Sacramento Bankruptcy Attorney | Foreclosure Prevention Expert

What is a short sale?

The selling of a home short of the current mortgage amount. Both terms (sale & payoff) mean the property is worth less than what is owed on it – over encumbered, upside down or underwater and both terms used interchangeably.

Who is a short sale good for?

• Someone who owes more than the value of their home
• A homeowner who has experienced or is experiencing a financial hardship
• A homeowner who is no longer able to afford their mortgage
• Homeowners who have been denied for a loan modification

What are the benefits of a short sale vs. a Foreclosure?

• Emotionally less impacting to you and your family as opposed to going through a foreclosure.
• Some lenders provide financial incentives of up to $3,000 for moving costs.
• The Law Offices of Ted Greene will help you work out a short payoff with your lender or lenders and resolve your unfortunate situation with dignity.
• Least impacting on your credit compared to a foreclosure.
• You can buy another home within 1 – 3 years depending on other items on your credit.

What are the consequences of a short sale?

• Phantom tax 1099
• Deficiency judgment
• Capital gains tax

At UpsideDownCA.com we always recommend that homeowners consider all of their options. That is why we created UpsideDownCA.com as a resource to present the most current and objective collective wisdom on navigating real estate debt.  Only after considering your complete financial picture and weighing all of your options could we begin to provide adequate advice for your situation.  Please contact us for a free consultation.  There are no fees until we decide if we can help you with your particular solution.

For more information please visit www.UpsidedownCA.com

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