Homeowners should not pursue a Short Sale without an experienced Real Estate Broker, Foreclosure Defense, Bankruptcy and Short Sale Attorney on your team.
Pelayo Duran is a Real Estate Broker, Foreclosure Defense, Bankruptcy and Short Sale Attorney.
If you think a short sale might be the appropriate solution for your financial circumstances, it is critical that you exercise caution when choosing the professionals team that will assist you. You should be aware that real estate agents are not lawyers and they are paid only if the short sales actually closes. This can create a potential for extreme conflict of interest if closing the short sale would not be in the homeowner’s best legal interest.
Addressing a Deficiency After A Short Sale
Lenders frequently ask homeowners to sign a promissory note or refuse to release homeowners from liability after the transaction is closed. Closing a short sale on these terms actually places a homeowner at a disadvantage. Only a qualified real estate and a Foreclosure Defense and Short Sale Attorney such as Pelayo Duran, can offer you sound legal advice and ensure that your legal interests are all fully and adequately represented.
Addressing Tax Issues in a Short Sales
It is important to work with a qualified and experienced Real Estate Broker, Foreclosure Defense, Bankruptcy and Short Sale Attorney and a tax advisor before selling your property in a a short sale, since there could be potential tax repercussions. Often times the IRS considers the difference between the value at which you sell your house, and the balance on the existing mortgage, as income, unless directed or discharged otherwise.
Most short sale sellers can close the transaction without owing any additional taxes, but care must be taken to ensure that the deal is structured and executed correctly.
Once again, only a qualified Real Estate Broker, Foreclosure Defense, Bankruptcy and Short Sale Attorney can give you legal advice and fully protect your interests in a short sale transaction.
If you need a Real Estate Broker real estate broker, Foreclosure Defense, Bankruptcy and Short Sale Attorney, contact the Law Office of Pelayo Duran now to arrange your free legal consultation.