Short Sale Introduction
Will I have to pay federal taxes on the money my lender loses in the short sale?
Q. Will I have to pay federal taxes on the money my lender loses in the short sale? There are several different scenarios with regards to whether or not you will owe federal income taxes on the loss the lender takes in a short sale. When you choose to short sale, your lender is agreeing… Read More
Approved! Approved! Approved! Short Sale Approvals!
It’s been a while since I posted any stories about my recent short sale approvals. I pushed five short sales through last month; this month is looking good as well. Why does it feel like this is the month of Bank of America 1st’s and Wells Fargo (HELOC) 2nd’s? That’s all I’m working on any more… gotta love em! Nothing… Read More
Buying A Home After Foreclosure or Short Sale
How long will a former homeowner who sold through a short sale or foreclosure have to wait before they can buy another home? Here are the rules…. The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies both by the government agency purchasing or insuring… Read More
Short Sale Myths and Facts
As real estate values have dropped over the last couple of years, drastically in some places, thousands of home owners have found themselves either upside down on their mortgage, unable to afford their payments, or both. The topic of short sales and foreclosures seem to dominate the headlines everywhere. There has been a lot written… Read More
Should You Choose a Short Sale Over a Foreclosure?
Source: Elizabeth Weintraub, About.com Guide A reader asks: My husband and I have been making our mortgage payments every month even though our home is underwater. We owe a lot more than our home is worth. Now, my husband has lost his job. We’re thinking about walking away from our home and letting it go to… Read More
Top 10 Seller Short Sale Questions, Answered.
Top 10 Seller Short Sale Questions, Answered. Number 10 Q. I can’t make my house payments but I do have an ability to pay back all or part of the negative equity. Also, I want to preserve my credit score…is a short sale right for me? A. Probably not. In cases where the seller can… Read More
Short Sale? What To Expect When You Receive An Offer
Once your home is listed on the MLS as a Short Sale, you have agreed to let the bank/your lender decide the ultimate “Terms” on which the home will be sold. A Short Sale is unique. Although you are the homeowner according to the note and or deed recorded when you purchased your home, because… Read More
Short Sale A-Z
The short sale process from A to Z – Short selling your home, step by step. Step one: Due diligence. Search the web and find out as much as you can on the process. There are a lot of misconceptions about short sales. Be sure a short sale is the right thing for you and… Read More
Short Sale F.A.Q.’s
1. What is a Short Sale? In a short sale, the lender agrees to settle the debt owed on the property for less than the full amount. “Settled” means that the lender is writing off the debt (which is why you get a 1099 after a short sale for the amount of debt forgiven) and… Read More
