Sheryl Willis

Thank you for taking the time to resarch the possibility of listings your home as a short sale listing with Sheryl Willis.  We will need to work closely, together as a team, more than in any other type of Real Estate transaction.  We need to be well prepared.

Our goal is to sell your home in order for you to go on with your life.  Whether that means to relocate, move in to another property or for any other reason, this is OUR goal…and to salvage as much of your credit in the process.

Being that you owe more on your home than what it is worth today, these are your current options:

Option #1: Bring cash to closing in order to pay off your mortgage.  No credit implications.

Option #2: Use a credit card/personal loan to cover the amount short to sell your property.  No credit implications.

Option #3: Ask the mortgage company for a short sale approval, with a promissory note to re-pay the debt.  No credit implications.

Option #4: Ask the mortgage company for a short sale, asking them to forgive your debt.  There may be credit implications in this scenario. At the end of the year, you will receive a 1009C for the forgiven debt (or ghost income as some call it) and may be required to pay income tax on this amount, same as in foreclosure. Please refer to the above link 'Homeowner FAQ's' for more information.

Option #5: Not sell.

If you must sell and Options #1-3 are not favorable, we will need to do the following in order to move forward with Option #4. 

Taking part in Options #4 will require the property owner to: