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PUSH THE BUTTON FOR SHORT SALES HELP!

 

If you need to short sale your investment property but are refraining  from getting started because everyone talks about deficiency judgments or the dreaded 1099. .

Here’s some news. . .

The obvious consequences from doing a short sale is to have the debt completely forgiven, In some instance lenders will go this route, depending on your hardship and the investor of your loan.

Doing a short sale with investment properties create a lot of  possible scenarios that may come to the surface after is completed.

 

To have peace of mind during  a short sale negotiation is to get informed. Know what is the worst possible scenario?, what is the most likely scenario?, and what is that you want to accomplish with the process?

With a short sale, the lender has 3 possible ways to handle the deficiency balance, which is the portion of the mortgage debt not covered by the sale of your property.

#1 The lender can attempt to collect the deficiency balance from the seller after the property has closed.

#2 The lender may require the seller to sign an unsecured promissory note for the deficiency balance as a condition of agreeing to the short sale.

#3 The lender may agree to cancel the entire deficiency balance.

But this is not the end. .

The lender is obligated to report a 1099-C for the “forgiven” amount

The IRS considers any canceled mortgage debt ordinary income. This means that the amount forgiven is taxed at the same rate as you are presently paying . . . 15%, 20% 30%. .all depends on your income.

The most import mat question to ask yourself. .

Are you willing to pay a percentage of an amount forgiven by your lender in the form of a 100-C?

or

Are you willing to just let the lender foreclose on the property and get 100% deficiency judgment against you.

The obvious choice is the 1099-C

The Team of Herboso & Associates  is one of the leading short sale experts in Maryland  and are located in Montgomery County Maryland.

We have a FULL TIME in office short sales negotiator to help us accomplish extraordinary results

Please contact us for a free consultation if your property qualifies for a short sale

Thanks, 
For Immediate Results:


Call Fernando @ 240-8798-1848 Ext #1
Email: Fernando@ReallyNiceHomes.com