SHORT SALE
If you do not have sufficient equity, GPS may be able to work with your mortgage companies to attempt to “SHORT-SALE”
your home. Your lack of equity makes foreclosure an unattractive option to the lender. With no equity, the lender who
forecloses is not reimbursed for lost interest, foreclosure expenses or real estate sale commissions. Further, the foreclosure
process takes time, during which the bank loses more money. Hence, lenders are usually receptive to alternatives to foreclosure
that cost less. This is why a short sale can be a viable alternative.
Be sure to understand this process -- it is usually not a “fast” solution, but it can be a very effective one.
INSIDER SECRET!
GPS knows exactly what most banks require in order to “qualify” your hardship for Short Sale eligibility!
Can GPS help you with this option?
YES! GPS specializes in this option and can usually assist you with a short sale -- if that is what you need. Please CLICK HERE TO
APPLY NOW
WHAT DOES IT COST?
1) $299 Processing Fee for the Primary Lender
2) If you have more than one loan, then it's just a $199 Processing for each additional lender ($100 Discount)
Even if you don't yet have a buyer, GPS can get started on your case - click here to learn about the Advance
Negotiation Option.
Example of a Typical Short Sale
Homeowner owes $240k (1st loan $200k, 2nd loan 40k)
Current Market value of home $220k.
Homeowner is 4 payments past due on loans
Primary Lender filed Foreclosure Papers (Lis Pendens) this month.
(Note: typical foreclosure time frame in Florida is 5 months)
Homeowner (or their referral agent) contacts GPS.
GPS agrees to work with Homeowner/Referral Agent to pursue short payoff.
Homeowner, Referral Agent, and GPS complete all required paperwork.
GPS negotiates short payoff with primary and secondary lenders.
A Buyer purchases the home from the Homeowner at short amount approved by lenders. (Example: $200k)
Homeowner avoids foreclosure, saves credits, moves to new home, and gets “fresh start.”
The Buyer keeps the home for themselves, rents it out, or sells it again.
WHO Benefits from a short payoff? Answer: EVERYBODY
1) The Bank. WHY? Foreclosures are costly and time-consuming. Not only has the bank lost money while the
homeowner goes “past due,” but the bank will continue to lose money while waiting for the foreclosure to finalize (could be 5
months, could take more than a year!). In addition, just because bank gets property via foreclosure, doesn’t mean they will be
able to re-sell it immediately. They may have to pay for cleaning, repairs, etc, and then hope it will sell – all the while they are
losing more money. (Not to mention they will have realtor fees and closing costs when they re-sell). And furthermore, banks
are in business to LEND money, NOT own property. For every (bad debt) loan they have to post “Loan Loss Reserves.” This is
money that is sitting around not available to lend out = more money lost for banks.
2) The Homeowner. HOW? The end result of a successful short sale is that the homeowner is able to get rid of the
home they don’t want, avoids “FC” on their credit, and gets the chance for a “fresh start” in life at a new location. In addition,
GPS will attempt to secure a “satisfaction of mortgage” which would allow you to walk away "free and clear!"
To learn more about "Release of Mortgage vs Satisfaction of Mortgage" - click here.
3) Final Buyer HOW? They will get a nice home for a price that is less than market value. That’s a good deal!
4) Realtors and Referrers WHY? By referring a homeowner client to GPS, Realtors will earn their real estate
commissions and/or the person who referred the homeowner will get paid a referral fee from GPS – one good deed deserves
another!
5) GPS HOW? Other than a small Processing Fee, GPS does not get paid until we complete the short sale.
The homeowner doesn’t pay GPS, instead GPS earns its Professional Fee as a result of negotiating the short sale proces.
BOTTOM LINE: EVERYBODY WINS!
NOTES:
This case scenario is only a example. YOUR situation may be totally different than this example. Please remember,
GPS is NOT providing any legal, accounting, or professional advice of any kind. If legal, accounting, or other professional expert
advice is required, you should seek the advice of a licensed professional who specializes in the appropriate field.
Now that you have a better understanding of a short sale, let review some more very important tips.
1) ALWAYS, be careful to work with an investor you trust – if not, you might end up signing over your deed, only to have the
investor wait until your home forecloses so they can buy it for even less! You would then lose your home, yet still owe a large
deficiency judgment to your lender!
2) At GPS, we do NOT require you to give up your deed to begin the process. Other investors “require” deeds
upfront in order to force homeowners to continue to work with them. At GPS, we rely on building TRUST with our homeowner
clients – we know that when you do the right things for the right reasons, everybody wins. The only time we MIGHT request
your deed would be AFTER we secure an Approval and the short sale is imminent - even then, we utilize provisions to protect
your interest so that, if for some reason the sale falls through, YOU still remain in control of YOUR home.
3) Another important point. Even if you do get a “satisfaction of mortgage” as a result of a successful short sale, there MAY be
another implication – the bank could send you a 1099 tax form for the amount of their loss on your loan (because the IRS
could consider this as “income”). The good news is that, the US Gov't is presently reviewing this "phanton income" and
hopefully will soon change the current laws. Yet even if laws remain the same, if you can show the IRS that you were insolvent
you may not owe any taxes on this “phantom income.” Nonetheless, the recommendation is that you should consult a
licensed and qualified legal and accounting professional if you have any questions about this process.
Can GPS help you with this option?
YES! GPS specializes in short sales! Please CLICK HERE TO APPLY NOW. There is NO CHARGE to submit your form for
GPS review.
If you do not have sufficient equity, GPS may be able to work with your mortgage companies to attempt to “SHORT-SALE”
your home. Your lack of equity makes foreclosure an unattractive option to the lender. With no equity, the lender who
forecloses is not reimbursed for lost interest, foreclosure expenses or real estate sale commissions. Further, the foreclosure
process takes time, during which the bank loses more money. Hence, lenders are usually receptive to alternatives to foreclosure
that cost less. This is why a short sale can be a viable alternative.
Be sure to understand this process -- it is usually not a “fast” solution, but it can be a very effective one.
INSIDER SECRET!
GPS knows exactly what most banks require in order to “qualify” your hardship for Short Sale eligibility!
Can GPS help you with this option?
YES! GPS specializes in this option and can usually assist you with a short sale -- if that is what you need. Please CLICK HERE TO
APPLY NOW
WHAT DOES IT COST?
1) $299 Processing Fee for the Primary Lender
2) If you have more than one loan, then it's just a $199 Processing for each additional lender ($100 Discount)
Even if you don't yet have a buyer, GPS can get started on your case - click here to learn about the Advance
Negotiation Option.
Example of a Typical Short Sale
Homeowner owes $240k (1st loan $200k, 2nd loan 40k)
Current Market value of home $220k.
Homeowner is 4 payments past due on loans
Primary Lender filed Foreclosure Papers (Lis Pendens) this month.
(Note: typical foreclosure time frame in Florida is 5 months)
Homeowner (or their referral agent) contacts GPS.
GPS agrees to work with Homeowner/Referral Agent to pursue short payoff.
Homeowner, Referral Agent, and GPS complete all required paperwork.
GPS negotiates short payoff with primary and secondary lenders.
A Buyer purchases the home from the Homeowner at short amount approved by lenders. (Example: $200k)
Homeowner avoids foreclosure, saves credits, moves to new home, and gets “fresh start.”
The Buyer keeps the home for themselves, rents it out, or sells it again.
WHO Benefits from a short payoff? Answer: EVERYBODY
1) The Bank. WHY? Foreclosures are costly and time-consuming. Not only has the bank lost money while the
homeowner goes “past due,” but the bank will continue to lose money while waiting for the foreclosure to finalize (could be 5
months, could take more than a year!). In addition, just because bank gets property via foreclosure, doesn’t mean they will be
able to re-sell it immediately. They may have to pay for cleaning, repairs, etc, and then hope it will sell – all the while they are
losing more money. (Not to mention they will have realtor fees and closing costs when they re-sell). And furthermore, banks
are in business to LEND money, NOT own property. For every (bad debt) loan they have to post “Loan Loss Reserves.” This is
money that is sitting around not available to lend out = more money lost for banks.
2) The Homeowner. HOW? The end result of a successful short sale is that the homeowner is able to get rid of the
home they don’t want, avoids “FC” on their credit, and gets the chance for a “fresh start” in life at a new location. In addition,
GPS will attempt to secure a “satisfaction of mortgage” which would allow you to walk away "free and clear!"
To learn more about "Release of Mortgage vs Satisfaction of Mortgage" - click here.
3) Final Buyer HOW? They will get a nice home for a price that is less than market value. That’s a good deal!
4) Realtors and Referrers WHY? By referring a homeowner client to GPS, Realtors will earn their real estate
commissions and/or the person who referred the homeowner will get paid a referral fee from GPS – one good deed deserves
another!
5) GPS HOW? Other than a small Processing Fee, GPS does not get paid until we complete the short sale.
The homeowner doesn’t pay GPS, instead GPS earns its Professional Fee as a result of negotiating the short sale proces.
BOTTOM LINE: EVERYBODY WINS!
NOTES:
This case scenario is only a example. YOUR situation may be totally different than this example. Please remember,
GPS is NOT providing any legal, accounting, or professional advice of any kind. If legal, accounting, or other professional expert
advice is required, you should seek the advice of a licensed professional who specializes in the appropriate field.
Now that you have a better understanding of a short sale, let review some more very important tips.
1) ALWAYS, be careful to work with an investor you trust – if not, you might end up signing over your deed, only to have the
investor wait until your home forecloses so they can buy it for even less! You would then lose your home, yet still owe a large
deficiency judgment to your lender!
2) At GPS, we do NOT require you to give up your deed to begin the process. Other investors “require” deeds
upfront in order to force homeowners to continue to work with them. At GPS, we rely on building TRUST with our homeowner
clients – we know that when you do the right things for the right reasons, everybody wins. The only time we MIGHT request
your deed would be AFTER we secure an Approval and the short sale is imminent - even then, we utilize provisions to protect
your interest so that, if for some reason the sale falls through, YOU still remain in control of YOUR home.
3) Another important point. Even if you do get a “satisfaction of mortgage” as a result of a successful short sale, there MAY be
another implication – the bank could send you a 1099 tax form for the amount of their loss on your loan (because the IRS
could consider this as “income”). The good news is that, the US Gov't is presently reviewing this "phanton income" and
hopefully will soon change the current laws. Yet even if laws remain the same, if you can show the IRS that you were insolvent
you may not owe any taxes on this “phantom income.” Nonetheless, the recommendation is that you should consult a
licensed and qualified legal and accounting professional if you have any questions about this process.
Can GPS help you with this option?
YES! GPS specializes in short sales! Please CLICK HERE TO APPLY NOW. There is NO CHARGE to submit your form for
GPS review.
| Genesis Property Solutions, LLC "Creating New Beginnings for Homeowners" Let GPS guide you to a fresh start in life, too! |
 |  |  |  |  |  |
| Copyright Genesis Property Solutions, LLC. All rights reserved. liability, risk or loss, personal or otherwise as incurred as a direct or indirect result of your reliance on this in progress.information. All GPS Fees are subject to change without notice, however any change will not affect deals currently in progress. |
| NEXT STEPS |
| EMAIL GPS gps@genesispropertysolutions. ORG |
| FAX GPS 813-200-3324 |
| Call GPS 888-GPS-LLC7 |
| Fearing Foreclosure? STOP FORECLOSURE & GET RID OF YOUR HOME by using a SHORT SALE |
| Want to see some actual APPROVAL LETTERS which GPS has secured? CLICK FOR APPROVAL LETTER SAMPLES This could be a vision of YOUR future too! |
| GPS SHORT SALES AVOID FORECLOSURE |
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