I'm currently assisting some homeowners with a short sale on a property on which they have a USDA mortgage. They haven't made a mortgage payment since July of last year, and yesterday they called me to inform me that instead of receiving their income tax refund they received a letter. The letter stated that because they were behind on a government loan, their tax refund had gone towards that debt...ouch! Needless to say they were disappointed, and not too happy.

Not sure if this has happened to anyone else, but this was the first time I saw this happen on a short sale. If you didn't know this could happen, now you do! This was a learning lesson for me as well....

YURI RAMIREZ REAL ESATE 
    

 
This post has been included in California Real Estate News
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5 Comments on Short Sales and Tax Refunds...

MAR
20
2012
374,302 Points 14 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Yuri,

While I am not surprised, I have not heard of this happening before.  I guess it's like student loans - refunds go directly to repayment.  Best of success to you this year!
10:26am • #1
143,179 Points 1 Featured Post Attended Rain Camp

Yuri,

I have not heard of this before. However, I could see the government do such a thing.
10:26am • #2
1 Featured Post

Hi Jordan and Victor...I had never seen this before especially since I have had sellers who have gone upto 3 years and nothing like that had ever happened... from what I see dealing with government loans is no joke!

 

Thanks for your comments :)
10:32am • #3
APR
15
2012
871,373 Points 8 Featured Posts Outside Blog Called Shot Master

Yuri, I just wanted to stop by and let you know about another upcoming AR MeetUp in Roseville:

Sacramento Area ActiveRain MeetUp #3 - Roseville, CA - Friday, 4/20/12 (3pm)

Leilani
12:29am • #4
APR
18
2012
1 Featured Post

thank you leilani! roseville's sooo far lol but i will do my bes to be there, i would love to meet my active rain friends!
11:09am • #5


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