Step 5 – Consider Tax and Future Ramifications
So you’ve researched, Realtored, and worked together quickly as a Team. (Steps 1-4) It’s also very important that you consider the tax and future ramifications of the short sale of your Howard County home.
When this short sale phenomenon began a few years back, there was a lot more push back from the lenders, who wanted to retaining the right to pursue a deficiency judgment against you for the balance of the monies they didn’t get back as a result of the short sale. You will want your Realtor to ensure negotiations with the lender result in the lowest future liabilities possible.
Additionally, your Realtor should be able to refer you to a qualified tax attorney or CPA. Tax implications would be the other future liability we want to make sure are negotiated with the lender. Depending on the specific circumstances, you will likely be released from any future tax implications due to the short sale, but it is again, a matter which should be negotiated and understood by all during the short sale process. We want to make sure there are no surprises for you afterwards.
Our ultimate goal is that you can move on from the housing situation you’re in now, knowing that you’re in a good position to move forwards with your life. More questions? Give me a call.
Did you miss the first Steps to Avoiding Foreclosure? Step 1 | Step 2 | Step 3 | Step 4
Best regards, Gretchen
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