Short Sales
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If you are facing foreclosure because your mortgage is in default, you may be considering a short sale to help you avoid foreclosure. A short sale is an agreement entered into between the homeowner and the lender to sell the property and protect the homeowner from losing their home in foreclosure. If you decide to do a short sale, your property will be transferred to a buyer for a price that is less than the mortgage amount. Many people who decide to do a short sale believe they will be granted money. In some cases this may be true and in other cases this may not be. You should only consider a short sale if it will really provide you with relief. Many people don’t know that a short sale can have tax consequences which may cause you to become liable to the IRS.
Before considering a short sale speak with an experienced debt relief lawyer that can help you. Karra L. Kingston Esq., is dedicated to helping clients get out of debt.
Short Sales & Debt Relief
Because short sales require the consent of multiple parties, they can be exceedingly difficult to accomplish in such a short amount of time. Normally, people need to act as quickly as possible to find a buyer to do a short sale with and get consent from the bank. We have seen cases where the short sale will not be accomplished in time and the homeowner is still responsible for the debt. It is important to speak with a bankruptcy lawyer who has knowledge of the short sale process before entering into any agreements. Also, keep in mind that if you have other debts aside from the mortgage a short sale probably will not be beneficial to you.