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This is a good thing. Nobody wants to have to go through this, but if the homeowner is not going to be able to make it, this is a great choice. When you sell your home as a short sale it seems your credit will be damaged approximately 60-200 points, especially if you were delinquent on your mortgage [...] Don’t forget that next year the capital gains tax goes from 15% TO 20%. So sell it this year or think about doing an exchange in the future. Don’t get too excited about the extension of the “closing” date on the Federal Tax incentive of $ 8,000, you still needed to be in escrow by April 30th. [...] Many who are just walking away await a surprise down the road as lenders turn around and sue for the deficiency. This can happen in foreclosure or short sale. It is imperative that if you are having problems paying your mortgage that you communicate with the bank ( or have your realtor or attorney) communicate with [...] |
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