Short Sales
Are you in a situation where it is hard to make mortgage or loan payments? Have you already fallen behind on your payments? If so, many banks are negotiating the sale of these properties at a moderate loss, instead of pressing you, the borrower. Things to think about when deciding to short sale your home.
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Short sales are better than foreclosure (which shows on your credit for 10 years)
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Negotiating with your lender may prevent the short sale of your home
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Proving you are "insolvent" - meaning your debts were larger than your assets when your lender agreed to short sale your property - otherwise the IRS may see the balance of your mortgage minus the value that you sell your home as "income" and tax you on this amount!
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Finding a real estate agent with short sale experience and convincing the mortgage lender of your hardship
You may or may not qualify for a short sale, but if you do, you must act fast. Contact our office for a consultation to review your qualifications. We can determine if you will be able to short sale your home!
