Does this descripbe you Underwater, stopped making mortgage payments, stressing out?
That describes many homeowners out there. Maybe you have:
- Talked to the bank over and over
- Tried to get a modification
- Sought the advice of a lawyer
- Thought about moving out & walking away
- Not sure what the next step is
If you are in that boat, my advice would be to talk to a trusted Real Estate Agent. Find out if the Real Estate Agent would be willing to work with you to put together a short sale. A short sale is when a property is sold for less than the owner(s) owe on the mortgage.
Currently, for 2013, Congress has extended the debt forgiveness tax break. Normally, when a debt is written off it is considered income. But in the case of a short sale, the IRS is not considering the debt forgiven as taxable income for 2013. It is a great benefit to those trying to move on with their lives.
Many people bought into the real estate market in 2005, 2006 and 2007 before the crash. Now their circumstances have change - such as job(s), marriage, children, etc. and they need to move on.
If you find yourself in that situation, contact me and I can help you work through your situation.
Don't let the stress of debt wear you out.
See if a short sale is right for you.
Comments(0)