West Sacramento Short Sale Specialist Mike
Rigley here bringing you
the latest West Sacramento Short Sale Information. Thank you for joining us.
Bank of America– What is a Short Sale? Great question. Simply put a West Sacramento Short Sale is any sale where the bank gets less than what is owed and the bank agrees to forgive the balance of the loan.
Now depending on what
state you are in or the type of short sale you have the bank may or may not
waive their right to seek a deficiency judgment and / or pursue the borrower
for the balance still owed.
Fortunately for most
borrowers in California to complete a West Sacramento Short Sale both the first
and second mortgagor must agree to waive their right to seek a deficiency
judgment and forgive the debt. Now because the lender can’t seek to collect on
the unpaid balance they will report the unpaid balance as income to the
borrower to the IRS on a form 1099C. Under most circumstances the borrower can
avoid paying income taxes on the phantom income but it is always best to
contact a qualified tax professional before completing the West Sacramento Short Sale.
Is a West Sacramento Short Sale Right for Me?
Give me a call and let’s find out. We also offer a short sale lease back program for those who
qualify allowing you to short sale and stay in your home. Call me
for details
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.
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