FAQs

Q): I’ve been hearing a lot of things about the new federal law - Mortgage Forgiveness Debt Relief Act of 2007. Can I take advantage of this new law if I allow MNShortSalePros.com to complete a short sale on my behalf?


Q): Once the foreclosure process has begun, how long will it take until my house is sold at auction?


Q): Is it too early to receive help from Ideal Homes if my house in not currently in foreclosure, but I anticipate that it will be in the near future?


Q): If I file for bankruptcy can I avoid a pending foreclosure?


Q): Just how damaging are the consequences of having a foreclosure on my credit history?


Q): How long will a foreclosure remain on my credit history and why should I be concerned about it if I don't plan to purchase another house?


Q): Can MNShortSalePros.com clean up my credit history?


Q): Can MNShortSalePros.com help me even if there isn’t any equity in my house?


Q): Can MNShortSalePros.com help me even if I've already filed for bankruptcy?


Q): Can MNShortSalePros.com help me avoid foreclosure and keep my house?


Q): Will I have to pay any closing costs, commissions, or back payments?


Q): By completing and submitting the “SELL YOUR HOME” form, will I be obligated in any way?


Q): I have not missed any payments yet, can I still do short sale?


Q):I have Already Received My Foreclosure Notice. Is It Too Late For A Short Sale?


Q):What Is A Deficiency Judgment?


Q): I’ve been hearing a lot of buzz about the new federal law called the Mortgage Forgiveness Debt Relief Act of 2007. Can I take advantage of this new law if I allow Ideal Homes to complete a short sale on my behalf?

A): There are specific requirements, but many homeowners can take advantage of this new law. Click here to view information from IRS which explains some of the details concerning this new law.

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Q): Once the foreclosure process has begun, how long will it take until my house is sold at auction?

A): It depends on the specific laws of each state. In Minnesota it takes about 60 days.

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Q): Is it too early to receive help from MNShortSalePros.com if my house in not currently in foreclosure, but I anticipate that it will be in the near future?

A): No. We can still help.

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Q): If I file for bankruptcy can I avoid a pending foreclosure?

A): No. Bankruptcy can only POSTPONE a foreclosure. As soon as you file for bankruptcy your house will be temporarily protected from foreclosure by an "automatic stay". Then, your lender(s) will file for a "relief of stay.” When your lender(s) are granted “relief of stay,” they will have the right to resume the foreclosure.

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Q): Just how damaging are the consequences of having a foreclosure on my credit history?

A): A foreclosure is, by far, one of the worst marks you can have on your credit history. Future creditors consider mortgage payments to be the most important payments to maintain. So, when they discover that a potential borrower lost his/her house to foreclosure, lending to that potential borrower represents the highest degree of risk to them.

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Q): How long will a foreclosure remain on my credit history and why should I be concerned about it if I don't plan to purchase another house?

A): A foreclosure will remain on your credit history for SEVEN years. Even if you are not interested in purchasing another house, a foreclosure will cause the following negative consequences:

  • Higher interest rates on credit cards
  • Higher interest rates on auto insurance
  • Decreased employment options
  • Decreased rental options
  • Higher rent

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Q): Can MNShortSalePros.com clean up my credit history?

A): Unfortunately, we cannot. We are licensed Real Estate Agents. However, we are affiliated with Credit Repair Company that can help you delete negative marks. (Click here to find out more)

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Q): Can MNShortSalePros.com help me even if there isn’t any equity in my house?

A): Yes. Even if you owe more than what your house is worth, we can persuade your lender(s) settle on a short sale arrangement instead foreclosure.

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Q): Can MNShortSalePros.com help me even if I've already filed for bankruptcy?

A): Yes. There are a few more steps involved in the process, but we can still help.

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Q): Can MNShortSalePros.com help me avoid foreclosure and keep my house?

A): Although, it may be possible to accomplish such a task, our company specializes in helping our clients avoid foreclosure while arranging for a new buyer to acquire the house.

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Q): Will I have to pay any closing costs, commissions, or back payments

A): No. MNshortSalePros.com will arrange for the payment of all closing costs, commissions, back payments, current property taxes, and liens. We don’t charge any fees for our services.

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Q): By completing and submitting the “SELL YOUR HOME” form, will I be obligated in any way?

A): No. We use the “SELL YOUR HOME” form to determine the best way we can help solve your situation. In addition, we set certain systems in place to insure that your sensitive information remains private and confidential. We DO NOT sell or rent any of the information we collect.

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Q): I have not missed any payments yet, can I still do short sale?

A):Oftentimes, the lender will not consider a short sale if there have not been any missed payments. That issue can be overcome if we can show a compelling reason (hardship) why the payments have been made, and why the payments are going to stop in the near future. We would need to show how the payments were made, and where the money came from. If the payments were made with your credit cards, by borrowing from family members, or even if the money came from retirement accounts, as an example, it would help build the case. This will not guarantee that the lender will accept the short sale however there are instances where they have done so.

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Q): I’ve Already Received My Foreclosure Notice. Is It Too Late For A Short Sale?

A): No. There are a few variables, though, that can affect the foreclosure timeline. A qualified Realtor, or better yet, a Certified Distressed Property Expert, can help you extend the foreclosure timeline up to 6 months, and in many circumstances up to 7 or 8 months.In Minnesota a home sale can be done and approved all the way past the sheriff’s sale and during the redemption period.

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Q): What Is A Deficiency Judgment?

A): A deficiency judgment is a judgment lien against a debtor, defendant or borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. This option may or may not be available to the lender, depending on whether they have made a recourse or non recourse loan...

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LATEST NEWS

Tax Rules for Short Sales - Foreclosures

Past tax consequenses of a short sale and how the new "Mortgage Forgiveness Debt Relief Act of 2007 H.R. 3648" helps people trying to complete a short sale

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