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Short Sales

Great News for Colorado Springs Home Buyers and Sellers!

By in Buying On January 21, 2015

  Great news for sellers in Colorado Springs that experienced a short sale in 2014.  Fortunately, the mortgage debt forgiveness act was extended one more year. Homeowners that faced a hardship and were forced to short sell their home do not have to worry about the deficiency amount since it will be forgiven under the…

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Short Sales and Promissory Notes

By in Selling On June 25, 2010

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 cancel the debt still owed and require the home owner sign a promissory note at…

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Short Sales: Will you have to pay the Phantom Tax?

By in Selling On December 24, 2009

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 being passed, the IRS viewed the deficiency amount as income and the homeowner was taxed. Some…

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Colorado Springs Short Sales: Part 5

By in Selling On May 6, 2008

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 your home in good condition. There have been many short sale properties I have shown…

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Colorado Springs Short Sales: Part 4

By in Selling On May 2, 2008

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 1099ed for the difference.  The homeowner used to be required to pay taxes to Uncle Sam…

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Colorado Springs Short Sales: Part 3

By in Selling On April 29, 2008

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 a Realtor cannot advise you in this area.  Conversely, your Colorado Springs Realtor can assist…

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Colorado Springs Short Sales: Part 2

By in Selling On April 29, 2008

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 homeowner cannot sell their home to cover the amount owed on their loan and is…

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