Why An Attorney Review?
Upon short sale approval your lender(s) will generate a short sale approval letter. The short sale approval letter is in essence a contract between you and your lender allowing the short sale of the property. Just as when you originally took out your loan with your lender, the terms and conditions are extremely relevant. The terms and conditions of the Short Sale Approval letter are equally important if not more so as they finalize your contractual relationship with your lender. It is for this reason we provide a free consultation* with a Licensed Attorney who specializes in Real Estate Law to give you the highest reassurance that your interest is being well served by moving forward with the short sale.
Why A CPA Review?
Whether you choose a short sale or foreclosure, the difference between what you owe and what the lender receives may be reported to the IRS and you may be taxed on that amount at the end of the year (1099C). The good news is there are several ways to avoid this tax through recent legislation. For example, the Mortgage Forgiveness Depth Relief Act of 2007 and California Legist ration SB401 are two to look at. Additionally “insolvency” is another option to avoid tax liability. This is why we think it is important you consult with CPA and we provide 1 hour consultation for free*
*Minimum listing price is $250,000, CPA review upon listing of property