Washington, D.C. (PRWEB) February 5, 2008
The current mortgage meltdown is still young; but Marc Cormier the owner of the foreclosure help website http://www.help33.Biz with a combined 21 years of business and real estate experience has already saved many homeowners from a foreclosure tidal wave that's sweeping America. Jane, (name changed to protect privacy) a D.C. area homeowner was facing mounting debts and unable to remain current on her home mortgage. The bank had already moved forward with foreclosure procedures and Jane was discovering that there were no buyers willing to pay $613,000 for a house that was valued at $540,000. She was upside down and drowning fast.
"When homeowners are facing foreclosure on a home that's worth less than the mortgage they often panic and are tempted to either try to sell their home themselves (FSBO) or simply walk away. That's a big mistake," said Marc Cormier. "A foreclosure on your credit report is worse than a bankruptcy and there is a better way…a short sale."
According to Cormier, a short sale can be the saving grace for many homeowners facing foreclosure due to the tightening credit squeeze and falling home values.
"With Jane, we knew that we would have to use the short sale; but Jane feared the bank would come after her for the difference of what she owed on the mortgage," Cormier said. "Through careful negotiations with the bank we were able to negotiate the forgiveness of the $113,000 loan balance. My client walked away without owing a dime."
According to Cormier, there was a time when a homeowner like Jane would face hefty taxes on the $113,000 balance that was forgiven; but due to recent legislation, that money is no longer taxed.
"Short sales offer troubled homeowners an opportunity to save their credit score, repay debts and help prevent American communities from becoming choked with foreclosed and abandoned properties," Cormier said. "I created http://www.help33.Biz to make homeowners aware of another way to avoid foreclosure. This website offers free information about short sales and foreclosures."
Why would a bank accept a short sale? According Cormier, banks are highly motivated to short sale properties that are worth less than the mortgage especially if they are in preforeclosure because foreclosure proceedings cost them money that they may not be able to recoup. "Banks are in the business of loaning money, they have no desire to be landlords," Cormier concluded.
Visit http://www.help33.Biz today to receive free information on how a short sale may save your property from foreclosure.
The short sale assistance website http://www.help33.Biz is designed to help homeowners sell their home if it is worth less than what they owe on the mortgage. Help33.biz helps homeowners with short sales of their own even if they are not facing foreclosure.