His home is in another state, as I now market our avoid foreclosure services nationwide.

Unfortunately for me, he had waited too long to avoid foreclosure.  He couldn’t avoid foreclosure any more.

There was no time to

• Visit the property
• Negotiate with the bank on a short sale
• And close the transaction in another state

A few weeks ago, another seller did the same thing on a parcel of land.  Foreclosure Auction was to be in 3 days.

One way not to avoid foreclosure is to wait until the last minute.

If you want to avoid foreclosure, you need to start the process early.

If you owe more than your house is worth, you have to start really early in the process to work a short sale.

If you have equity in your home, you can keep more of it by starting early.  The longer you hold out to avoid foreclosure, the less equity remains in your home.  It’s a ticking clock, day by day.

There might be other companies out there who will do emergency closings the day of the auction, but we do not.

Next Steps to Avoid foreclosure

If you want to avoid foreclosure, simply fill out our avoid foreclosure offer form here, or call us at 804-915-9475

©2010 Chris Buys Houses Fast VA. All Rights Reserved.

Dealing with foreclosure should be handled in the same way.

Being in the foreclosure process on your home will affect all of your other financial activities and plans.

So it only behooves you to act accordingly and plan ahead while you can.

However, most of us are only compelled to act when we are actually in the situation and there are slim choices for us at that time.

So when should you act on your pending foreclosure?

As soon as you find out!

If you have found yourself in a situation regarding foreclosure, make contact with us right away.  We can tell you what options you have to avoid foreclosure.

With your free consultation, you might be able to  to formulate a plan to help yourself get out of the situation early.

Making decisions in this time is not to be taken lightly; you need sound and tactical advice concerning your situation.

“Knowledge is Power”.

But knowledge without wisdom does not produce action.

If you have found yourself in a recent Foreclosure situation you need to be proactive now.

Simply call us at 804/915-9475, or use this form to get our offer in 24 hours.

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©2010 Chris Buys Houses Fast VA. All Rights Reserved.

http://www.ChrisBuysHousesVA.com

How can you sell your house fast even if you have no equity in the property?

It can be done, however a Realtor may not help you.

What you need is a company that can specialize in such situations to help you unload your property quickly.

Let me share a scenario to sell your house with zero equity to a company like us.

We are professional home buyers in Virginia but our reach via the Internet extends nationwide.

Zero Equity Short Sale

Short sales are one option.

This can only happen if you have fallen Behind on Payments and is a means to avoid Foreclosure

This short sale process is not fast, but it something that you can explore if you are tying to consider all your options.

Read our section on Short Sales to get an idea as to all the work involved.

If you have two mortgages, we may only have to short the second particularly if the second mortgage is with a different mortgage lender.

But they will only negotiate if the first mortgage lender is behind.  That is how we create the equity needed to complete the sale of your house.

Disclaimer: This information is for educational purposes and may not be applicable in all states, nor may it be all the options available to help you sell your house fast with zero equity.

What now?

We can help. Start with this form, or call us at 804/915-9475.  In a 10 minute confidential phone interview, we might be able to discuss other options that can help you in your situation.

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©2010 Chris Buys Houses Fast VA. All Rights Reserved.

3 ways to Avoid Foreclosure in Richmond VA

#1 Catch Up On Your House Payments

You may have fallen behind on payments due to unexpected one-time circumstance, like a family emergency or a gap in employment.

If you can actually afford your monthly payment, catching up is a great option.

There are 2 main ways to catch up on your late mortgage payments:

• Pay it Back All At Once: Use a Holiday Bonus, family gift or a Tax Refund check to pay your past due balance in full.
• Forbearance- If you are more than a couple months behind on your mortgage payments, your lender may have started the process to auction your home or foreclose.  However, they may be willing to STOP your foreclosure process if you agree to (and qualify for) a forbearance.   This forbearance is an agreement between the borrower (homeowner) and the lender.  It is an agreement to pay back the past due amount over a period of about 3-9 months. You will need to talk to your lender to see if/how you could qualify for this.

#2 Refinance or Re-Structure Your Current Loan

If you have not missed any payments, but know that you will not be able to afford your payments after a certain date (mortgage rate increase, ARM adjustment, loss or downsize of job), then you may be able to qualify for a refinance or a re-structure of your current loan. You MUST have good credit for this option, and (in most cases) cannot have missed a mortgage payment.

• Re-Structure – Some lenders are allowing borrowers (home owners) to restructure their current loan to include adjusting the interest rate and/or the term.
• Refinance – If your good credit is still in tact, you may be able to refinance your current loan into a lower, fixed-rate loan that could lower AND stabilize your monthly payments. Contact a reputable lender or bank ASAP to take care of this before you miss a payment.

#3 Avoid Foreclsoure in Richmond VA: Sell Your Home Fast

Perhaps catching up on your payments or refinancing your loan are not an option for you.  Thus Selling your home is a great way to avoid a foreclosure in Richmond VA.

There are many ways to sell your home, but in either case, you will need to ACT FAST to make sure that your home SELLS before it forecloses.

This is an option for you to help you save your house from foreclosure in Richmond VA.  In fact, you should try it first.  It is one of your many options to avoid foreclosure in Richmond.

If you find that you cannot save your house,, give us a call at 804/915-9475.  We are professional home buyers and we might be able to buy your house.

We will not buy it and lease the house back to you.  That is not allowed in VA.

If you don’t want to call, simply fill out this form and we’ll attempt to help you avoid foreclosure in Richmond VA

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©2010 Chris Buys Houses Fast VA. All Rights Reserved.

Your payments are behind and you are not sure what you want to do?

You’ve got options.  Begin with a simple no-obligation phone call to us at 804-915-9475.  Simply ask for Chris.

We’ve been helping people for over 5 years stopping foreclosure by buying their house.

We now have ways to help you with loan modifications.

Either way, you can a free no-obligation consultation.

Get our offer within 24 hours, no matter in the United States where you are.

Or simply call 804-915-475 during regular business hours

Or start with the form below

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NOW SERVING NATIONWIDE – We’ll take over your payments if the house fits our formulas.

You want an investor to Take Over Your Monthly House Payments?

We are a company in Richmond Virginia that replies to your search request to “Take Over My Monthly House Payments”

The company is www.Chrisbuyshousesva.com.

NOW SERVING NATIONWIDE – We’ll take over your payments if the house fits our formulas.

We are now buying houses fast in and around the following areas:

Chesterfield, Richmond, Fredericksburg, Bowling Green, Hanover, Henrico, Petersburg, Chester, Colonial Heights, Hopewell, Sandston, and Goochland.

Reasons you want us to take over your payments

We are familiar with many reasons why people must sell their houses fast.

Some of the most common reasons include:

• Relocation
• Facing Foreclosure
• Divorce
• Need Repairs
• Bad Tenants
• Tired Landlord
• Liens Owed
• Making 2 House Payments
• Inheritance
• Over-Financed

There are also a variety of other reasons as well that may put you in situations that are preventing you from waiting a long time to hope for a potential buyer to sell your house to.

ChrisBuysHousesVA.com is now buying properties in The Richmond Virginia area and nationwide that solve your problem by taking over your monthly payments.

With all the smaller Virginia “we buy houses” companies available, be sure to work with one that has the experience and proper training that can handle all the legal documents and other necessary paperwork that would be necessary take over your monthly payments.

If we take over your monthly Payments, we will even pay your closing costs.

To start the process —

Call us at 804-915-9475 or fill out our offer form.

©2010 Chris Buys Houses Fast VA. All Rights Reserved.

http://www.ChrisBuysHousesVA.com

Richmond’s Short Sale & Foreclosure Experts

• Are you having trouble making your mortgage payments?
• Is the foreclosure date approaching?
• Is the stress making it hard to sleep at night?
• Is your home worth less that you owe on it?

These are all problems that many people are faced with today & we can help.

We are foreclosure and short sale specialists that assist families in your same situation.

Contact us today for a no obligation review of your situation and the options that are available to you.

Visit our short sale section for more information about your options and for answers to many of the questions you may have.

There are no fees to you for talking with us, and we don’t charge upfront fees to work your case.

Or you can fill out the form below or call us today to speak with a member of our team.
Chris Walker 804/915-9475

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©2010 Chris Buys Houses Fast VA. All Rights Reserved.

Below are some different articles that discuss the possible tax implications of a short sale.  Each article has examples. 

I provide these simply for informational purposes, not as tax advice or any other reason.

ARTICLE 1

The following is from an article entitled Tax Consequences of a "Short Sale" of Real Estate vs. Foreclosure dated 8/2/08

Congress has passed and President Bush has approved H.R. 3648, the "Mortgage Forgiveness Debt Relief Act of 2007." The legislation is effective for discharges of indebtedness on or after January 1, 2007 and before January 1, 2010. The Federal Bailout Legislation H.R. 1424, passed on October 3, 2008, extended this relief through December 31, 2012.

Under the new law, a discharge of "qualified principal residence indebtedness" is excluded from taxable income.

Short sales are taxed under the same rules as foreclosures.

Recourse debt cancellation is not satisfied with the surrender of the property, so any debt not satisfied with the sale proceeds would be taxable as cancellation of debt income, except for certain "qualified principal residence indebtedness." See section on "tax relief" above. (Rev. Rul. 92-99, 1992-2 CB 518. Also see Treasury Regulations Section 1.1001-2(a)(2).)

There are additional rules as to how this debt is treated in the tax code, so I recommend reading the complete article and talking with your accountant.

Article 2

From Tax Consequences of Foreclosure, Short Sale and Deed in Lieu of Foreclosure

The tax results of a distressed property disposition depend on whether the loan is a “recourse” loan or a “non-recourse” loan.

If a lender’s sole option for recovering on the loan is to take back the property, it is a non-recourse loan. The non-recourse aspect of a loan may be spelled out in the loan documents, or it may be a matter of state law, as it often is in the case of purchase-money loans and seller-financed loans for owner-occupied residential property.

If the lender can pursue the borrower personally for any shortfall, it is a recourse loan. In situations where there is a shortfall on a recourse loan, the lender is supposed to send the IRS and the borrower a form 1099-C reporting the borrower’s COD income.

The above website includes examples.

Article 3

The actual IRS Website on Home Foreclosure and Debt Cancellation.  Specifically, they write:

Update Dec. 11, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.

Article 4

Smart Money released an article on April 22, 2009 called the taxing consequences of short sales which gives a review of short sale tax basics

The important thing to understand is that a real estate short sale can potentially result in a taxable gain and/or taxable DDI. Thankfully, you can probably exclude the gain from taxation under the federal home sale gain exclusion deal, and you might be able to exclude some or all of the DDI, too, under the favorable exceptions explained in this article.

©2010 Chris Buys Houses Fast VA. All Rights Reserved.

Are you seeking to avoid foreclosure in the state of Virginia?  You’ve got a couple of options

Steps to Avoid Foreclosure in Virginia

HUD has put out a document for homeowners entitled, Tips for Avoiding Foreclosure – HUD.

The steps to avoiding foreclosure are really are pretty simple

1. Don’t ignore the problem
2. Contact the lender as soon as possible and work with them
3. Open and respond to mail from your lender.
4. Know your mortgage rights.
5. Understand foreclosure prevention options. (Selling in one of them)
6. Contact a HUD approved housing counselor.
7. Prioritize your spending.
8. Use your assets to recover the debt.
9. Avoid foreclosure prevention companies that charge fees up front.
10. Don’t loose your house to foreclosure recovery or prepay loan mod Scams.

Should I sell my house to Avoid Foreclosure in Virginia?

Here is a simple test:

1. Are your mortgage payments falling behind?
2. Can you bring your mortgage payments back to current in lump sum as they demand?
3. Has the lender refused to approve my loan modification?

If you have answered yes to any of these questions, then one option is to sell your house to a home buying professional like us.

If you decide to sell your home to avoid foreclosure in Virginia, you can rest assured that we will treat you fairly and with respect.  You are not alone in this, and we have solved foreclosure problems for homeowners before.

There are no fees to you and we will tell you quickly if we are able to help you.  Give us a call, at 804/915-9475 or use the form here to start

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I’m going to guess that you have ignoring the impending foreclosure on your house.  Or perhaps the IRS is after your house?

I can’t read your mind.  There may be plenty of reasons why you are wanting to save your house.

• Avoid Foreclosure
• Stop Foreclosure
• Tax judgment
• Impending flood
• Take over from toxic mold.
• Avoid bankruptcy
• Behind on Payments
• Stop the sheriff sale.
• Upside down and no equity.
• Loan modification.

There may be plenty of reasons.  These are some of the common reasons that sellers like you tell me over the phone or by email when we communicate about selling your house.

Your solution depends on your situation.

If it is debt related (foreclosure, liens, judgments) are some but not all options

Loan modification

One option (and not your only one) is to work with your lender to modify your loan.  Many lenders are work with distressed sellers to try and work out a solution.

Bankruptcy

Some people have delayed the inevitable by filing bankruptcy.  That is not my line of business, so talk with a bankruptcy attorney.

Short sales

A third option is a Short Sales.  I have written plenty here in the Short Sale category and I invite to to read through some of it.  Start with this page on Short Sales.  I can do a short sale, but it takes a few months.

Sell your house

Another option is to sell you house to an investor like me.  In this market cash is hard to find but with some creativity on your part and mine, we might find a solution that works.

Simply fill out this form or give me a call at 804/915-9475.  A phone call is free and confidental.

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