Tag Archives: boulder short sales

Short Sale Colorado

Short sales can be painful.  Add to that, the concern, that the bank may come after you years later, for a deficiency, a tax consequence or send you a 1099 or promissory note to payback the deficiency. All of these can be devastating to your finances,  often spinning short sellers into bankruptcy. A short sale takes about 3 years to overcome, a bankruptcy can double that, foreclosure can add more time. The title to the property may be clouded by a deficiency or a judgement which can also cause future issues.  If the short sale is not done properly and in a timely manner it can lead to foreclosure.

What would you think if all of the problems with a short sale could be negotiated away and done in a timely manner? No deficiency! No tax consequence! No 1099! No promissory note! Short sales are tough enough on the homeowner. They don’t need to complicate your life and make it worse and spin you in to bankruptcy.

We work with investors who utilize their own in house negotiators to negotiate all the guesswork out of short sales. We can negotiate away the tax consequence(s), the 1099, the promissory note, the deficiency. What this means to you is no further problems or issues to deal with in the future. It is a clean short sale. No future surprises.

We can help you. Call me today to see if you qualify for a short sale. We can help take the pain part out of the short sale process.

Michael grew up around Santa Fe and is a longtime resident of Boulder and has been with Sotheby’s International Realty since their inception in Boulder County and along the front range.  If you have questions regarding a clean short sale or would like information about Boulder real estate or Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes is a Certified Negotiation Expert and full time Realtor at Fuller Sotheby’s International Realty in Boulder, CO.

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The “S” Word is much less impacting than the “F” Word!

Posted by Michael Hughes

“The sclerotic process of short sales will become streamlined in the future. Streamlined meaning will take only 2-5 months.”

Are you late on your mortgage payement(s)? Do you have a hardship? Either medical, divorce, loss of job, family issues or any of the multiple others? Why do a Short Sale? That’s easy because it is 5-8 years less (credit) impacting than a foreclosure. Do you qualify? Call me;  in about 20 minutes I will know whether you have a great chance of qualifying or not. Regular Boulder real estate or Luxury Boulder real estate many are in danger of foreclosing because of financial and other hardship.Do you think this will impact the market for sellers and buyers?

A Short Sale as opposed to a Foreclosure is much more advantageous for the Seller. Credit reports typically show it as “settled.” Any tax implications to the seller/home owner should be reviewed by their independent real estate attorney or accountant. A 1099C may be issued for the short fall and is handled somewhat differently than a 1099. Pre-foreclosure or short sale involves the sale of the property by the borrower to a third party for less than the amount owed (short sale) to satisfy the delinquent mortgage, as agreed to by the lender, investor and the mortgage insurer. I underline investor as this is where most of the delay happens. While this is getting better all the time due to delegated authority to the lender. Short sales are getting faster and there is no reason to go into foreclosure. Together we can explore all options to foreclosure: Refinance, Financial Counseling, Modification, Short Sale, Deed in Lieu and lastly the “F” word Foreclosure.

If you or anyone you know are 30 days or more late on your/their mortgage payment call me or give them my name and number lets see if we’re a good fit.

If you have questions regarding this article or have any questions about Boulder, Boulder real estate or would like information about Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes at Fuller Sotheby’s International Realty in Boulder, CO. 

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Filed under bad credit, Boulder Short Sale, foreclosure, Loan Modification, Uncategorized