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Why do a short sale after a bankruptcy is final?

By
Real Estate Broker/Owner 01293735 CA

One reason to do a short sale after your bankruptcy is final to have some control of when you will be rid of the house included in the bankruptcy. This can help you control costs like fines from the city to maintain the lawn and house. It can control and stop HOA dues.

It also can possibly save you some state and federal taxes depending on where you live.

It also can keep other liens that may show up on the house as time passes from being there and slowing the sale further.

Short saling a home after bankruptcy may help you in many ways.

Posted by

 LORI BOWERS

http://www.loribowers.com

The Lori Bowers Group

A boutique Real Estate Office, with a full service team to serve all your Real Estate Needs

La Quinta, Palm Desert, Indio, Rancho Mirage, Coachella , Indian Wells and the surrounding Palm Springs Area.

78120 Calle Estado Suite 103

Old Town La Quinta

La Quinta, CA 92253

Phone: (760)8311595• Fax: (760)771-5327

Diane Wheatley
Move Up Properties - Rancho Cucamonga, CA
Broker, SoCal Real Estate Expert (909) 815-4499

Thanks Lori for bringing up this increasingly important issue.  As the lenders remain backlogged with mounting foreclosure actions, homes are remaining vacant and abandoned for long periods of time.  The homeowner often is not aware that they remain on title and obligated for continued HOA dues, homeowner's insurance and other costs that "run with the land".  A short sale may be the only way to end future liabilities associated with the home. 

Jul 07, 2012 08:07 AM