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Deerfield Beach, Florida (PRWEB) November 29, 2012
When a property is foreclosed, the bank can and will come after borrowers for the difference amount owed and amount received from sort sale proceeds. Some banks like BOA have agreed to completely satisfy second mortgages that are delinquent, allowing easier short sale process. Some lenders want to clear their books and liquidate some trouble assets and are now offering up to $20,000.00 to homeowners to do a short sale.
FHA, Fannie Mae and Freddie Mac have increased the amount allowed to second mortgages from $6,000.00 to $ 8,500.00.
La Playa Real Estate can help homeowners with the short sale process, there is never a cost to the property owner and there are many investors working with La Playa Real Estate to scoop up these great deals. Most attorneys are charging homeowners a short sale fee, that is never the case with La Playa Real Estate, the entire process is done by experienced short sale specialists that have years of experience with hundreds of successful short sales in South Florida.
Banks always issue a 1099 on the difference lost on short sales. As of now and good through December 2012, the government has waived collecting taxes on those 1099 as income. It is believed and we all hope, this deadline will be extended, but it will more than likely only be for a short period of time a year or less, needless to say, now is the best time to do a short sale.
Many borrowers can re-establish their credit and buy again within 24 months at today’s prices; La Playa Real Estate has properties available now that can be lease with an option to buy. Contact an associate at La Playa Real Estate at 786-693-0231 or 305-772-4596