We may be able to help you avoid foreclosure if you are no longer able to remain in your home.

In the short sale process, you sell your home and settle your mortgage debt for less than the amount that you owe. Having earned the Short Sale & Foreclosure Resource designation, the Kalamaras Group is qualified to help you through the process.

  • Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).

  • Help you set an appropriate listing price for your home, market the home, and get it sold.

  • Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).

  • Ease the process of working with your lender or lenders.

  • Negotiate the contract with the buyers.

  • Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. 

Short Sale FAQs

What is a short sale? 
A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan or loans secured against their property. 

How do I know if I am eligible?

  • You may be eligible to sell your home in a short sale, if:

  • you have a hardship, such as a job loss, divorce or medical emergency

  • you owe more than your house is worth

  • you're unable to afford your current monthly mortgage payment

  • you're unable to modify your current home loan

How will a short sale affect my credit?
Although a short sale will have a negative effect on your credit, by completing this transaction, you may qualify for future credit sooner than if you allow your home to go through the foreclosure process. 

While the lender works with you to complete a short sale, they will continue to report the status of your account to the major credit reporting agencies, Trans Union, Equifax and Experian. If a short sale is completed on your property, the lender will report that your loan was "paid in full for less than the full balance." 

You should only consider a short sale after you've explored all other options, including modifying your loan.

Will I receive any money back from the sale of my property? 
Because a short sale would allow you to sell your home for less than the loan, you would not receive any money back at the time of the closing. 

Will I have to pay income taxes on the deficiency? 
President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007, providing relief from debt forgiveness taxation for certain occupants until December 31, 2012. Please consult your CPA or Attorney to determine if you are exempt from taxation.