One year after a VHDA short sale

A great agent can get you out of a bind and get your home sold IN A SHORTSALE process. An amazing agent continues to follow up to see how it affected your life and your future.
Here’s a follow-up after one year of the seller having to do a short sale.
Hello,

I do hope this finds you both well.

I am writing to do a follow up on the short sale and how things worked out for you this past year. I was hoping to do a blog about the process and the results or effects after the closing. If you can send me a summary or a follow up that I can share ( I wont say name or address) it would be very helpful for me.

I hope all turned out well and the residual effects are minor

1. What kind of loan did you have
VHDA
2. How much was forgiven
+/- $65,000
3. Was there any tax issues when filing this year?
My short sale qualified under the “Mortgage Debt Forgiveness Act” so I was not taxed on my deficiency balance.
4. How did it show on the credit report?
points drop The first mortgage showed up as “account settled for less than balance owed” and the second mortgage showed up “foreclosure”. I filed a correction with all three credit bureaus for the second mortgage and it is now reported as “charge-off”. My score was mid 700s and after the short sale my score dropped to the low 600s.
5. Did you miss any payments during the process?
I was able to keep current with my second mortgage payment, but I missed several payments for the first mortgage payment.
6. Was there any communication from the bank after?
I have not been contacted by the VHDA since the sale was finalized.
7. Was there any negative effects with work ?
This had no effect on my work.

If you are looking to do a short sale I would love the opportunity to speak with you. I have systems to keep everybody informed weekly on the status. I find excellent communication is what really helps if you still done.

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