Great news for sellers in Colorado Springs that experienced a short sale in 2014. Fortunately, the mortgage debt forgiveness act was extended one more year. Homeowners that faced a hardship and were forced to short sell their home do not have to worry about the deficiency amount since it will be forgiven under the […]
Many sellers assume they are eligible for a short sale without speaking to their bank first. Home sellers with an FHA loan need to be aware of a factor that may not allow them to short sale their property. Home owners who rented out their property for 18 months or more are not eligible for […]
There is no doubt about it, short sales can be difficult when you are the owner. The banks require an enormous amount of information and paperwork from the seller and a short sale transaction can take time to complete. When you reach the end, as a seller, you are happy the short sale is closed […]
It is not uncommon for home owners that are facing a short sale situation to have more than one lien on their property. The second lien holder may approve the short sale of a property but may not necessarily forgive or cancel the debt still owed and require the home owner sign a promissory note at […]
The Mortgage Forgiveness Debt Relief Act was passed in 2007 to protect distressed homeowners from being taxed by the IRS on the debt that was canceled by the lender on the short sale of their home.Prior to the bill being passed, the IRS viewed the deficiency amount as income and the homeowner was taxed. Some […]
Some home owners who are in distress may choose the option of a Deed in Lieu instead of a short sale. The home owner gives the deed for the house back to the bank and can walk away from the house without having to worry about having to do a short sale. A Deed in […]
So you have done your research and made the decision to list your home with a Realtor in Colorado Springs. As difficult as the situation may be selling your home under these circumstances, it is important you continue to keep your home in good condition. There have been many short sale properties I have shown […]
Sellers in Colorado Springs need to research the tax and economic consequences prior to making the decision of whether or not to short sale their home. Until recently, homeowners who sold their home through the short sale process would be 1099ed for the difference. The homeowner used to be required to pay taxes to Uncle Sam […]
You make the decision to call a Realtor in Colorado Springs about listing your home and to discuss the implications of a short sale. My advice to home sellers in this situation is to obtain legal and tax advice because a Realtor cannot advise you in this area. Conversely, your Colorado Springs Realtor can assist […]
You cannot afford to make your mortgage payment; maybe you have heard something about the option of a short sale and are not sure what it is. To put it simply, a short sale is the situation in which a homeowner cannot sell their home to cover the amount owed on their loan and is […]