Credit, Tax And Legal Implications Of A Short Sale
Hello everyone and welcome to our blog, my name is Kelly Cook with the Kelly Cook Real Estate Group, :k1:’s short sale specialist. We can be found online at www.azkcrealestategroup.com. We specialize in helping homeowners across the entire :k1: area find alternatives to foreclosure through the process of a short sale.
I’m really excited about today’s video because it’s one of the most informative videos we’ve done on the short sale process to date. There are three major impacts that every homeowner needs to be aware of when contemplating a short sale. What are they? We can break it down very concisely for you: a credit impact, a tax impact and a deficiency impact. These three aspects really have a lot of information and you can go in depth with each of them, so I encourage you contact us on our website, email us or give us a call so we can discuss them further with you and how they pertain to a short sale.
We’ll summarize all three of them for you now. In terms of a credit impact, foreclosures and short sales are reported to the credit bureau, so it can affect your FICO score, however they affect your scores differently. From a tax implication perspective, the difference between what you owe on the house and what it actually sold for is liable for taxes. The deficiency, again, is the difference between what you owe and what your home actually sold for, so the deficiency implication is whether or not the lender has any rights to come after you to collect on that difference.
Please don’t hesitate; give us a call at 480-227-2028, email us at info@kellycookhomes.com or fill out the Contact Us form on our website and we’ll get back to you within the hour. Thank you again for joining me on our short sale blog; we look forward to hearing from you and helping you down the road to successfully short selling your home.