Short Sales?

After attending several classes on the ins and outs of short sale home sales I have determined there is much information that anyone considering a short sale on their home needs to know. First, be aware that your loan holder is looking to document your "hardship" Think of it as a loan application in reverse. They will want to verify everything including your current assets and tax filings! After that there are many legal and tax considerations that will leave you spinning. There are different consequences for every scenario and junior lien holders (helocs or purchase money seconds) can reserve their right to pursue you in court for recourse. It doesn't help that there seems to be many conficting opinions even within one entity such as the IRS! Anyone considering this course of action should first consult their tax accountant to try and determine their possible future tax obligation. There are some bills pending that could provide some clarification and relief so watch for more information to be posted here! Many lenders are currently rewriting loans in more favorable conditions so make sure you take some action if you find yourself in a difficult situation.