BEFORE FORECLOSURE OR SHORT SALE - WHAT ARE MY OPTIONS? AM I PROTECTED?

Hi my name is JC with KW and thanks for tuning into my series on Before Foreclosure or Short Sale What are my options. Today we discuss Am I protected.

Many people just let their home go in foreclosure or do a Short Sale without fully understanding the ramifications of these actions.

I understand this is a difficult time for you, I have personally experienced both! And I was disappointed in myself that, like the plumber with a leaky faucet, I didn't follow through on one of my properties and it was foreclosed on. The bank is now suing me for 1/4 million dollars. I realized as the expert, I let my emotions get involved even though I am a specialist in this field. So, I know how tough this is on you!

The foreclosure is so damaging to your credit. For example, I will not qualify for conventional financing for 5 years, where as with a Short Sale it is possible in 2 years or even less.

But is short Sale best for you? Are there times when a foreclosure is better? What about a bankruptcy?

These are all legal questions that I am not qualified to answer. The points to focus on are these:

Is this a recourse or non-recourse loan?

Are there tax ramifications?
Do I qualify for the The Mortgage Forgiveness Debt Relief Act and Debt Cancellation?
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See the link to the IRS for this one. It is also important when talking to a CPA that they know about this law, I have seen many clients get the wrong advise form CPA's unaware of this law.

To answer the legal questions I have brought in a local attorney, one we work with. Mark Winsor. Mark's firm offers our clients a 10-15 minute FREE phone interview to review these basic questions.
Mark, what are the basics to a recourse and non-recourse loans?
Mark's basic answer stating call for FREE 10-15 because all are different.
These are some of the questions Mark addresses in this video. Please watch and let me know how else we can helpl you.
Why might a Foreclosure be better for a borrower?

Why might a Bankruptcy be the best alternative?

When is a Short Sale appropriate?

HomeSmart Jeff Cameron (480) 652-2004

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