HOMEOWNERS
At Realestate Recovery Group (RRG), we know how stressful it can be to deal with financial challenges around your home. That’s why we’re here to guide you through your options, whether it’s a short sale, loan modification, or mortgage settlement. Our team works directly with your lender to negotiate the best outcome, so you don’t have to worry about facing it alone. Let us take the weight off your shoulders and help you find the right path forward. Ready to explore your options?
Why should I come to RRG before doing anything else?
Coming to Realestate Recovery Group (RRG) first means you’ll have experts on your side from the beginning. We know that navigating financial challenges with your home can be overwhelming, so we’re here to make it easier. We’ll review your situation, discuss your options, and work directly with your lender to find the best solution for you. This could save you from unnecessary stress, and possibly prevent foreclosure, giving you peace of mind.
How can RRG assist in selling my home?
If you need to sell your home, especially if you’re underwater or facing a short sale, RRG has got you covered. We handle the heavy lifting by negotiating with your lender, making sure you don’t owe more than the home is worth. We’ll also work closely with your realtor to ensure a smooth sale process, so you can move forward without the burden of a hefty mortgage hanging over your head.
Why do I want to avoid foreclosure?
Foreclosure can have long-lasting impacts on your financial future. It can significantly damage your credit score, making it harder to buy another home or secure a loan in the future. Plus, foreclosure is a stressful, time-consuming process that could even leave you responsible for the mortgage debt. By avoiding foreclosure and exploring alternatives like a short sale with RRG, you can protect your financial health and recover more quickly.
How can I purchase a property after a short sale?
Purchasing a property after a short sale is absolutely possible! While a short sale does impact your credit, it’s generally less damaging than a foreclosure. With responsible financial management and patience, you can rebuild your credit and qualify for a mortgage again. In some cases, you may be able to buy another home in as little as two years. RRG can guide you through the steps and make sure you’re on the right path.
Am I responsible for paying a real estate commission after doing a short sale?
No, you won’t have to pay a real estate commission out of your pocket. In a short sale, the lender usually covers the real estate agent’s commission as part of the transaction. This is part of what makes a short sale an attractive option—you get professional help without additional costs to you.
What will be my tax ramification after completing a short sale?
Tax implications can vary, but in some cases, the forgiven debt (the difference between what you owe and what the home sells for) can be considered taxable income. However, there are exemptions and relief options, such as the Mortgage Forgiveness Debt Relief Act. We recommend speaking with a tax professional to fully understand your situation. RRG can help connect you with the right resources.
Does my lender have to do a short sale?
No, your lender is not obligated to approve a short sale, but most lenders prefer it over foreclosure because they typically recover more of the loan amount. At RRG, we’ll work diligently to negotiate with your lender, showing them why a short sale is the best option for everyone involved.
How long could it take to complete a short sale?
The timeline for a short sale can vary depending on several factors, like the lender’s approval process and how quickly we can gather the necessary documentation. On average, a short sale can take anywhere from a few months to a year. Rest assured, RRG will be with you every step of the way, keeping the process as efficient as possible.
Does my bank give me any expense money?
In some cases, lenders offer relocation assistance or a cash incentive for completing a short sale, often called a “cash-for-keys” program. The amount varies by lender, but it can help cover moving costs or other expenses. RRG can help you determine if you qualify for any such incentives.
What should I ask when interviewing real estate agents to do a short sale?
When interviewing real estate agents for a short sale, make sure to ask if they have experience with short sales specifically. It’s important they understand the process and can work effectively with your lender. Also, ask how many short sales they’ve completed, how long their typical short sale takes, and if they’ll handle all the negotiations themselves. At RRG, we have a team experienced in short sale transactions, and we can partner with your agent to make the process smoother.
