How To Do A Short Sale
Signing away your home while damaging you credit, your dignity along with the pride that one gets from owning your own home is a tough pill to swallow but in most cases selling your home as a short sale may be the best thing for the homeowner to do in the long run so they can get back on living without all the weight on their shoulders worrying every night about what should I do, should I let it go into foreclosure, do a short sale with the bank and much more.
Doing a short sale is not an easy task at hand, it is best left up to professionals, Real Estate Agents, Short Sale negotiators, Attorney’s who handle short sales and the other companies who have tract records of negotiating with the banks while protecting you the home owner in what is probably the hardest decision you’ve had to make in a long time.
Getting Started With Short Sale
I always suggest to all my clients considering doing a short sale on their home or property to get legal advice first and then sit down and talk with a tax Accountant about the short sale tax ramifications that may come along with selling your home as a short sale.
Being that I am a Real Estate Agent in the State of Florida, I am not a Lawyer nor I am a CPA and I cannot advise on those consequences. Except in certain conditions the IRS may consider the difference from what the bank writes off as a loss to be considered income on your part , Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.