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short sales

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 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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Colorado Springs Short Sales: Part 1

By in Selling On April 29, 2008

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 have found themselves in such a position and are not sure what to do.  Should…

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