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With a Short Sale |
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if you sell your home in a short sale what happens to the remaining balance of the home is it still the homeowners responsibility? |
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The definition of a short sale is one in which the lender agrees to take whatever the place brings on the open market, and cancel the rest of the debt. The IRS is now willing, for current short sales, to forget about the usual tax on "forgiven debt." So if you can talk your lender into the arrangement, it's a fine solution to the problem. Normally a lender will only consider it if you have no other assets you could tap to make up the shortfall. But these days they have to be more willing to negotiate. |
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Edith
Originally published on January 18, 2008 |
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