Sell your house to Spartan

YOU DO HAVE OPTIONS!

REDEMPTION OF YOUR LOAN:

The redemption period is the period of time (usually six months) AFTER the Foreclosure sale during which you may reclaim the title to your property by paying the foreclosure sale price plus interest and advances.

For qualified homeowners Spartan Financial, LLC will purchase your redemption rights for CASH (usually from $2,000 to $75,000) depending on the value and condition of the property. Occasionally this can enable qualified homeowners to stay in their home for a longer period of time, but most importantly provides substantial financial and relocation assistance at a time when it is needed most. These solutions are a WIN/WIN for ALL parties involved.

Although it may seem “too good to be true” it is 100% LEGAL. Spartan Financial, LLC can help people who are currently in foreclosure and who’s homes have gone to Sheriff Sale by SHOWING THEM HOW THEY CAN MAKE MONEY from their unique situation – we do this for people in Michigan EVERY DAY.

Call us NOW at 800-793-5605 ext. 300 and we can explore your eligibility!

Time is of the essence when it comes to this process. Every day you wait will mean less money in your pocket – CALL NOW AND LEARN HOW WE CAN HELP!

SELLING THE REDEMPTION RIGHTS TO YOUR HOME

 vs

 LETTING THE REDEMPTION PERIOD EXPIRE AND THE HOME GO BACK TO THE BANK/INVESTOR

RESULTS OF THE REDEMPTION PERIOD EXPIRING AND HOME GOING BACK TO THE BANK/INVESTOR:

1.  You will have a foreclosure on your credit file, and under current Fannie/Freddie Guidelines will not be eligible for another mortgage until 7 years have elapsed.

2.  You should receive a 1099-C from your lender before 1/31/2015 (if you have not already). Although you should be able to mitigate or eliminate any tax consequences (please talk to your Tax Advisor) they will almost certainly use their below MARKET PRICE foreclosure bid amount as the Fair Market Value (FMV in box 7 of the 1099-C), resulting in an INFLATED potential claim of taxes due on the debt forgiveness “income” amount.

3.  Removal of certain items from the property could expose you to the possibility of criminal charges for larceny and malicious destruction of property. The law is clear, and states that “anything that is a BUILT-IN feature of the home (a ‘fixture’) is considered part of the Real Estate and belongs TO THE HOME”.  Banks submit insurance claims to cover damages and missing real property items, and insurance companies actively go after former homeowners who have “caused a loss due to their intentional behavior”.

4.  Do NOT make this mistake – it will cost you $$$ and negatively impact your life for YEARS.

BENEFITS OF SELLING THE HOME BEFORE THE REDEMPTION EXPIRATION:

1.  You will receive Thousands of Dollars in Financial Benefit. This usually consists of Several Thousand Dollars in revenue at the closing for the purchase of your property and Several Thousand more as a MOVE OUT FEE when you vacate the home and turn over the keys.

2. Several Thousand Dollars can be offered to junior lien holders in an attempt to settle and release existing junior Liens. If the liens can be settled for less than they allotted amount, the savings will be added to the monies paid you for your redemption rights.  The successful settlement of junior Liens will improve your credit, as it will be reported to the credit bureaus as “Account legally paid in full for less than the full balance” as opposed to remaining an unsatisfied collection item on your credit file

3.  Because the property will be sold/redeemed before the expiration of the redemption period, your home sale would be deemed a “pre-foreclosure event” under Fannie Mae / Freddie Mac guidelines. This makes you eligible for a new mortgage loan in as little as 2 YEARS instead of the 7 year waiting period with a foreclosure.

4.  You may wish to sign a lease at a nominal monthly rate (at an amount equal to 1/12 of the pro-rated yearly property tax bill) and continue to occupy home while it is marketed it for sale.  You would be responsible for the utilities until the keys are turned over and you receive the MOVE-OUT FEE.

5.  At the closing for the sale of the home the title company will have you execute a “Certification for no information reporting on the sale of a principal residence”. This document will be kept by the Title agent in your closing file as proof of your certification that the sale of your principal residence is a “Non-reportable event” to the IRS. Thus you will incur no tax liability.

6.   If you have already filed for bankruptcy protection and you were insolvent at the time your mortgage debt was forgiven, your lender CANNOT pursue you for any deficiency balance owing under the terms of your mortgage note.