I provide clients with choices for avoiding foreclosure and giving them a fresh start, through the Short Sale process.  A Short Sale occurs when the lender is willing to discount what you owe them in exchange for a total payoff - or in other words, it's the sale of a house in which the proceeds of the sale fall short of what you still owe on your mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when you cannot make the mortgage payments.  Selling the property with a traditional "Listing" is no longer possible, because by the time closing costs and Realtor fees are added, the listing has out-priced the market, and overpriced homes are not selling.  By accepting a short sale, the lender can avoid a lengthy and costly foreclosure process, and the homeowner is able to pay off the loan for less than what is owed. This will prevent a foreclosure from being on the homeowner's credit report. I work directly with the mortgage companies to avoid the foreclosure process, and can often get a pending foreclosure postponed while the lender reviews the offer.

I work with homeowners who are behind on payments or about to be behind on payments, have a foreclosure sale date pending, can no longer afford their home, cannot afford to pay a traditional real estate agent commission, have been unable to sell their home through a traditional listing, own a property that needs repairs or updating, owe more on their mortgage than their property is worth, and need a no-hassle, friendly solution to stopping further damage to their credit.

Time is of the essence in a foreclosure situation.  Missouri has one of the shortest foreclosure time lines of any state.  Lenders and their attorneys only have to publish public notice that the house will be sold for 21 days before the sale.  That gives homeowners very little time to explore their options.

Benefits of a Short Sale:

1.  The mortgage company will not come after you for a deficiency.

2.  You will not have a foreclosure on your credit history.

3.  The Mortgage Forgiveness Debt Relief Act of 2007 has been extended until 2012.  Normally, debt forgiveness results in taxable income.  Borrowers whose debt is reduced or eliminated receive a year- end statement (Form 1099-C) from their lender.  This act allows homeowners to exclude this debt forgiven on their principal residence if the balance of their loan is less than $2 million.  In most cases, eligible homeowners only need to fill out a few lines of Form 982.


Affiliations:  Member St Louis Association of Realtors (SLAR), Member Missouri Association of Realtors (MAR), Member National Association of Realtors (NAR), Member Real Estate Buyer's Agent Council (REBAC), Member Council of Residential Specialists (CRS).


Voted the "Most Innovative Real Estate Company" by Inman News, Keller Williams® Realty takes a different approach, one that is built on personal touches, a professional approach and positive results.

St. Louis City and St. Louis County Residential Real Estate, Homes, Condos, Lofts & Townhomes.  St. Louis City Neighborhoods:  Benton Park, Benton Park West, Bevo Mill, Botanical Heights, St. Vincent Park, Carondelet, Central West End, Clifton Heights, Columbus Square, Compton Heights, Downtown, Dutchtown, Forest Park Southeast, Fox Park, The Gate District, Gravois Park, The Hill, Holly Hills, Lafayette Park, Lasalle, Lindenwood Park, Northampton, Shaw, Skinker/DeBaliviere, Soulard, Southwest Garden, St. Louis Hills, Tower Grove South, Tower Grove East, South City, Wyndown/Skinker.  St. Louis County Communities:  Affton, Shrewsbury, Webster Groves, Maplewood, Richmond Heights, Brentwood, Clayton, University City, Bayless, Hancock Place, Lindbergh, Mehlville, Kirkwood, Ladue, Ritenour, Parkway North, Parkway Central, Parkway West, Parkway South, Valley Park, Rockwood Summit, Marquette, Eureka, Lafayette, Crestwood, Sunset Hills, Fenton, Des Peres, Town & Country, Manchester, Ballwin, Ellisville, Chesterfield, Wildwood, Creve Couer, Olivette, Maryland Heights.

You can find great local Saint Louis, Missouri real estate information on Localism.com Tim Tanz, St Louis Real Estate is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

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