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13 Νοε 2021 · A short sale is a home sale in which the owner owes more than what the home is worth. A seller usually must meet several other requirements to qualify for a short sale besides being underwater on their loan. Short sales can have unexpected tax implications and an impact on a seller's credit report.
29 Σεπ 2023 · A short sale is a real estate transaction where the homeowner sells their property for less than the amount owed on the mortgage. This option is often pursued by homeowners facing financial hardship who cannot keep up with their mortgage payments.
A short sale or a foreclosure is a catastrophic event for any property owner, and has serious legal, credit, and tax implications. Always advise a property owner in writing to obtain legal, credit, and tax advice before undertaking a short sale.
The Firm assists in each of the following steps, which are critical in the path to short sale approval: Prequalifying the homeowner. Assemble compliant lender packages. Directly and immediately respond to negotiators’ calls and emails.
19 Οκτ 2021 · While there are more than a few requirements to qualify for a short sale, banks generally grant short sales for two reasons. One, the seller must be experiencing financial hardship, and two, there isn't enough equity in the home to pay off the mortgage after closing costs.
6 Οκτ 2021 · They could: Get a deficiency judgment for what's still owed on the mortgage. Forgive the remaining balance entirely. Forgive part of the remaining balance while still pursuing you for the remainder. The short sale process is one way to avoid foreclosure.
