What is a short sale?
A short sale is when you sell your home and your lender agrees to take a payment of less than what you owe your mortgage loan. A short sale allows an individual to avoid a foreclosure and or bankruptcy.
Am I a candidate for short sale?
In today’s difficult economic times many homeowners are faced with the difficulty of not being able to make there mortgage payments. In the event you can not pay your mortgage or you need to move and your house is worth less than what you owe, short sale may be an option to consider. First the homeowner should try to negotiate with there lender a loan modification if they believe they my still be able to afford staying in there homes with lower mortgage payments. On the other hand a short sale is better than a foreclosure that stays on your credit report for up to 10 years.
Is there tax implications associated with a short sale?
It is imperative and we recommend that you consult with a tax advisor. Each individual is different and you many be considered insolvent by the IRS, a tax advisor can review your personal situation and correctly answer this question for you.
What is the short sale process?
The short sale process is difficult and the help of an attorney with a history of real estate experience can make a difference. The goal of our firm is to make sure you present your case to your lender correctly and with all the facts.