discounted payoffs: The Short Sale
- 06/11/08 08:11 AM
There are many ways homeowners can lose a home, but signing away ownership from foreclosure or bankruptcy can strip an owner of dignity and their nest egg. The option of a "short sale" or "discounted payoffs" may make more sense for the homeowner; however, there are some issues relating to these kinds of real estate transactions.The first issue, other than the Mortgage Forgiveness Debt Relief Act of 2007, the home owner should be aware the I.R.S. could consider such an act of debt forgiveness as income.There are no guarantees that a lender who accepts a "short sale" will not legally pursue a … (1 comments)
There are many ways homeowners can lose a home, but signing away ownership from foreclosure or bankruptcy can strip an owner of dignity and their nest egg. The option of a "short sale" or "discounted payoffs" may make more sense for the homeowner; however, there are some issues relating to these kinds of real estate transactions.The first issue, other than the Mortgage Forgiveness Debt Relief Act of 2007, the home owner should be aware the I.R.S. could consider such an act of debt forgiveness as income.There are no guarantees that a lender who accepts a "short sale" will not legally pursue a … (1 comments)
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