Patricia BeckColorado Springs Real Estate Blog
Category Archives: Short Sales
What sellers need to know about FHA loans and short sales
Many sellers assume they are eligible for a short sale without speaking to their bank first. Home sellers with an FHA loan need to be aware of a factor that may not allow them to short sale their property. Home … Continue reading
One thing sellers need to know about Short Sales in Colorado Springs
There is no doubt about it, short sales can be difficult when you are the owner. The banks require an enormous amount of information and paperwork from the seller and a short sale transaction can take time to complete. When … Continue reading
Short Sales and Promissory Notes
It is not uncommon for home owners that are facing a short sale situation to have more than one lien on their property. The second lien holder may approve the short sale of a property but may not necessarily forgive or … Continue reading
Short Sales: Will you have to pay the Phantom Tax?
The Mortgage Forgiveness Debt Relief Act was passed in 2007 to protect distressed homeowners from being taxed by the IRS on the debt that was canceled by the lender on the short sale of their home. Prior to the bill … Continue reading
Colorado Springs Homes: Deed in Lieu of Foreclosure
Some home owners who are in distress may choose the option of a Deed in Lieu instead of a short sale. The home owner gives the deed for the house back to the bank and can walk away from the … Continue reading
Colorado Springs Short Sales: Part 5
So you have done your research and made the decision to list your home with a Realtor in Colorado Springs. As difficult as the situation may be selling your home under these circumstances, it is important you continue to keep … Continue reading
Colorado Springs Short Sales: Part 4
Sellers in Colorado Springs need to research the tax and economic consequences prior to making the decision of whether or not to short sale their home. Until recently, homeowners who sold their home through the short sale process would be … Continue reading
Colorado Springs Short Sales: Part 3
You make the decision to call a Realtor in Colorado Springs about listing your home and to discuss the implications of a short sale. My advice to home sellers in this situation is to obtain legal and tax advice because … Continue reading
Colorado Springs Short Sales: Part 2
You cannot afford to make your mortgage payment; maybe you have heard something about the option of a short sale and are not sure what it is. To put it simply, a short sale is the situation in which a … Continue reading
Colorado Springs Short Sales: Part 1
Many different circumstances bring homeowners to a position where they cannot afford to pay their mortgage and often times, these unforeseen circumstances cannot be avoided such as a loss of a job. There are many homeowners in Colorado Springs who … Continue reading
