A short sale can be a great opportunity to walk away from a bad debt situation. Although it will not allow you to keep your home, it will relieve you of your mortgage debt. However, there may be tax implications. The IRS may consider the amount between what the house was sold for and the outstanding loan balance as income, leaving you with a tax burden.
Our attorneys can help you understand the impact a short sale will have, including tax responsibilities, how it will affect your credit and other important factors. If a short sale is not in your best interests, you may consider other foreclosure defense options or bankruptcy. The decisions are yours. We are here to offer legal guidance and determined advocacy.
Contact us at Brydges and Associates online or by telephone at 847.680.6250 to determine what is the best solution for your individual situation.