But, what would be the impact if you just let it foreclose?
In this case, your credit rating most likely will be impacted less. . selling your house as a short sale . than losing your house to a foreclosure
In a short sale you have a much higher chance of your bank waiving/forgiving that balance of what you owe with NO FUTURE implications.
When this amount could be in the hundreds of thousands … (0 comments)
george: Short Sales Specialist in Prince George County Md - Tax Implications
- 04/29/13 10:58 PM
Short Sales Specialist in Prince George County Maryland The tax implications of a short sale ? . . The 1099-C after a short sale. .what's that? The IRS sees any money to help you settle a debt as taxable? The same money the lender is writing it off from your loan amount when you sell. This could be significant amount after a short sale
Can this be averted?
The Debt Relief Act of 2007 changed that for many homeowners . . except, it expired at the end of 2012 then It was revived and extended for one more year A lot of people will be helped by the Debt Relief Act . … (0 comments)
Why do a short sale? . . Is it debt forgiveness what you want?? What about your credit? When can you buy again? Do you have a negative equity in your home? Are you really a homeowner. . or just a mortgage owner? Considering a short sale? -- In this video you will find important information about the reason why you may consider doing a short sale.
If you have been without paying your mortgage for months. .would a short sale help you now? or are you just hoping the lender will forget about you?
Obtaining the approval of your short sale … What exactly is an approval? Who gets it? What role does it play on the sale of your house? Would you still owe to the lender after your short sale? Considering a short sale? -- In this video you will find important information about the approval of your short sale. A document that will be obtained on your behalf by the agent representing you during your short sale
What are the minimum net the lender is willing to receive? What is an acceptable settlement charges? Who pays them? What about the difference of what you owe to what you sell? Who are the subordinates? Are you eligible to receive "Relocation Money? What about the release of … (3 comments)
george: Short Sale Specialist in PG County Maryland : The Hardship
- 04/25/13 05:00 AM
Short Sale Specialist in PG County Maryland : The Hardship In Prince George's County MD If you find yourself, over a period of time, that is getting harder and harder to keep making your mortgage payments, A Hardship Letter is where you write an explanation. . Why you can not make them anymore. .
Watch about what constitutes hardships in a short sale. . The Hardship in Short Sales
The actual Hardship Letter that is written for your lender ; not only reveals financial restrictions, but explains all kinds of other facts that may … (1 comments)
Short Sales Expert in Prince George County Maryland The Credit Impact of a Short Sale There is no doubt that your credit score will be impacted by your decision to do a short sale.
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