One of the many reasons Santa Monica Short Sales continue to rise is thanks to the numerous government sponsored programs to help distressed property owners. These programs enacted by Congress serve to provide relocation assistance or tax breaks to homeowners facing unforeseen hardships. At Toni Patillo and Associates we are always educating ourselves on the best options for your short sale.
Everyday we submit Santa Monica Short Sales with the possibility of qualifying for short sale incentives. Programs like HAFA will provide homeowners with up to three thousand dollars in relocation assistance in order to move on from their distressed property. Another great program called the Mortgage Debt Relief Forgivess Act was recently extended and allows homeowners to avoid possible taxes from a short sale. Santa Monica Short Sales are approved with the understanding that the home will be sold for less than what is owed on the property. The difference between the mortgage balance and the selling price is considered taxable income. On many of the Santa Monica Short Sales I close this can be thousands and thousands of dollars. Thanks to these Acts of Congress you the homeowner will be saved from any additional expenses come tax time. While these programs usually require your loan to be owned by Fannie Mae or Freddie Mac this is generally the case with most Santa Monica Short Sales. It is important to note that these programs will not last forever and some are set to expire at the end of 2013.
Our team is closing Santa Monica Short Sales every day and would love the opportunity to help you with real estate situation. These great programs can help you get back on your feet sooner and moving forward on the path to recovery. Make sure to take advantage before it is too late.