I realize when heading down the pre-foreclosure road you have many things to think about. There is a lot even when is comes down to short sales. In my mind, when considering any preforeclosure method, especially a short sale, you have to look at two main categories. The first main ramification when looking at short sales is the legal side. The second short sale ramification are tax issues.
Short Sale Legal Ramifications to Consider:
- Promissory Note
- Banks Legally Pursuing You
- Anti Deficiency laws
Short Sale Tax Ramifications to Consider:
- 1099C
- Mortgage Forgiveness Debt Relief Act of 2007
Consider all these things while raking a short sale or any pre-foreclosure route. Any seasoned short sale negotiator will have solutions, answers, and paths for knowledge for all these hurdles.
Thanks for reading!
- Jeff Buettner
Real Estate Wiz Kid
Arizona Short Sale Realtor & Negotiator
Short Sale? What is it?
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A friend of mine just emailed me one of your articles from a while back. I read that one a few more. Really enjoy your blog. Thanks
Thanks for posting the article, was certainly a great read!
Really enjoyed reading your short-sale articles…good thoughts. Keep writing as you’re preforming a great service to folks.
Nancy
I seriously hope the SEC can stop naked shorting without messing up the market. It is obvious that naked shorting isnt responsible for the state of the financial sector. But a lot of companies across the board are being destroyed by naked shorting. The SEC never seemed to care about it before, and they surely know that they can’t help the banks. So one has to wonder what compels them to act now. I guess they all made enough money?