Helping King County home owner's through the short sale process.

Introduction to Short Sales for Homeowners

Mortgage Troubles? You’re not alone!

Approximately 11 million U.S. home owners are upside-down on their mortgage. Now is the time to take advantage of programs designed to help. Homeowners who are “underwater” in their homes - owing more on their mortgage than the value of the home - can turn to a short sale to avoid foreclosure.

Simply put, a short sale is accomplished when the homeowners sell the property and their lender or multiple lien holders agree to accept the sale price as payment on the loan.

First, review your options.

The table below shows several options and the associated impact of choosing one over the other:

Optionsà	Loan Mods	Short Sales	Deed-in-Lieu	Bankruptcy	Foreclosure
³Impact ↓↓↓	Loan Mods	Short Sales	Deed-in-Lieu	Bankruptcy	Foreclosure
Debt Relief	Deferred pay or reduced rates	All mortgage debt relief	1st mortgage debt relief	Personal & property debt relief	1st mortgage debt relief
Keep Home	Yes (for now)	No	No	Maybe	No
²Credit Score	No impact	15-130 points	*5-140 points	165 to 365 points	5-140 points
²Credit History	No impact	“settled or paid as negotiated”	2-7 Years	10 years bankruptcy entry	10 years foreclosure entry
Future loan accessibility	No impact	2 years (less w/o late payments)	2-7 Years	2+ years	4-7 Years
¹Tax implications	N/A	Tax forgiven	Tax forgiven	Tax forgiven	Tax forgiven

¹Mortgage Forgiveness Debt Relief Act of 2007 – Federal Tax on deficient amount forgiven through 2012 on primary residence.

²Credit impact based on http://www.vantagescore.com/research/loanoptions/ study of 100,000 consumers and may not represent your scenario.

³Consult your CPA and legal advisor for details specific to your situation. *Impact of Deed-in-lieu not specifically covered in the study

⁴If your home is currently on the market with another agent, this is not a solicitation.

In many cases, a short sale can be the best option and offers many benefits such as:

-Property debt relief
-Less impact to credit score
-Shorter credit history records
-Future loan accessibility
-Ability to exclude forgiven debt from federal tax
-Stops any ongoing foreclosure
-Ability to stay in the home until house is sold

However, the process can be complicated and frustrating. Our team has 16 years of experience and has been through it many times.

We understand the short sale process and will:

-manage the process from start to finish
-keep you informed along the way
-help deter harassing phone calls
-do the work for you at NO out-of-pocket cost to you

Contact us to schedule a free and private consultation.

Donita Dickinson
Designated Broker
Email: Donita@donitadickinson.com
( (206) 979.7370 | Ê (800) 756 5914

David Parsons
Real Estate Broker
Email: David@donitadickinson.com
( (425) 879.0848| Ê (800) 756 5914