Month: December 2015

Short Sale Tax Liability? What Happens After the Short Sale?

In many cases, people choose to sell their home in a short sale procedure because they can no longer afford to keep their homes. Banks consider short sale an alternative to foreclosure and while the borrower might find the short sale option better than a foreclosure, he still must carefully consider the tax implications. Let’s…




11 Reasons Why Most Short Sales Aren’t Approved

A short sale in real estate is when a property is sold at a price less than the amount owned by the homeowner to the mortgage company, and the mortgage lenders accept the short payoff. A mortgage lender will take the ‘short’ payment if the borrower can continue making monthly payments on the loan if…




Sample Hardship Letter for a Mortgage Loan Modification

Are you behind on your mortgage? If you do not think you’ll be able to get under the current terms of your mortgage, but you are willing and able to be make payments, you might want to consider applying for a loan modification from your lender. If so, you need to write and submit a…




Virginia Short Sale Laws You Should Know About

Foreclosures, short sales and bank claimed properties are making up a bigger rate of the stock of accessible properties nowadays. We felt immune for quite a while, but these entrenched correction has also had an effect here in Virginia. Here are some basic things you should know about short sale and their disposition. If it’s…