Orlando Realty Consultants is a full-service Real Estate brokerage located in Orlando, Florida.
We provide Professional Real Estate solutions for both home buyers and sellers. Our diverse team of Orlando real estate experts has experience in all aspects of Real Estate. We will work with you to make your home purchases and sales process as simple as possible while providing you with the most up-to-date information on your transaction process as it develops.
“Jenny Zamora worked very hard to get our Orlando property sold through a short sale. She is obviously an expert in the process and is familiar with the requirements and regulations that need to be followed.
Unlike other realtors I have used in the past, Jenny responded immediately every time I had a question or wanted an update. I never had to wait for an answer.
Jenny and her team got my short sale done and I was able to move to another house immediately.
Jenny and her team come with my highest recommendation. You will not be disappointed. Thanks, Jenny!”
There are tens of thousands of distressed homeowners wondering the same things right now. Will Congress continue to help out consumers who are behind on their mortgages by extending the Mortgage Forgiveness Debt Relief Act of 2007 for one more year?
The act was put in place in order to help homeowners with underwater mortgages by forgiving the taxes owed on the difference between the short sale payoff and the full amount of the loan. Under the current federal tax law, the amount forgiven by the lender gets reported as ordinary income for the homeowner.
The Mortgage Forgiveness Debt Relief Act of 2007 expired last Dec. 31 and has yet to be renewed for principal reductions during 2014. These principal reductions can apply to loan modifications that were done by lenders, foreclosures, and short sales. Many believe that Congress will extend the law however if they don’t, hundreds of thousands of distressed homeowners will be hit with tax burdens that they may not be able to handle.
I’ve had several dozen Orlando homeownersthat would’ve opted to do a short sale on their home but have filed for bankruptcy instead rather than hoping for Congress to renew the law. I believe that it’s for reason that we’ve seen a significant drop in Orlando’s short sales so far in 2014. The fact is that I can’t recommend for homeowners take a chance on a tax law that may or may not get renewed.
Let’s get back to the main question: Will the mortgage forgiveness act be extended?
The truth is that we just won’t know until it happens… or doesn’t happen. And for underwater homeowners that have received or plan on receiving a reduction on their principal balance, it’s going to be a stressful time until it all plays out.
Short Sale May Still Be The Best Option
Regardless of whether Congress decides to extend the law or not, a short sale may still be the way to go for some distressed homeowners. If you compare a short sale to a foreclosure, you’re still better off doing a short sale, and here’s the reason why. If a house goes to foreclosure, it will still sell for way below the full payoff amount and you would still be facing possible tax burdens. The difference is that by doing a short sale you would avoid having a foreclosure on your record and you will also have a chance at getting relocation assistance from the lender.
There’s a common misconception among distressed homeowners that you need to hire an attorney in order to complete a short sale on your home. The truth is that you don’t need to hire an attorney in order to complete a short sale. The lender does however require that a licensed real estate agent represent the seller in order for a short sale to be approved.
There are some cases where you would want to consult with an attorney such as; if there’s title issues, the property’s in probate or if there’s a Bankruptcy involved, etc.
Now with that being said, most of the time you don’t need to hire an attorney to short sale your home.
One of the most popular reasons why people hire a short-sale realtor instead of an attorney is the cost. Attorneys can charge you thousands of dollars to do your short sale, whereas a licensed realtor does it for free.
Wouldn’t you rather save your money instead of turning it over to a lawyer?
A realtor only gets paid if the short sale closes, and they get paid by the lender,it doesn’t cost the homeowner a dime. Not only that, but most of the time we get you cash back a closing. We’ve gotten our clients anywhere from $3,00 to $30,000.00 back at closing.
There are currently thousands of Orlando homeowners that are looking for help with their situation. The process isn’t just hard, It’s scary. We’re talking about potentially getting kicked out of your home. This is why it’s crucial that you get help from a proven Orlando Short sale Expert.
We understand this which is why we are devoted to helping people that are facing foreclosure and financial hardship to find solutions to their real estate needs.
Hi, I’m Jenny Zamora, your licensed Orlando real estate broker. I’ll provide you with a free property analysis of what your Orlando home is worth in today’s market.
Orlando Realty Consultants is a top-ranked, full-service Real Estate brokerage located in Orlando, Florida which specializes in doing Orlando Short Sales and Foreclosure Prevention. Our team is made up of highly experienced Orlando realtors.
We provide Professional Real Estate solutions for both home buyers and sellers. Our diverse team of Orlando real estate experts has experience in all aspects of Real Estate.
We will work with you to make your home purchases and sales process as simple as possible while providing you with the most up-to-date information on your transaction process as it develops.
