Columbus Short Sales: My Ex Is Short Selling. What Can I Do?

Columbus OH – The Stop Foreclosure Institute recently received a question from Tom about short sales. Here was Tom’s Question.

“My Ex-wife decided to Short Sell our former house. Unfortunately we both signed the mortgage when we bought the house together. I think that means I am still liable for the debt.

She got the home after the divorce. The court gave her the home in the divorce. The market has declined and the house is worth about 120k less than the mortgage amount.

I have a good job and some assets. Will I have to pay back the bank for the money they lose? (My ex is selling because of financial problems.)

Also, someone said I might have to pay income taxes on the written off debt. Is that true? Please help me out here. Sincerely, Tom.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/

Here was our answer. Tom, you probably should talk to a good lawyer. This is not the standard short sale. There might be tax laws that will allow you to not be liable for the tax liability on the written off debt.

Your ex probably meets that criteria. I would think that since she lives in the house, then you wouldn’t be liable for the taxes. But, then again, I am not an accountant and don’t know how the law would affect such a unique situation.

Will you have a deficiency judgment? We can’t know for sure because there are so many variables involved. However, in about 80% to 90% of the time, you won’t have a deficiency.

That is because most lenders just forgive the debt. They have found it tough to collect the upside down debt. Most people are short selling because of financial problems.

They are struggling to avoid bankruptcy without a large deficiency judgment. When they see a $100,000 deficiency, then they will probably just declare bankruptcy. Then the lenders gets nothing anyways.

Check with a competent short sale realtor in your area. They will be able to give you a good idea of whether or not you will have to pay the deficiency. 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, Robin Lemmons.

Rick & Robin Lemmons is a Real Estate Team at Coldwell Banker King Thompson.

Phone: 614-741-2495 

Email: robin.lemmons@kingthompson.com

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View My homes for sale at www.rickandrobin.com. 
  
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Important Notice

Rick & 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 Robbin's personal views and do not reflect the views of Coldwell Banker King Thompson.

This information on Columbus Short Sales: My Ex Is Short Selling. What Can I Do? is provided as a courtesy to our viewers to help them make informed decisions.