Town of Huguenot is one of the most desirable neighborhoods on the South Shore part of Staten Island. Home to many shops like coffee shops, major shopping centers, great schools, library, local train and local and express bus transportation. Huguenot is accessible  through 440 South and also the Correan War Veterans Pkwy which is kind of small in-house highway that locals use to commute between Tottenville and Eltingville which also leads to the Staten Island Mall. At this time RealEstatesiny.com is offering for sale this young colonial detached home that is nested right off Amby Road in a private Cul De Sac. This home is very lovely. As I approach the pretty house I take several steps up and come to this beautiful entry door, the door opens and I walk in to a two-story grand foyer. To my left is a staircase leading to the second floor, on my right is a living room/diningroom which than leads to a family room with a fire place , but I choose to proceed straight ahead from the foyer, as I walk on my left I first pass a doorway that will take me to the basement, further on my left I see a beautiful half bath / powder room very pretty. Straight ahead is a sophisticated eat in kitchen with cherry wood cabinets, granite countertop, Island and stainless steel appliance. to the other side of this kitchen is a warm and cozy family room with a wood burning fire-place.

Off the kitchen is an oversized back yard with a pool and deck, great for relaxing and entertain yourself, your family or your guests. Up the stairs as you look down you will see the beautiful landing but turn around to find two bedrooms that share a beautiful full bath. As I walk down the corridor and make my way towards the pretty master bedroom suite featuring a walk in closet and a private gorgeous master suite bath. All this beauty is available to you for a new price of 649,000    Call or email me for a private, by appointment only tour of this home.

                                           Irena Popilevsky, NYS licensed Broker/Owner RealEstateSINY.com

                                           (917)579-4455    irena@realestatesiny.com

 As I look at the pre-foreclosure list on Staten Island (lis pendens) every day, I can honestly say that the majority of these homes never enter the market or don’t sell at all if they do. I have come to understand that many homeowners never do anything about their situation. Truthfully I can see why they don’t. It’s a combination of many factors, uncertainty of their financial situation, anxiety, failure and embarrassment, are all a part of the lack of seeking help. So let’s review the basics of a short sale.
Remember when you applied for a loan you did everything possible to prove to the bank you can afford to pay the loan however, when you apply for a short sale you do just the opposite, you want to do everything possible to prove to the bank that you cannot afford to pay the loan any longer.

What is a short sale

A short sale accurse when a homeowner has to sell the home for less money than owed to the bank, in order to do so the bank has to approve it.  The good news for homeowners in distress is that the banks are interested in cooperating more frequently now than ever before. In the current market lenders realize that taking ownership of the property by means of foreclosure may result in various additional unnecessary expenses. Up keeping, managing, property taxes and hiring attorneys can be very costly.

Who is qualified?

Not everyone who wants a short sale can get one. To be considered for a short sale a homeowner must demonstrate hardship.  A short sale package consists of combination of a detailed written explanation outlining the reason to justify a short sale also known as hardship letter. Hardship could be one or a combination of loss of employment, change in salary¸ divorce, medical condition or loss of a spouse. Last two years of tax returns, W-2 or pay stubs, bank statements and a complete itemized monthly expense statement. Secondary liens and any other liens if exist. A copy of a listing contract and a comparative market analysis to demonstrate adequate listing price must be submitted.  Lenders require that a homeowner seeking consideration of short sale must hire a licensed Realtor to market and manage the sale of the home.

Realtor’s roll in the process

The process of completing a short sale for a real estate agent is not an easy task and requires a lot of knowledge, experience, time and dedication. One of the things I understand when helping a homeowner in distress is, time is of the essence. The foreclosure clock is ticking so gathering all necessary documents and have them ready to go is a must. Only a few years ago short sales were extremely lengthy and could take up to nine months to complete. I remember the first time I completed a successful short sale in only thirty days for a homeowner at 32 Danny Court Staten Island, NY 10314 this was a true indication that finally lenders had improved their process and put a system in place and are now eager to get them off their books. These days, short sales take less time and are handled more efficiently, as long as a complete short sale package is accompanied with a contract of sale. As I write this I remember on one Friday afternoon receiving a phone call from a homeowner at 38 Country Lane Staten Island, NY 10312 anxiously crying for help, telling me that her home is going to be sold at a foreclosure auction in seven days, her family will end up on the street, they have nowhere to go and they needs help. I felt hopeless myself at first, I can still remember thinking to myself “oh my god! Seven days, this is not enough time, how am I going to help this family of five and keep them in the house at least for now?” We filed an order to show cause and were able to stop the foreclosure auction sale than sold the house three months later.
I know that it’s difficult to make public personal financial adversity but in can be worse if you don’t take action and seek help especially when help is available to you.

Benefits to a short sale appose to foreclosure

Will a $1,500 incentive entice homeowners to complete a short sale? Well maybe not as much as we think but there are greater benefits here to consider, while many people still think that a foreclosure ends their debt obligation the greatest benefit of a short sale appose to foreclosure is avoiding the associated issues arise with foreclosures what is known as a deficiency judgment. A deficiency judgment called debt relieve by the IRS, is an end result of a court case, a civil action against you for the uncovered portion of the mortgage balance, you’ve been sued,  you’ve lost and you owe the bank a certain amount of money. A judge orders that you must repay the debt. This is the worst scenario in a foreclosure action. The deficiency judgment itself has a new trade line to your credit report in addition to a trade line you already have in foreclosure. This judgment is good for 20 years, it will not allow you any credit at all until it is paid and removed from your credit report, as we all know in the US without credit there’s not much we can do.
A foreclosure may affect your current or future employment status as more and more employers rely on background and credit check as one of determining points for eligibility.

Credit score consequences

A foreclosure will result in losing 250 to 300 point off of your credit score for a period of three years however; a short sale will be noted on your credit report as “final settlement” and will only deduct 50 points from your credit score for a period of only 12 to 16 months on average.
A foreclosure will show up for five years when applying for a loan from Freddie Mac or Fannie Mae loans. With a short sale a period of only two years will be considered on a primary residence home, If you are an investor it will take at least seven years before you will be considered for a loan at all if your investment property resulted in a foreclosure.
A foreclosure will stay on your credit report for ten years; a successful short sale is not reported on your credit report.

Brighter future for home ownership

Homeownership in the future can be done in half the time for a short sale than an end result of a foreclosure. A foreclosure implies that no action was taken by the homeowner to try and resolve their financial obligation and a short sale even though is a negative, implies that an initiative to resolve the situation was taken.
Homeowners, if you are in a distressed financial situation and experience difficulty making your monthly mortgage payments through an extended loss of employment an increase in your adjustable rate, a medical condition, divorce or loss of a spouse or any other financial difficulty that restrains your ability to make your monthly mortgage obligations and sell your home for more than what is owed to your lender in today’s real estate market, I can most certainly help. The service is free; the consultation is free and most importantly handled with outmost of compassion and care. For short sale help on Staten Island or Brooklyn please give me a call at (718) 668-0423 or email me irena@realestatesiny.com
 
 

Please come and join us at this beautiful large detached home for an open house at 102 Pacific Avenue staten Island NY. 

This home is located at one of the most desiarble areas of Staten Island. Open house is scheduled for Sunday March 20th 2011 between the hours of 1:00 and 3:00 P.M. only.

Look at it  this way, with a 20% down and a conventional 30 year financing you can expect monthly payment of approximately $1450 per month which is equivalent to a monthly rent payment or even less than that in some cases. So why not consider looking in to the opportunity to live the American Dream. Get the family in the car and come see this lovely home Saturday February 12th, 2011 between the hours of 12:00 and 3:00 P.M. at 37 Edward Court, Staten Island, NY 10314