Short Sale info for sellers

Los Angeles Short Sales – Can I sell my Silver Lake home as a short sale?

By now, the term "short sale" is part of the common vocabulary, but if you're not sure exactly what that means, please read the post: What buyers and sellers should know about Los Angeles short sales.  If you have been asking 'Can I sell my Silver Lake home as a short sale", read on!

If you're upside down, you're not alone...

Most homeowners who purchased in Silver Lake during the height of the market now owe more on their mortgage than the house will bring in today's market. In many cases, the difference is dramatic. But simply owing more than your Silver Lake  home is worth today doesn't qualify you for a short sale.Each lender has its own standards for determining whether or not they'll approve you...

Los Angeles, California Short Sales - the facts

What buyers and sellers need to know about Los Angeles short sales

If you live in Los Angeles, you probably have friends or acquaintances who have recently sold their homes in Silver Lake, Los Feliz, Echo Park, Eagle Rock, and surrounding neighborhoods.
Are you considering a Los Angeles short sale? Those who purchased after prices began to skyrocket in 2003 probably found it necessary to sell through a short sale. This is the process by which the bank agrees to accept less than the balance due on the mortgage so that a homeowner can sell at fair market value.Prior to 2011, the banks could then sue the sellers for a "deficiency" to collect some or all of the shortage. Fortunately for California homeowners, Senate Bills 931...

Underwater Homeowners' Tax Safety Net to Vanish in 2013

California craftsman home in pasadenaWhen Congress passed the Mortgage Tax Debt Relief Act in January of 2008 they created a "tax safety net" for underwater homeowners who were either foreclosed upon or who sold their homes as short sales. This act removed the tax consequences of having mortgage debt "forgiven" either through foreclosure or a short sale. Until then, any debt that a mortgage holder wrote off was subject to Federal Tax as "1099 Income." The act provided a tremendous relief to home sellers in Los Angeles when their home values took such a dramatic tumble. Without it, underwater homeowners in  Silver Lake, ...
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