The unfortunate news is that this is not true. In some states, state law forbids the lenders from attempting to collect from the homeowner after a foreclosure or short sale. But, those states are the exception, not the rule.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
Here is what the Federal Mortgage Forgiveness Debt Relief Act does. It enables a homeowner to walk away from an upside down debt without owing taxes on the loss.
See, in the past a homeowner that was released from an upside down debt would owe income taxes on the forgiven debt. It is called “Forgiveness of Debt Income.”
This short sale expert said the following: “I read the Mortgage Debt Forgiveness Act and it states that anyone who short sells their house will be released from the debt.”
It is sad that someone who considers themselves a short sale expert would be so misinformed. So make sure you check out everything before you start the short sale process.
The good news is that in most cases a homeowner can short sale and walk away from the debt. But, it doesn’t happen every time. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at robin.lemmons@kingthompson.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. http://columbusohshortsaleadvisors.com/
Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Rick & Robin Lemmons specialize in helping Columbus Homeowners short sale and never pay the bank another penny. Columbus Loan Modification Help, Columbus Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
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Important Notice
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Rick and Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.
This information on Columbus Short Sale Myth: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency is provided as a courtesy to our viewers to help them make informed decisions.
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