donnaattusca…, Home Buyer in Boynton Beach, FL

anyone a master of short sales in boynton, done 10 or more? what can prevent someone doing a short sale from not having the deficiency dismissed.?

Asked by donnaattuscany, Boynton Beach, FL Sun May 19, 2013

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Not pursuing a difieciency is spelled out in the short sale approval letter. Banks have two choices issuing a 1099C which is forgiven for primary residences up to the end of this year. If a 1099C is not issued the other choice is to pursue a dificiency. These days most short sales do not pursue dificiency but that has to be negotiated with your lender to be sure and make sure it is included in the approval letter.
0 votes Thank Flag Link Mon May 20, 2013
None of the short sale sellers I have worked with has had a deficiency judgment placed against him or her.

However, you should speak to your attorney or tax advisor first, before you do anything, Also, it is advisable to speak with your lender if you are contemplating a short sale.

Lenders, in most cases, are doing their best to help homeowners to expedite short sales without creating anxiety for them.

Because congress extended the life of the tax relief act to the end of this yea, you will probably not have a deficiency judgment placed against you if your short sale takes place before December 31 of 2013.

Ask your Boynton Beach real estate agent for a full explanation, and then talk to the title company that your agent recommends. They will tell you everything that you need to submit in order to expedite your short sale.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
0 votes Thank Flag Link Sun May 19, 2013
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