Hey, everyone. Thanks for visiting my video blog.
Today, I wanted to talk about a tough subject. We all go
through some hard financial times and it can be hard to know where to turn.
That’s why I have real estate attorney, Bart Saunders with us.
He’s here to help explain more about what a short sale is
and what else is happening in the mortgage and banking industry.
Bart Saunders:
I want to thank Mark for having me. Being well informed is
one of your best tools when facing financial hardships.
In 2007, former President Bush implemented the Debt Relief
Act. He saw that families all over the country were having difficulties; he
wanted to offer a tax relief to those families.
The Debt Relief Act forgives any income tax on the
deficiency of a short sale. In most cases, when someone is facing a short sale
we are looking at an excess of tens of thousands of dollars. This act is a huge
relief.
We are predicting, though, that this act will end at the end
of 2013. That means those facing short sales, foreclosures, bankruptcy in 2014
will not be able to get this relief and will have to pay the deficiency
according to their tax bracket.
That’s why if you are thinking about short sale, start now.
It takes about 90-150 days to get a short sale approval. During that time, you
need a good real estate agent who can keep buyers interested for that long.
Mark had asked me if foreclosure is ever the better option
versus a short sale. While every situation is different, nine out of 10 times,
short sale is the better option.
Also when it comes to your credit, bankruptcy is the worst,
then foreclosure and short sale being the best of the three options.
Please, don’t hesitate to ask questions and get started.
Take advantage of the relief. You can give me a call at 321.319.0459 or give
Mark a call and we can help.
No comments:
Post a Comment