Joy Bender, a San Diego short sale realtor and a Certified Distressed Property Expert (CDPE), educates hundreds of underwater homeowners on alternatives to strategic default and effective short sale solutions
SAN DIEGO, Jan. 16, 2012 — Indicating that there is no relief for buyers who purchased luxury homes with jumbo or alternative loan products such as negative amortization and stated income, San Diego short sale realtor Joy Bender has launched a campaign to educate high-end homeowners on alternatives to strategic default.
Bender, who currently works as a short sale realtor in San Diego and is affiliated with Trinity Homes and Investments, observes that 29.7% of all California homeowners are in an upside down equity position and an additional 4.6% at a near negative equity position. Many of these properties are vacation or investment properties.
"It is important for homeowners to realize a strategic default is never strategic," Bender said. "However, a strategic short sale may be right for your situation."
For example, if you owe $1.2 million on a property valued at $750,000 you are in a negative equity position by $450,000. When you calculate year after year hypothetical gains of 3% per year it will take over 10 years to break even.
Set to expire at the end of 2012, the Mortgage Forgiveness Debt Relief Act protects homeowners from tax liability in most cases. In the event of a short sale, the IRS considers the bank's loss as income for the homeowner. They will issue you a 1099 for the difference in their loss. A homeowner could owe substantially to the IRS after December 31st, 2012. "Homeowners need to make decisions today recognizing it could take 12 months or more to successfully complete a short sale. There is no more time to contemplate," Bender indicates.
California laws SB931 and SB458 prohibit deficiency for homeowners on both 1st and 2nd liens in certain circumstances making a strategic short sale a viable option.
"It is important that homeowners access their entire portfolio and their future financial goals," Bender advises. "It's also vital to consult with an attorney and tax advisor regarding potential recourse and tax liability."
As a Certified Distressed Property Expert (CDPE) and short sale realtor in San Diego, Bender offers alternatives to strategic default in the form of a strategic short sale in San Diego.
To learn more about Joy Bender and to read client testimonials, visit http://maps.google.com/maps/place?hl=en&georestrict=input_srcid:887e23950ec59d78&dtab=2. For a copy of the free report "Tipping the Scales Toward Foreclosure: Resolve to Shed the Weight of an Unmanageable Mortgage in 2012," call (760) 212-2717 or log on to .
About Joy Bender:
Joy Bender is a San Diego short sale realtor and a Certified Distressed Property Expert (CDPE) who has helped over 1,000 clients over the past 12 years. She currently provides real estate solutions for distressed homeowners facing foreclosure or homeowners opting for a strategic short sale. For free real estate advice, visit http://www.luxurysocalshortsale.com or call her direct line at (760) 212-2717.
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