Question On "Short Sale" Consequences For Homeowner
Would appreciate the opinion of the experts out there on the following possible results of a Short Sale that may fall on the homeowner.
1) The homeowners may still owe the difference between the mortgage balance and the discounted amount via a “deficiency judgment.”
2) The difference between the mortgage balance and the short sale, may be declared as income on their income tax return by means of a “1099.”
Do these two items always come into play or does it depend on circumstances and negotiations with the lender?
Thanks very much!
anzell - thx for reply.
As for companies that provide these lists, I called about 10 in my area and none had any type of foreclosure list.
I do know of several websites that offer "pre foreclosure" lists HOWEVER - the question is: are these NOD list OR NOS ?
I have a feeling that they will be NOS - meaning they are the same ones I can see for FREE in my newspaper.
My goal is to be one step ahead and contact homeowners at NOD stage.
But, from my research so far, it seems that you are right about one thing - only way to get them is the county clerk of records ....
would be nice if I didnt have to go there everyday to get that list