Short Sale Information

If you, or anyone you know are considering doing a short sale you will need to make a swift decision.  Many short sales are taking anywhere from 4 to 8 months to complete, so time is running out to qualify under the Mortgage Forgiveness Debt Relief Act and Debt              Cancellation.   If you do not complete your short sale before January  1, 2013 you may be held responsible for the difference as taxable income. At this moment in time there no clear     understanding as to whether Congress will extend this deadline or not.

Web Link To IRS: http://www.irs.gov/individuals/article/0,,id=179414,00.html

We have successfully helped short sale owners and/or buyers in Lakewood and we can assist you too!

Example: If you owe $400,000 on your property and it sells for $300,000, at a 28% tax rate, the settlement difference of $100,000 is $28,000 in taxes you may owe! But, if you complete your short sale prior to the expiration date you may not have to claim that $100,000 as taxable income.

A short sale is a tool which enables you to avoid foreclosure and lessen potential long term damage to your credit rating, as well as the negative tax implications you may experience on a foreclosure. Short sales are not easy, nor are they fun, but they can save sellers from      having a foreclosure on their credit record for 10 years and in many cases  allow them to  obtain a new loan in as little as 2 years.  Time is of the essence, so please  contact us  as soon as possible and let us use our considerable experience to help guide you through this      challenging process.     Perhaps you should consider a no-cost short sale.              

There is no obligation.   Please call (562) 221-2794 or (562) 900-6761