| SHORT SALE |
A foreclosure can be more devastating to your credit than other alternatives. Having your
home foreclosed upon can be reported on your credit history for up to 7 years. This will affect
your eligibility to purchase another home, future credit and could even jeopardize future
employment opportunities.
In the case of a short sale you will be able to remain in the property allowing you time to make
other living arrangements. And most importantly you may be eligible through the Fannie
Mae program to purchase a home in as little as 2 years.
You should also be aware of possible tax implications. Laura Lake is not licensed as a lawyer
nor a CPA and cannot advise concerning IRS consequences. We do not recommend that you
pay an attorney to modify your loan, but certain situations may require special legal/taxl
advice.
Be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that
a lender who accepts a short sale will not legally pursue you for the difference between the
amount owed and the amount paid (recourse vs. non-recourse loans) Click on the Tax
Consequences link on the right side of this page for more information
To learn more about your options, get free advice now!
Click here for a list of most Frequently Asked Questions
home foreclosed upon can be reported on your credit history for up to 7 years. This will affect
your eligibility to purchase another home, future credit and could even jeopardize future
employment opportunities.
In the case of a short sale you will be able to remain in the property allowing you time to make
other living arrangements. And most importantly you may be eligible through the Fannie
Mae program to purchase a home in as little as 2 years.
You should also be aware of possible tax implications. Laura Lake is not licensed as a lawyer
nor a CPA and cannot advise concerning IRS consequences. We do not recommend that you
pay an attorney to modify your loan, but certain situations may require special legal/taxl
advice.
Be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that
a lender who accepts a short sale will not legally pursue you for the difference between the
amount owed and the amount paid (recourse vs. non-recourse loans) Click on the Tax
Consequences link on the right side of this page for more information
To learn more about your options, get free advice now!
Click here for a list of most Frequently Asked Questions
| Stop My Desert Foreclosure.com Helping Homeowners Stop Foreclosure |
| Laura Lake, Keller Williams Realty All Information deemed reliable but not guaranteed 760-464-8138 |
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