![]() ![]() It is always best prior to making any decisions regarding your financial situation, to speak to your financial advisors, especially when they are dealing with such a large investment as real estate. This is due to tax implications that may be attached to the Purchase Contract. However, the homeowner may still have to pay some of the remaining balance of the loan or what is also known as a deficiency. Once escrow closes the lender(s) may consider the debt/loan paid in full. In actual practice, a Short Sale is the most complex of all residential transactions, so make sure you work with seasoned professionals. The lender agrees to wipe out $250,000 in mortgage debt, and accepts the offer for $550,000 and the home is sold. The market value of the home is $550,000. ![]() For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $800,000.
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