Time is running out. It can take a year or more to short sale a home. After 2012, the mortgage debt tax forgiveness act will expire and you will pay the tax on any debt forgiveness. In many cases that can mean $20,000 or more in extra taxes.
Fact: Some people sell their homes to investors and rent back. Thereby lowering their total debt and monthly payment without even moving. For all of you who don’t want to move and want to get out of bankrupting your retirement, this might be a spectacular option for you!
Fact: Economists expect that homes may continue to lose value through 2016 and then only gain at normal appreciation rates of 3% to 5% thereafter. At that rate it may take you 10 to 15 years just to get to zero negative equity on your home. Can you really afford that?
Fact: Daniel Realty & Investments has completed over 130 successful short sales locally. You couldn’t pick a better agent to work with when selling your home.