Short Sale News For 2013:

Congress passed legislation extending the Mortgage Debt Relief Act for homeowners who do a Short Sale through 2013. When a homeowner sells their home, the IRS won't treat the debt forgiven by the bank as income, which means they won't owe taxes on that amount, therefore allowed a seller to short sale their home without immense tax consequences.

SHORT SALE IS ALWAYS  A BETTER OPTION THAN

                             FORECLOSURE!

If all retention options have been exhausted or are not possible, a short sale is a good alternative to foreclosure that allows distressed homeowners to gracefully leave their home and transition to more affordable housing. It's also typically less damaging to a borrower's credit report than foreclosure, and usually reduces the amount of time a borrower needs to wait to get a new mortgage down the road.

A short sale may make sense if you:

• Do not qualify for any options to keep your home, including a loan modification, forbearance, or reinstatement.
• Need to move in order to keep or obtain employment.
• Don’t think you could sell your home at a price that would cover your outstanding mortgage amount.

Your Local Real Estate Connection

Get a positive, helpful partner for buying or selling a home:

• Trusted resource for answers about the process
• Innovative marketing strategies
• Expertise about neighborhood features
• Ability to target home searches
• Strong negotiation skills
• Support through the closing and beyond