Pocono Jack
Residential Real Estate for Sale in Lake Ariel PA at 1041 Red Hawk Dr
Chalet with unfinished basement 2 bedroom and loft and 2 bath. Short Sale
Jack Gomez570-878-9646 Mobile
570-689-2111 Office
http://www.poconojack.com
CENTURY 21 Select Group
606 Hamlin Highway
P.O. Box 820
Hamlin, PA 18427
570-689-2111
570-689-2311 Fax
Each office independently owned and operated
1041 Red Hawk Dr
Lake Ariel, PA 18436
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Jack Gomez has detailed property information for 131 Daffodil Dr, Newfoundland, PA 18445 and more Newfoundland Real Estate listings
The big question from many short sale sellers in 2014 is: “Will I have to pay income tax on my forgiven debt now that the IRS mortgage forgiveness act is expired?”
Here’s some background: Unless there is an exemption, the Internal Revenue Service has historically treated forgiven debt as taxable income. That means that people with forgiven debt (such as from a mortgage, credit card, or installment loan) would pay tax as if the forgiven amount were ordinary income. To give homeowners some re...Are short sales allowed on commercial and investment properties? A short sale can be conducted on any type of property. If the seller owes more than the property is worth, and the mortgage lender is willing to take less than what is owed, then a short sale can occur. Short sales can occur with one’s primary residence, a vacation home, a commercial property, a multi-unit property, or vacant land. In any short sale, if the mortgage lender forgives the remaining debt, the former borrower can expec...
We received multiple offers for our short sale listing. Should we send all the offers to our bank to decide which one to accept?
In a short sale, the bank is not the owner and therefore does not have the right to decide which offer to accept. An Agreement of Sale is a contract between the seller and the buyer, not between the bank and the buyer. The seller decides which offer to accept. Once that offer is accepted, the seller and buyer are committed to each other per the terms of the Agreement...What is a short sale?
A short sale is a transaction in which the owner sells a property for an amount that is less than what is owed on the mortgage loan and other liens. The lender may choose to either forgive the remaining debt or release the mortgage while still pursuing the owner for the balance of the loan. In most cases, a seller cannot receive proceeds from a short sale transaction. A short sale can occur with residential and commercial properties.
Example
Joe and Sally purchased their...What are the alternatives to a short sale?
A short sale may have legal, credit, and/or tax consequences. There are several alternatives to
a short sale. These other options include:
1. Make payments to reinstate the loan and keep the property.
2. Sell the property and bring cash to close escrow.
3. Attempt a workout with the lender.
4. Assumption of the mortgage by a buyer.
5. Rent the property and move to a more affordable residence.
6. Offer the bank a deed in lieu of foreclosure.
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