I thought we would spend
a couple sessions on short West Sacramento Short Sale Frequently Asked
Questions. What we’ll do today is give the quick readers digest version to the
most popular West Sacramento Short Sale FAQ’s but know
chances are real strong we have a full blown session dedicated to nearly every West Sacramento Short Sale FAQ. So let’s get
started
What is a West Sacramento Short Sale? A West Sacramento Short Sale is when a
property is sold and the lender and underlying investor agree to accept less
than what is owed on the property.
Why would the banks
accept a West Sacramento Short sale? Simple
– they make more money on a West Sacramento Short Sale than if they
foreclose.
Do I have to be late to
complete a West Sacramento Short Sale? That answer is a
little more complex. There are some investors such as FHA / HUD and Freddie Mac that do
Require you are late.
Most lenders do not require you to miss payments
If I Short Sale will I
be responsible for the unpaid balance? In California if the lender agrees to
the West Sacramento Short Sale,
you cannot be held liable for the unpaid balance.
Will I owe Income tax on
the debt forgiveness? There is a certain criteria that has to be met but
generally if you are insolvent or the property was your principle residence and
you complete the West Sacramento Short Sale before December
31, 2012 you should not have to pay income tax on the forgiven debt. It is
always best to contact a tax professional first.
Do I have to have a
hardship to Short Sale? The answer is yes, however that hardship can be as
simple as your property is so far underwater that you will pay it off before it
is worth what you owe. To complete a West Sacramento Short Sale, the lender would like
to see a better hardship than that but we have been successful with being
upside down as the only hardship.
Is a West Sacramento Short Sale Right for Me?
Give me a call and we can discuss your particular situation. To get a better
idea of when your West Sacramento home will be worth what you owe,
log in to www.shortsaleandloanmod.info for a free
estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information.
Call me today and sleep better tonight; you’ll be glad you did
No comments:
Post a Comment