Is a Short Sale the right thing (or Wrong) to do morally?
I think is a question on a lot of people's minds these days, so let's address it head on.
In defense of the argument that it is WRONG to short sell your home let me list the reasons why I was very reluctant to even consider short selling my home.
1) My parents raised me to honor any contract that I sign. (i.e. I signed the loan documents, so I am not going to go back on that).
2) I am religous and I feel it would compromise my values of doing the right thing.
3) I … [Read More...]
Will I Owe Taxes If I Short Sale My Arizona Home
As you know congress extend the Mortgage Debt Forgiveness Relief Act also knows as MDRA. You are probably wondering whether if you short sale your home if you would owe Taxes. For many Arizona Homeowners the MDRA does not apply. That does not meant that you owe taxes it means that more people get relief of tax liability in a short sale than the MDRA covers.
In Arizona we have very unique deficiency and tax laws that give our underwater homeowner greater advantage in a … [Read More...]
The most accessible source of information on comparable sales is the public record. When someone buys a home the property is deeded from the seller to the buyer. In most circumstances, this deed is recorded at the local county recorder’s office. They combine sales data with information already known about the property so they can assess property taxes correctly.
Provided there have been no additions to the property, the information available from the public record is usually correct regarding sales price, square footage, … [Read More...]
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“Thank you for your work on my behalf in selling this property, negotiating the short sale contract and ensuring that I am released from all obligation to the lender.” ~ Kay J., Phoenix, AZ
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