Learn About Short Sales

Orange County Short Sale Information & Assistance

A foreclosure on a home has consequences for families, communities, the housing market as a whole, and the economy. On the contrary, the option for a short sale provides a way for homeowners in trouble to prevent foreclosure and so many of the dire penalties and consequences involved.

. A short sale is not a conventional real estate undertaking. Most real estate transactions include the home seller and their real estate agent, the buyer and their lender, and their real estate agent. In a short sale setting, all of those parties in addition to the seller's loan servicer, a housing counselor, any junior lien holders, mortgage investors, and insurers may be involved too.

Tax Considerations Of A Short Sale:

On December 20, 2007 President Bush signed H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007. The law applies to primary residences only and takes effect from January 1, 2007 through December 31, 2012. It provides relief to home owners by shielding them from the additional burden of potential federal income tax on any amount written off or forgiven by their lender in case of foreclosure or short sale. Consultation with an experienced tax professional to see how the law applies in your circumstance is advisable.

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For more information Click Here - IRS Guidance regarding The Mortgage Forgiveness Debt Relief Act of 2007