Short Sale Facilitators Team Overview
Attorney Steve Korshak and real estate specialist Alma Korshak enjoy helping other homeowners when it comes to the heavy debt that homes often become. Where there used to be joy in owning a home, now, homes are becoming weights, dragging families and individuals down with mortgages that are no longer affordable.
There are options available to homeowners through a short sale. Steve and Alma, owners of Short Sale Facilitators, have streamlined the short sale process, and can help realtors and lawyers who handle, or would like to handle, client short sales. The Short Sale Facilitator Team includes attorneys, realtors, and short sale specialists from front to back:
- Alma Korshak
- Steve Korshak
- Jacqueline Byrd
- Lee Korina Dani
- Bradford Petrino
- Irene Korshak
- Erin Walker
- Jennifer Crandall (not shown)
Short Sale Financial Considerations
Alma Korshak and Steve Korshak rely on a skilled team that works out the technical details and negotiations for homeowners trying to eliminate home ownership through a short sale.
What is a short sale? A short sale simply means the bank negotiated a lower sale price with the buyer than what you, the seller, owes. The deficiency is the difference in the amount owed on the loan and the amount collected from the sale.
A strong negotiator working directly with the lender may negotiate forgiveness of the deficiency debt. This is great news for a seller, but it does not mean there may not be further financial implications. Short Sale Facilitators of Florida acts as your intermediary in this complex and confusing process. The Short Sale Facilitators team is YOUR team.
When the loan is closed, the lending institution will issue a Form 1099-C, Cancellation of Debt. This will reflect the deficiency amount that you may be required to report on taxes. Up until the law’s expiration in January 2014, homeowners could qualify for exemption from the tax through The Mortgage Forgiveness Debt Relief Act of 2007. There may be other options.
Never, ever try to go through this process without a skilled professional negotiator by your side.
It is important to understand how your mortgage company will close the loan and report your payment history to credit reporting agencies. When the loan is reported as ‘settled’ on your credit report this is an indication the lender received less money than was owed on the loan. Most lenders will not report the loan as ‘paid in full’ so understanding the impact on your future credit is important.
Is the Debt Truly Forgiven?
Some lenders will not seek a financial judgment for the deficiency amount of your loan. In fact, some states have enacted Anti-Deficiency Laws to prevent it. If you live in a state that does not have these laws, how do you protect yourself?
The best way is to ask the lender to waive their right to seek a deficiency judgment. Negotiating with lenders that see such high volumes of foreclosures and short sales requires specific negotiating skills that come from years of experience. Short Sale Facilitators of Florida have the experience and understanding necessary to answer your questions and help you understand what follows.
The First Step is the Most Important: Find the Right Team
A short sale can be a viable solution to financial stress introduced by personal hardships. Engaging a knowledgeable negotiator will provide the best possible outcome for your individual situation. Schedule an appointment with Short Sale Negotiators of Florida by calling 321-397-5505 today.
You’ll get to know Alma Korshak very well throughout the short sale process. Alma will keep you in th eloop through constant communication after she’s talked with a lienholder, the lender or the buyer. The short sale process is managed and streamlined so that all you’ll do as homeowner, realtor or lawyer is attend the closing. This is not an exaggeration. The truth is that all the sticky little details will be handled by Short Sale Facilitators.