Foreclosure Help in Hawaii

A short sale is like smash in your car door and a foreclosure is like totaling your car. A smashed door like a short sale is lot easier to repair. That is as specific as I can get, because I have some across so much information on this, that the only way you will really know is when you see your credit report. There are a lot of factors that come into consideration regarding your credit score, making it difficult to predetermine what it will be before an event takes place.

The lender will issue you a 1099C on the difference and you will need to treat that difference as income. This creates a taxable situation. However, if you use IRS form 982, you may be relieved of the tax burden. See excerpt from IRS web site. “This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. IRS.com

The ideal approval is a full lien release with no further obligation. Variations of this however, maybe the best that can be negotiated. See disclosure statement below.

You have to remember, we’ve all had our ups and downs in life and a lot of other good people are also in the same tough spot as you. Life seems scary when you’re facing the reality of foreclosure and we know how you feel when you just don’t wanna answer the phone any more…

We all agree that we’re in the middle of a national mortgage crisis and that, in many cases, homeowners who have bought or refinanced in the last few years have been seriously abused by unethical lending practices!

You bought your home and hoped (like we all did) that it would increase in value (and some folks were even promised it would!), but most likely the harsh reality is that now your home is worth less than when you bought it and the value is still declining sharply.

We’ve helped hundreds of homeowners in this position to get the help they deserve. We’ve also helped train hundreds of real estate professionals locally on the short sale process.

Did you know that nearly 90% of the homeowners nationwide who try to “short sale” their home will end up losing their home to foreclosure due to an uneducated or lazy agent?

We hate to say this about my fellow agents, but the majority of them that are “trying to help” have not been properly trained and sadly, they are misinformed as to how to even negotiate with lenders. Some even get so far as to submit your ‘short sale packet’ and then just sit back and wait for a response! In the end, they simply don’t know how to help you and you will become one of those that were not helped.

Short sales are not easy!

Unless you seek the help of an expert agent with a proven track record. We have been personally trained by a former Chief Loss Mitigator who is a career loss mitigator and asset manager with 20 years in the business (he is ultimately the guy at the bank who accepts or declines short sales). Actually, we went so far as to take that training to the entire team. We are now helping save even more folks from foreclosure.

The team of seasoned professionals we work together with has successfully negotiated short sales for many families. We actually get the banks to say YES to our short sales. Before you agree to have an agent help you sell your home, ask him/her to show you just one short sale approval within the last 6 months… we doubt they can.

The best part is, our mentor has taken his tips and tricks from working INSIDE THE BANK and taught Team Lally exactly how to ethically BEAT THE BANK… 93.2% of the time!

Our mentor most recently worked for IndyMac Bank, a top ten lender, as the head of their HELOC loss mitigation division. His insider knowledge and broad base of industry contacts allows us to get our approvals faster than any other agents in Hawaii!