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What is Pre-Foreclosure Coaching?
Many homeowners come to me distressed about their current mortgage situation and have many questions and concerns about what to do and the possible consequences of their decisions. Pre-Foreclosure Coaching is a great way to get answers to these issues and ideas about how to deal with an impending foreclosure.
Here is an overview of what you can expect from our meeting. First of all, I will be explaining your OPTIONS. This will give you a good idea as to what course you would like to take. Next, we’ll go over the FORECLOSURE TIME LINE and the process to auctioning of a home. I find this is very important to understand and will help you to determine what is in the best interests of your family. With the above information, we can then go over STRATEGIES that have worked for others and may be possible solutions for you too.
Tax consequences and future ramifications are always a concern. Although I do not give legal advice I would be happy to explain the general concept to the four main areas that could affect a homeowner. Those areas are:
1. Phantom Income Tax 1099
2. Defieciency Judgement (Personal & Investment Property)
3. Recaptured Depreciation (Investment Property)
4. Capital Gains (Investment Property)
Remember, investment properties are treated differently than your personal residence and with some clarification you will be able to determine what applies to you. Please be advised that you should review this information with your tax professional as to your individual circumstances since I have no knowledge of your past investment tax strategies.
There is no charge for this initial consultation. In the event that you chose to do a Short Sale with us, we offer a service to do the administrative paperwork for your short sale application.. This is separate from listing your home or other services we offer and is a one time fee due upon signing a contract.
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