I recently spoke with a very confused investor that really needed guidance. She owned a couple of rentals in Woodland and had a little money in the bank but owed more than the Woodland rentals were worth. To make matters worse she was taking a negative on them every month.
Think about that – she was losing $500-$600 dollars a month per rental on properties that were 50% or more upside down. She had been told by what was I’m sure a well-meaning “Woodland short sale specialist” that because she had some assets she could not short sale. Friends that could not be further from the truth. Now – she may have to pay income taxes on the debt forgiveness but she can absolutely do a Woodland short sale and walk away from the debt with no risk of deficiency.
Can you see how dangerous bad information can be? Had this woman listed to that individual she would have let the properties got to Woodland foreclosure and because she had a recourse second, would have had an income tax problem from the debt forgiveness on the first and still had liability for the second. With a Woodland short sale she will have no liability but will have to cover the income taxes.
The moral of the story is not all Woodland short sale agents are created equally. Make sure you check out their qualifications before selecting your agent. The wrong choice could financially haunt you for years.
To get a better idea of when your Woodland home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation. Call me today and sleep better tonight; you’ll be glad you did
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