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Short Sale Question

JazzGal

JazzGal

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Does anyone know about short sales? A family member is going to have to do one and wants to know if they lose other assets, like their trailer. I figured one of you smart people might know. Also, what are the tax implications? Thanks in advance.

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JazzGal said:
Does anyone know about short sales? A family member is going to have to do one and wants to know if they lose other assets, like their trailer. I figured one of you smart people might know. Also, what are the tax implications? Thanks in advance.

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Not all short sales are created equally. It's a negotiation.
There can be tax implications because any written off debt could be viewed as income.
The bank could enter into a deficiency judgement and go after other assets.

I had a partner lose everything because of a development "short sale" while another partner negotiated a settlement and lost nothing at all. Same exact debt and circumstances.
 
Did they hire an attorney or other professional?

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No. Home contracts are backed by the asset only. However if ur friend will benefit $ wise they will have a nice tax bill next April. Say if they bought for 200k and short sale is 140k they will have pay taxes on 60k. Like I said I done a lil accounting back in the day.
 
I wonder what NeverHillary thinks of charging usurious rates on poor bankrupt people so she can spend the money elsewhere. The liberals are responsible for this law.
 
JazzGal said:
Did they hire an attorney or other professional?

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In this example, no.. but very savvy.
Even said that, not sure I would recommend an attorney. Banks pretend to take sympathy but their govt backed programs allow them to play nice and get repaid by programs.
 
Curious where they are located? Short sales are not super common right now due to home prices strengthening.
 
b_line said:
Curious where they are located? Short sales are not super common right now due to home prices strengthening.
Click to expand...
St George. They got into one of those bad loans prior to the recession where they thought they could refinance in a couple of years and get a better loan. Then the market dropped. 10 years later, balloon payments to start and they've only paid interest and no principal. Haven't been able to get anyone to refinance as they owe more than it is worth. They can't figure out anything else to do.

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JazzGal said:
St George. They got into one of those bad loans prior to the recession where they thought they could refinance in a couple of years and get a better loan. Then the market dropped. 10 years later, balloon payments to start and they've only paid interest and no principal. Haven't been able to get anyone to refinance as they owe more than it is worth. They can't figure out anything else to do.

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A person in my company is the foremost short sale expert in St. George and it's not close.
She has done almost 400 of them.
Let me know if you would like a contact.
 
Dr. Jones said:
A person in my company is the foremost short sale expert in St. George and it's not close.
She has done almost 400 of them.
Let me know if you would like a contact.
Click to expand...
From what I hear on the ladies you have a lame t of experience on selling short things

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JazzGal said:
St George. They got into one of those bad loans prior to the recession where they thought they could refinance in a couple of years and get a better loan. Then the market dropped. 10 years later, balloon payments to start and they've only paid interest and no principal. Haven't been able to get anyone to refinance as they owe more than it is worth. They can't figure out anything else to do.

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The market in St. George hasn't recovered?
 
b_line said:
The market in St. George hasn't recovered?
Click to expand...

Yes. And I think a short sale is a long shot in the current economy.
Heidi, however, has still done more than anyone else and is the best shot at getting something done.
 
Yes, I'd like the contact info.

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