires quite a bit more effort from you and your Realtor alike.  If you are in a financial hardship and are considering a short sale for your home, some of these quick questions might help.  The biggest piece advise I can pass along to you regarding a short sale and your home though; find a Realtor whom specializes in short sales and has closed several of them already.  So often, we find that lack of knowledge on the Realtor’s behalf can really hinder and even prevent these short sale deals from being approved and closing.  Make sure that you do your homework and understand the process, then find an experienced short sale specialist in your area that you can trust.

What is a Short Sale?
This is a fairly loaded question, and the short sale is thought to be the most complicated type of real estate transaction regularly practiced.  So let’s keep the answer simple for now.  In a short sale the owner’s lender is agreeing to a sales price for less than what the owner owes on the property.  This could include your mortgage, HOA dues, liens, judgments, home equity accounts, and really anything that has been tied to your property as a debt through the county.  When you sell your home, you are required to give the buyer a title to the home that is cleared and free of ANY debt in your name.  Sometimes these debts can add up to a higher amount than what your home is currently worth.  This would be a short sale.

How Much Will Short Selling My Home Cost Me?
This is a question that we have very regularly asked as one of the Denver area’s leading short sale real estate specialists, and people want to know!  The answer is generally, no.  The majority of short sale do not actually cost the seller anything.  Of course, there are exceptions and extenuating circumstances to all rules but collectively it shouldn’t cost you a dime.

How Do I Qualify for a Short Sale?
There are a number of determining factors in qualifying and receiving an approval to apply for the short sale of your home.  Some of them include but are not limited to: being delinquent on your payments, suffering a financial hardship like job loss or divorce, and disability or retirement.

How Will a Short Sale Effect My Taxes?
When you short sell your home, you should be issued something called a 1099-C, which is the IRS form to designate a cancellation of debt.  Generally speaking, you should not have to pay taxes for this if it was your primary residence.  We might be able to answer some general questions regarding any tax implications, but for the sure fire answer we suggest you contact an account or the IRS.

How Will a Short Sale Effect My Credit?
Yes, and more likely than not your credit has already been effected by your situation.  Once your mortgage payment becomes more than 30 days late, your lender will likely report this to the credit bureaus and continue to do so throughout the entirety of the process.  The short sale itself effects your credit in the sense that the debt, or mortgage, will be reported as “settled” or “paid for less than full amount” instead of paid in full.  This does have a negative impact on your credit, but it is far less than that of a foreclosure which is the bank taking possession of the home without any sale or compensation for your mortgage.

How Long Do Short Sales Take?
A typical short sale should take approximately 6 to 9 months here in Colorado.  Each state has a slightly different policy and program but these numbers shouldn’t vary much more than a few months state to state.  We have closed hundreds of short sales in the last few years and have had some drag on for over 24 months, but these are crazy circumstances and not generally the norm what so ever.  Again, there are always exceptions to the average short sale and we cannot guarantee anyone that their home will close on or before a certain date.  We are at your lender’s mercy with time frames and deadlines.

Tatyana Sturm and The Storck Team have been honored to serve the Denver and surrounding areas in relocation real estate for the last 10 years as one of Denver’s leading short sale specialists.  If you or someone you know is facing foreclosure, make sure you are educated on your options.  You might have equity or money in your home that you are unaware of in this ever changing real estate market.  Call or text The Storck Team at (720) 350-5909.


Tatyana:
Aaron: 720-273-7419
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