General
Maximum RE Process
Short Sale Implications
Q
uestion:
Why would my lender agree to a short sale?
answer
:
A short sale with Maximum RE means more cash to the lender. It is a much better option for the lender than a foreclosure which creates expense and liability..
Q
uestion:
How difficult is a short sale to complete?
answer
:
A short sale is a very complex transaction. Many agents and companies who claim expertise are only successful 25% of the time. Maximum RE closes 95% of our transactions. And since working with Maximum RE costs you nothing, why take the risk
Q
uestion:
When should I start working on a short sale?
answer
:
You don’t have to be behind on your mortgage to start the process. If you have negative equity in your home, we can start helping you today.
Q
uestion:
How do I get started?
answer
:
Getting started is easy. Call 1-888-566-8222 to begin or complete our short form on the main short sale page and an experienced Maximum RE coordinator will call you directly.
Q
uestion:
How much does a short sale cost me?
answer
:
Absolutely nothing! No Cost to homeowners.
Q
uestion:
Can I work with Maximum RE if I live in a different state?
answer
:
Maximum RE currently works with homeowners in California, Nevada. We are constantly adding new states. If you live in a different state, please check back soon or call us at 1-888-566-8222.
Q
uestion:
Can Maximum RE stop a foreclosure?
answer
:
Usually, yes, but your chances are better if you start sooner. Don’t wait. Call us today. 1-888-566-8222.
Q
uestion:
How can I be sure Maximum RE can work with my lender?
answer
:
Maximum RE has successfully worked with multiple lenders and our process will work with every lender.
Q
uestion:
How can Maximum RE do this at no cost?
answer
:
Maximum RE is paid a real estate commission by the short sale lender. Remember there is no risk for you because you can cancel the transaction if at any time it ceases to be in your best interest.
Q
uestion:
Can you stop collection calls from my lender?
answer
:
Usually. Once we receive your signed documents, all communication with the lender can go through Maximum RE or your attorney. If the bank does not honor this request they may be subject to legal penalties.
Q
uestion:
How long does the process take?
answer
:
No short sale is the same. It depends on the lender, the geographic area, and the amount of the loan, among other things. A good average is 90 to 120 days. Maximum RE will manage the process and will take responsibility for your home so you can plan to move out any time that is convenient for you. If you prefer to wait, we will coordinate the move out with the lender approval of the short sale. Remember we want to accommodate your needs!
Q
uestion:
What if my situation changes after I start the process?
answer
:
You can cancel the transaction.
Q
uestion:
How will a short sale impact my credit?
answer
:
A short sale will show on your credit report as mortgage debt settled for less than the amount owed. Depending on the circumstances of your short sale, Maximum RE is often able to eliminate all negative credit reporting. If that is not possible, according to current Fannie Mae guidelines you will be eligible to borrow for a new home in no more than two years.
Q
uestion:
Will I lose my house?
answer
:
Yes. In a short sale, the bank agrees to settle your debt for less than you owe. The settlement comes from selling your home. Maximum RE finds the buyer for the short sale we transact. We keep you informed of our progress as we work with the bank so you can plan your transition accordingly.
Q
uestion:
Will I owe taxes?
answer
:
A short sale helps reduce any tax consequence you may have; however, there are many factors to consider. When you work with Maximum RE, We recommend you consult with your a tax advisor who can review your particular situation and advise you of tax consequences at the start of the transaction.
Q
uestion:
Will I be responsible for the mortgage deficiency?
answer
:
In some states the homeowner would be responsible for the deficiency between the amount owed and the short sale amount paid. However, Maximum RE fights to get the deficiency waived as a condition of every settlemen
Q
uestion:
When can I buy a house again if I have a short sale on my credit?
answer
:
Typically within two years. If you go into the short sale with good credit, we will work hard to protect your credit and minimize the impact. You stay in control until the outcome is certain
Q
uestion:
Will I make any money from a short sale?
answer
:
No.The lender is accepting less money than it is owed and will typically not allow the homeowner to profit.