|What is a short sale?
Short payoffs, or short sales, are the latest catch phrase in real estate - more prevalent in today's market and a significant trent of the 90's. A short payoff is termed as "any debt forgivness granted to a homeowner by a lender." Often a short sale comes in the form of a bank allowing a homeowner to sell a home for less than what is owed against the property.
What is my potential liability in foreclosure?
You are exposed to three areas of potential liability, tax, credit, and deficiency.
A Word About Foreclosure
How are Short Sales and foreclosures taxed?
You should consult your attorney or tax advisor about tax consequences specific to you however, we have provided some general information.
How Short Payoffs and Foreclosures Are Taxed
Who are the parties to a Deed of Trust?
There are three parties to a Deed of Trust, the trustor, trustee, and beneficiary.
I am in default; how long does the foreclosure process take?
The nonjudicial foreclosure process takes a minimum of 3 months and 21 days after the recording of a notice of default.
California Nonjudicial Foreclosure Process
Can I stop the foreclosure process?
Yes! There are many ways to stop the foreclosure process. The best way of course is to reinstate the loan.
Can I sell my house while in foreclosure?
Yes, you may sell your house during the foreclosure process. If you have equity in your house, you may be able to save it by doing so. If you do not have equity, we may be able to negotiate acceptable terms of sale with your lender.
Will my lender accept less than what I owe?
Your lender may accept less than what you owe in the event of a negotiated "short sale".
Why would my lender accept less than what I owe?
It is usually more cost effective for a bank to accept a "short sale" than to have the property returned to them as an REO.
Can you help me negotiate with my lender?
Yes! With the proper authorization from you, we can help negotiate with your lender.
Still have unanswered questions? Send us an email and we will help you find the answer.
Short Sales and Foreclosures | A Word About Foreclosure | Foreclosure Glossary |
How Short Payoffs and Foreclosures are Taxed | Foreclosure Timeline