Tough times have hit every age group in America, many of the seniors who have worked for years to pay off their homes are facing the same doom and gloom as many younger folks that purchased at the height of the market. Families are moving in with each other often to try and make ends […]
Every single short sale, foreclosure or stressed out homeowner is a different story, with different endings but they all have a lot of similarities. Before making the decision to sell your home for less than you owe the bank (that is what a short sale is) you really need to gather some information from; attorneys, tax professionals, lenders and REALTORS®. There are a lot of consequences that come with a short sale or foreclosure, many of them you would not even dream about.
If you are living in the home at the time the Notice of Default is issued you may have some protection when it comes to deficiency, second mortgages and so on. However, one of the issues some people forget to ask about is the 1099C that is issued. The guidelines on the tax relief are totally different, so be certain you talk to your attorney about each of these issues, since they can impact you differently.
I have never used someone else’s work on my websites before. Today I ran across this great article about short sales and how frustrating it is to a buyer and agent when the listing agent does not knowwhat they are doing. After speaking withDebe, she gave me permission to use her article on this site. […]
Listing your home as a short sale is a very easy task, but when you do make sure your agent knows how to negotiate a short sale. As a CDPE (Certified Distressed Property Expert) I have had additional training in dealing with Short Sales, helping direct you the home owner to loan modification programs, deed in lieu of foreclosure and many options you may not be aware of.