I've recently been dealing with Short Sales in Hennipen County. I haven't been heavily involved with these until recently. I received an offer on a property yesterday. The sellers continue to be concerned with the outcome of doing a short sale. I've discussed that if the bank accepts the offer as full payment, the loan will be satisfied with no delinquent amounts.
Another issue is the income tax repercussions. With the recent bill that was signed into law, there will be no additional income tax based on the delinquent amount. From my understanding, there is no stipulation, if anyone knows differently, I would welcome a further explaination.
Jake Luehrs
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