Short Sale Help

USA Today: Lenders Embrace More Short Sales

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...
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What is a Short Sale?

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...
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Where Does the Difference Go in A Short Sale or Foreclosure?

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...
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How Does A Short Sale or Foreclosure Affect My Taxes?

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...
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Will I Be Able to Rent Again After a Short Sale or Foreclosure?

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....
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Who Will Rent to Me After a Short Sale or Foreclosure?

Hello, I’m Kenny Klaus, and today we’re going to answer a question that is on a lot of people’s minds: Who will rent to me after a Short Sale or Foreclosure? The answer is that most landlords will rent to you. The fact is: people who have gone through a...
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