Short sale pitfalls

One out of every three homeowners has a negative equity position in their home. Meaning they owe more than the home is worth. This can and will negatively impact a homeowner if they fall behind on their mortgage. The problem is that when they become more than 90 days behind on their mortgage the lender will initiate the foreclosure process.

What you need to know about a Short Sale

The homeowner is stuck because they cannot refinance the home and if they go to sell the home they will need to come to the closing with cold hard cash which they obviously do not have. The problem is that 99.9%
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of all homeowners would prefer to stay in

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their home rather than sell it or lose is to foreclosure. Typically a homeowner gives into the fact they will need to do a short sale and move out of

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the home. So the homeowner hires a short sale real estate agent who specializes in this type of transaction. The realtor will place the property on the multiple listing service and wait for a low ball offer to come in. Once it does the realtor will begin negotiations with the bank for them to take less than what is owed on the property. Be aware that this is both a good thing and a potential pitfall if the bank accepts the short sale offer. If the homeowner owes $200,000 and the bank takes the offer of $160,000 then the bank could come after you for a “deficiency judgment” for the $40,000 that is still outstanding. Now this does not happen all that often because so many homeowners are losing their homes and the banks realize that the homeowners just don’t have the money to pay. In addition another little trick the bank will possibly try is to do what is called a 1099 for the $40,000 and have you pay taxes on that money so that the bank can claim it as a loss. This is known as phantom income. Most states again are not looking very closely at this but it is always recommended you have a team of professionals guiding you through this difficult time. A great accountant can in most cases zero out your balance sheet on this taxable income. Before you list your home and decide to throw in the towel and move it is certainly in the homeowner’s best interest to speak with a foreclosure defense attorney. They will be able to steer you in the right direction and educate you on what options you do have other than a short sale. If a short sale is the best strategy for you at least a good foreclosure defense attorney can negotiate with the bank to not file a 1099 and or deficiency judgment against you.

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