We wrrite article about the Sarasota short sale real estate, equity real estate, and foreclosure real estate market. If you or someone you know is facing an upside down mortgage, we may be able to help. Here are some of our latest articles.
With the Mortgage Forgiveness Debt Relief Act of 2007 scheduled to expire the end of 2012, many Sarasota property owners are asking me what happens if they do not complete the short sale on their property by the end of this year and what could be their tax consequences.
This is a question I am consistently asked as a Short Sale Realtor® in Sarasota, Florida. The answer to this question depends on two key factors. The first factor being; who is the mortgagor’s lender? The second factor being; what is the experience level of the Short Sale Realtor® that is representing the seller?
Recently we obtained a conditional, Short Sale Approval on one of our listings, where the seller’s lender expected the seller to sign a promissory note for the full amount of the deficiency, in order to complete the Short Sale. We tried to negotiate with the lender and the lender would not negotiate. Given the amount of the potential liability, the homeowner concluded that bankruptcy was his only option and he contacted an attorney.