Posted on Mar 19, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone Mark Peek here, your short sale specialist in the Roseville and Sacramento area, thank you for checking out my blog today. I work with Keller Williams Realty in the Roseville and Sacramento area and use my blog to provide valuable content to homeowners looking to avoid foreclosure. If you are behind on your mortgage or already considering a short sale stop by my website or contact me directly for even more information.

For my blog today I wanted to discuss a question that I get asked frequently when meeting with distressed property owners in Roseville and Sacramento. The short sale process is fairly new to most people and in turn most homeowners want to know if they will owe the bank any money after completing a short sale. In the state of California the law states that after completing a short sale the bank no longer has the ability to pursue you for any outstanding debt. The only time your bank would have the ability to come after you is if your short sale contained any fraudulent information during the short sale process. For the most part, California law has always done a great job of protecting distressed property owners who decide to complete a short sale. Your lender will send you a 1099 tax form at the end of the year for your short sale due to the possibility of paying taxes on the debt forgiven. Many homeowners have qualified for the Mortgage Debt Relief Forgiveness Act that will provide tax relief from any taxes due to your short sale.

This act of Congress is set to expire at the end of 2012 so please do not hesitate to contact a short sale professional. If you are considering a short sale stop by my website and try out the Short or Stay Calculator to see if a short sale is right for you. Thank you for your time today and I look forward to hearing from you soon.

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