San Diego Short Sale Process Debt Relief News
San Diego Home owners that are facing the need to use the short sale process just got a one-year reprieve. The American Taxpayer Relief Act of 2012 extended the Bush-Era relief that is designed to help folks that need to sell but owe too much to the bank. In some cases, there is the case that the bank would issue an IRS form“10980-C.”
According to San Diego short sale expert Gary Kent, this was keeping a lot of San Diego homeowners from using the short sale process near the end of 2012 since not only would they not get anything from the sale of their home, in some cases they would also owe taxes on the relieved amount of the cancelled debt. According to Kent “This is a big breather for home owners in trouble. Right now the market is very hot, with pent-up demand fueled by low interest rates. They may not get to the crazy highs of 2006/2007 but it is a nice time to sell their San Diego home. Most of the major lenders that we work with are very open to short sales and while it still takes time to short sell your San Diego home it is getting better.”
Should I Short Sell My San Diego Home?
If you are a San Diego home owner and you want to know what your home is worth and how long it will take to have equity again, you can visit www.ShortOrStaySanDiego.com for a free analysis to be emailed to you. Free guide to the San Diego Short Sale Process.