« Bike to Work Day 2009 | Main | 1st Annual Dulles Home Fair Open to the Public »

May 18, 2009



A short sale is better than going to foreclosure, for all parties involved, don't you think?

Tony Arko

Absolutely. One thing I didn't mention as a benefit to the seller is the ability to repair credit much faster with a short sale versus a foreclosure. Some "credit experts" suggest you can buy another home in two years, but I had one client get a mortgage 12 months after a short sale with Suntrust.

short sale realtor

If you lost the property through foreclosure, you would not must pay taxes on the funds you lost on the first mortgage. But in case you had a second mortgage, you would need to pay taxes on the amount that was lost on any second or third mortgage. However, Bankruptcy would still be an option to prevent you from having to pay this tax liability in case you file before the Lender sends you the certificate forgiving your debt.

The comments to this entry are closed.

Contact Me

  • Tony Arko - RealtorĀ®/Broker-Owner - Complete Home - Loudoun County, Virginia
    [email protected] 571.238.6882

    View Anthony Arko's profile on LinkedIn

Blog powered by Typepad

Google Analytics-LF

RE Blog Directories

  • Real Estate Blogs - Blog Top Sites
  • Directory of Real Estate Blogs
  • Real Estate Blogs - Blog Catalog Blog Directory