Questions & Answers


What’s a short sale? What are the benefits and drawbacks?

Answer


A short sale is a sale of your property where the sale proceeds fall short of the balance owed on the property’s loan. In some ways this is advantageous to both parties as it prevents the Sheriff’s Sale from happening. However, it does not necessarily protect you from the deficiency and there also could be negative tax implications and other fees. Most significantly borrowers are no longer afforded the tax protections of the Mortgage Debt Relief Act of 2007, which has not been extended to 2014. Before deciding to pursue this route please contact our office to discuss the risks and/or advantages of this course of action.

If you are interested in pursuing a short sale transaction or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.