West Sacramento Short Sale FAQ I

Today let’s talk about Frequently Asked Questions I

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