Why would my Lender want to allow a Short Sale to help me?

When should I start my Short Sale?

What if my house has already been sold at auction?

What is the cost for you to conduct a short sale?

How long does it take for you to complete the case once we fill out the paperwork?

Does Silver Lining Properties, LLC buy my property?

I have another Investor who says he can buy my house and negotiate a short sale with my bank- Is this okay?

How does a foreclosure and a short sale show up on my credit?

What liability do I have when SLP does a short sale on my home?

What is a Deficiency Judgment?

What advantages are there in using Silver Lining Properties, LLC instead of other firms?

Do I need to give you power of attorney?

What banks do you work with?

If you don't find your answer here, Contact Us for immediate assistance

Why would my Lender want to allow a Short Sale to help me?
The reason is simple: A short sale often has a better return on investment to the lender than a foreclosure. The average savings a lender sees from a short sale property compared with a foreclosure property is $14,000. Not only does the lender receive this savings, they are also paid on the loan 6 months earlier than in the foreclosure process. This allows them to collect and cash-out earlier than they would
in a foreclosure. Plus, lenders spend a great deal of money with attorneys to complete the foreclosure process. Lenders created the short sale process as a foreclosure alternative for those reasons. The incentives to perform a short sale on your property are in place to motivate you to participate. back to top...

When should I start my Short Sale?
It is best to begin a short sale when you realize you can no longer afford the mortgage.  The earlier you start, the higher our likelihood of success. Contact Us to see if you have enough time. back to top... 

What if my house has already been sold at auction?
Contact Us to discuss this further. back to top...

What is the cost for you to conduct a short sale?
A consultation to analyze your specific situation is completely FREE.  If it is determined that conducting a short sale is the right solution for your situation, our fee will be a part of the short sale offer.  You pay NO FEE for our short sale services.  Please Contact Us today so we can better understand your current situation and options. back to top...

How long does it take for you to complete the case once we fill out the paperwork?
Typical cases are completed within three months. If you have a foreclosure
sale auction date approaching we can complete it sooner. In the past we have found buyers quickly and have used our relationship with the banks to push back your foreclosure sale date if necessary. back to top...

Does Silver Lining Properties, LLC buy my property?
It depends.  SLP can purchase your property subject to a short sale being accepted.  If your property does not fit SLP’s purchase profile at the time, we have a long list of investor / buyers that can close on your deal, making sure that your property and you’re your credit aren’t lost to the foreclosure auction.  Please Contact Us today so we can better understand your current situation and options. back to top...

I have another Investor who says he can buy my house and negotiate a short sale with my bank- Is this okay?This is very common tactic used by some young / small investors to try to buy houses. Do not be suckered into this! You can lose either way! Why do they do this? Because they have nothing to lose by trying, so they lowball the lender and if the lender accepts they get a great buy on a house. If it doesn’t go through (after all that time you let them pursue it), then you will likely go to foreclosure and it doesn’t cost them anything. Either way you lose! If it does go through at an unrealistically low offer price, you just increased your potential tax liability (read below) by having the mortgage company take a bigger loss than necessary. Additionally, if it doesn’t go through you wasted crucial and valuable time that you could have been using to get a realistic short sale offer through the process and accepted. back to top...

How does a foreclosure and a short sale show up on my credit?
Foreclosures show up as FORECLOSURE, and can stay on your record for seven years. Anytime you apply for a new loan or have your credit run, the foreclosure
will show up and is usually a required disclosure you must make on most credit and job applications. A short sale is listed as SETTLED DEBT, and is much less harmful to your credit. Please consult a credit company for more information. back to top...

What liability do I have when SLP does a short sale on my home?
In a short sale, it is possible the bank could send you a 1099 for the difference in what you sell your property for and what you owed. This means the IRS could consider
the difference of “debt relief” as income, and you could be taxed on that income. The bank may also ask you to pay a portion of the difference back in the form of an unsecured note, which is similar to an I.O.U. It is a negotiation, and we employ tactics to have the bank consider the debt settled.
A successful short sale on your behalf, approved by the lender prior to the foreclosure auction, will eliminate a deficiency judgment, minimize your tax liability, and keep the damaging foreclosure off your credit. back to top...

What is a Deficiency Judgment?
A Deficiency Judgment can arise when the bank sells the house at foreclosure auction. The bank can sell the house at auction for any amount less than the total amount owing of the debt plus fees. A deficiency judgment can arise if the bank sells the house for less than the mortgage debt. The lender then holds you responsible for the unpaid portion of the loan. For instance, if you owe $100,000 to the mortgage servicer and they see proceeds after the auction of $55,000, the remaining difference of $45,000 can be moved into a judgment against you. This will also appear on your credit report along with the foreclosure. The lender may be allowed to take further legal action such as garnishing wages to pursue payment based on the laws of your state. Some states have restrictions and regulations on deficiency judgments, but unfortunately the majority does not.

Some lenders will choose the deficiency judgment while others may pursue a path to write off the loan. If they choose to write off the loan, the lender may issue a 1099 form which you will have to pay taxes on for the calendar year. For more information on deficiency judgments and the tax liability you may face based on your current situation, submit your information to SLP for a free consultation, and be sure to check your local state laws.
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What advantages are there in using Silver Lining Properties, LLC instead
of other firms?
You should go with the company that is most effective at completing short sales. We consult with people that have worked in the banks’ short sale departments. They know the “ins and the outs” of the banks and the right questions to ask. We are working hard and continuously to improve our relationships with banks lending on properties in your area. Please Contact Us today so we can better understand your current situation and options. back to top...

Do I need to give you power of attorney?
No, you should never give power of attorney to have someone pursue a short sale on your property. back to top...

What banks do you work with?
We work with almost any bank in the nation, and our list of banks and our improvement with the correct departments at each bank are ongoing and continually improving. Please Contact Us today so we can better understand your current situation and options. back to top...