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For example....Lets say you mortgage company agreed to a Short Sale and you owe $300,000 on your mortgage loan. If the property sold for $250,000 then in the past you would be responsible for paying taxes on the $50,000 of debt that your mortgage company agreed to forgive. Now no longer would you be responsible for a tax on the amount of debt that your mortgage company forgave.
This is valuable information for any of you who know someone that needs to sell their home, but owes more on the mortgage note than the house is worth. Many people are in this situation and do not realize there is hope. With this act being passed home owners that need to sell can do so now without the fear of owing taxes later on if their mortgage company agrees to cooperate with a Short Sale. Many homeowners that are faced with this dilemma and choose to let the bank take back their homes without ever trying to sell the property. Lots of homeowners are not aware that many times the banks will agree to take less than what is owed on the property to avoid having to foreclose on the home which generally costs a bank between $50,000-$70,000 in fees, not to mention the amount of money they loose after later selling the property once they have foreclosed on it.
If you or someone you know is facing this sort of situation, have them to give me a call as many times I can help. A foreclosure is one of the most damaging things a person can have on their credit (in fact when applying for a mortgage loan it is harder to get approved for a loan with a foreclosure on their credit than a bankruptcy) not to mention the fact that many times the bank will still peruse collecting the deficiency of what they lost from the homeowner once the bank has later sold the property. Where as on a "Short Sale" the bank has agreed to forgive the debt.
You can also re-finance your terms to be a fixed rate so you will not have adjustable mortgage payments every month. I will find a way to help you get out of this situation.
702-768-8940
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