Home Selling in 08094>Question Details

Shannon, Home Seller in 08094

How long do you have to wait to sell your home if you received a making home affordable loan modification?

Asked by Shannon, 08094 Tue Mar 8, 2011

Help the community by answering this question:


Hi Shannon,
There is no waiting period on selling your home. I would love to help you out. I will give you a free analysis of your home and discuss the different marketing stratagies that will give you the most exposure and quickest sale.
Best Regards,
John D. Clidy
Century 21 Rauh & Johns
508 Hurffville-Crosskeys Rd.
Sewell, NJ 08080
#1 Selling Agent in NJ (2007-08,10)
Top 25 Selling Agent in the U.S.A. (2007-10)
Platinum Circle of Excellence Winner (2007-08,10)
(856)582-0366 X153
0 votes Thank Flag Link Wed May 18, 2011
There is no waiting period to sell your home. It is very important to follow procedures if you plan a short sale with HAMP. You could lose benefits available to you.

Loan forgiveness is up to negotiations and will almost always be given especially for certain situations and types of loans. But your realtor will be most importantly the foremost front line person in your life during this process. Make sure they have the experience to guide you and protect you before signing up. A listing agreement is not enough.

As long as this is your primary home there is no tax bill from uncle sam. None!

There is so much more to know including their is no cost to you!

Thinking about a short sale Visit

Larry Sarlo
Weichert Realtors

0 votes Thank Flag Link Tue Mar 8, 2011
Here is the government website for HAMP loans: http://www.makinghomeaffordable.gov/programs/Pages/default.aspx… copy and paste into your browser if you can't click on the link. I see no time restrictions, but for your modification to become permanent it says it may take 3 to 4 months, just to make sure you can make the new payments. Either way I don't see a restriction on selling. You always have the option of a short sale and for now that eliminated debt is forgiven for Federal income tax purposes.

I want to be YOUR Realtor for LIFE!

Gyle McCollam, SFR, CNHS, RCC
Realtor Associate
Coldwell Banker Elite, Realtors
408 Swedesboro Rd
Mullica Hill, NJ 08062
609.680.2326 Mobile
856.478.6400 Business
856.478.9612 Fax
http://www.GylesHomes.com Website
gmccollam@gyleshomes.com email address
I can help you move from around the corner to around the world. Ask me how!
Web Reference: http://gyleshomes.com
0 votes Thank Flag Link Tue Mar 8, 2011
Hi Shannon,

As far as I know there is no waiting period after completing a modification to sell your home. You can currently be in a trial payment situation and still put your home up for sale. Remember, the home is yours not the bank's so you can sell when you're ready.

If you get to the point where you think it is better to sell than to keep it, you have many options. Keep in mind however, if the bank forgives any of your debt via short sale or foreclosure, you will probably get a bill from "Uncle Sam" asking you to pay taxes on the forgiven amount. Currently, sellers only have until 2012 to have those taxes forgiven, so time is always of the essence.

Hopefully this was helpful!

Toni Sadiq-Lexton
Century 21 Rivera Realty
cell 856-343-8034
0 votes Thank Flag Link Tue Mar 8, 2011
What makes you think you have to wait at all ?

Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read: http://hometeamNJ.com/blog
Watch: http://hometeamnj.com/search/virtual-tours
Like: http://www.facebook.com/JoeMontenigroREMAX
0 votes Thank Flag Link Tue Mar 8, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer