Short Sales

short sale image 2What is a Short Sale?

In a short sale, the property owner enters into an agreement with the mortgage holder, as well as with any other lien holders, to accept less than the total amount due on the lien.

 

Why do a Short Sale?

A short sale is not always in a property owner’s best interests, but sometimes it is. Depending on the circumstances, a short sale may not be as damaging to the seller’s credit as a foreclosure or bankruptcy. In some situations, a short sale is an efficient way of getting rid of a property that is not providing any benefit to its owner. Sometimes the seller can get a financial incentive to do a short sale.

 

Am I eligible for a Short Sale?

 What sellers should know is that there are many criteria that need to be met before qualifying for a short sale and many details to be discussed before moving forward. Consulting with an experienced and competent attorney, who does not have a significant financial incentive to recommend a short sale, should be your first step.

 

The Schulman & Kissel real estate team is widely recognized in the areas of short sales and foreclosures, as well as in bankruptcy if that becomes necessary. Our highly skilled attorneys will provide you with the legal advice you need, walk you through the process, review your individual circumstances and needs, and advise you accordingly. We will also give you cutting edge advice on the complexities of short sale tax obligations such as the tax treatment of incentive payments and discharged indebtedness, to help you minimize and possibly avoid common and costly liabilities.