The Brainerd Lakes area of Minnesota was an area that was hit extremely hard by the bursting of the real estate bubble starting in 2006. As such, many home sellers found that the equity in their homes was suddenly gone and due to new financial hardships were not in an equity position to sell...meaning that they owed more on the property than what it was worth in the current market. "Underwater", "Upside down" were terms that often described the situation.
In the years that followed, we began a relationship with Markve and Zweifel, PLLC, a law firm in Minneapolis that specialized in assisting sellers through the process of short sales, and worked with the banks to negotiate a sale by which the seller of the property could still sell, but sell short. Meaning that the bank would accept the current market value of the property and the difference between current market value and the mortgage COULD be exempt from deficiency judgements under a law passed in congress. That law was set to expire on December 31, 2012, but was extended one more year.
Although we are no longer selling real estate in Minnesota, I still keep abreast of the market back there and Markve and Zweifel's practice. The following link is to their blog and contains some of the current offerings that some of the lenders have available. http://www.mzlaw.us/pages/Blog/ These offerings change frequently and what is offered today, may not be offered tomorrow.
While the "short sale" real estate market in Alaska pales in comparison to Minnesota's, there is a need to get the information out there. Having been through the process and professionally trained, I have the skills to help those sellers in need of help get through a very difficult period in their lives.
With the new deadline only just a few short months away, teamed with the short sale process taking longer than a traditional sale, the time is now to have a consultation to see if a short sale is the right answer. If you live in Minnesota and aren't sure who to call, let me know and I will direct you to a professional REALTOR that can help you based on your location.
Feel free to "Like"our Facebook page at the right or at www.Facebook.com/AKHomeSellers to learn more about us and the services that we can offer.
I look forward to helping!
Greg
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