Lenders are allowing more short sales by financially strapped homeowners and a few people are even getting cash to complete the sale. Short sales are when lenders allow borrowers to sell homes for less than their unpaid mortgages. They are an alternative to foreclosures. Short sales have been increasing for months, but...Read more
Recent Posts by kennyklaus
A great place to start is to define what a Short Sale is. A Short Sale is an agreement with a lender where a home is sold for less than what is owed. The bank or lender agrees to accept the short sale based on hardships, which are outlined in...Read more
Many people find themselves asking where the difference goes in a short sale or foreclosure. Many homeowners, as they are evaluating their short sale options, are concerned that the banks will later come after them for the balance between the sale and what was owed. Arizona is one of just...Read more
I am often asked how a short sale or foreclosure affects taxes. In general, the difference between the mortgage balance and the sale price is reported to the IRS, and is taxable. In some cased, the Mortgage Forgiveness Debt Relief Act of 2007 provides relief. It has been extended to...Read more
Another question on many people’s minds is whether they will be able to buy again after a short sale or foreclosure. Yes, buying again is possible, but there are generally waiting periods, and they differ between short sale and foreclosure. After a foreclosure, the waiting period is typically 5-7 years....Read more
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