Upside Down CA – Why Choose Us
If done correctly, a Short Sale could be the best option for you. You list and sell the house for the current fair market value and walk away with no money, but a fresh start. At least, that’s what will happen if you list the house with an agent who is experienced in handling successful short sales.
The truth is, your lender can also come back to you for a deficiency in a short sale. It’s one of those details that must be negotiated with the asset manager and the lender before you sign the closing papers.
Unfortunately, many real estate agents today are listing short sale properties without knowing how to conduct that negotiation, and their sellers are paying the price for that lack of knowledge.
In other cases, listings that begin as short sales end up going into foreclosure.
Blog by Ted A. Greene
California Association of Realtors
In a communication on Friday May 23rd the IRS sent the below letter to the California Association of Realtors
After receiving comments from California tax practitioners and its own review of California law, the IRS has issued a clarification to its September 19, 2013 letter to Senator Barbara Boxer concerning short sales and taxes on the forgiven debt. The new IRS letter indicates that forgiven short sale debt is not subject to cancellation of debt (COD) income only if it is non-recourse at its inception and that their prior letter was overly broad.
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Get the best attorney in California to represent you at no cost to you, we make the banks and buyers pay all the attorneys fees.
Short sale is legal in nature, you need legal advice.
You might have questions such as:
Will the bank touch my retirement accounts?
What about the deficiency due to the short sale?
What happens if congress does not extend the debt forgiveness act?
All this questions are legal in nature, you need the best, most experience attorney working on your behalf when negotiating the short sale of your house with the banks.
If you are currently facing foreclosure, are a few months behind on your mortgage, or the value of your home has dropped significantly we can help. We will review your options with you and help you decide your best course of action. You don’t need to face this alone, the banks have attorneys on their side and so should you.