Gina Brookshire, Short Sale Help Info

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North Orlando Area Real Estate 1 of the 9,590 homes for sale in the North Orlando area as of Thursday at 01:44PM.

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First And Second Liens
Both your first and second lien holders need to sign off on a short sale, assuming you're not going to be paying either of them in full. Since the first lien holder gets first dibs on the proceeds, the second lien holder can suffer if he goes along with the plan. Getting the second lien holder to accept a deal may require the help of an agent.

Up until the beginning of 2008, the short fall of a short sale was judged as earned income. If your mortgage is for $200,000 and you sold the house for $150,000, the IRS had previously judged that $50,000 differential as income, and taxed it. New this year, courtesy of the Mortgage Forgiveness Debt Relief Act, that's no longer the case.

As prices continue to fall in many markets across the country, some owners are considering a short sale. This is when a borrower negotiates with his lender to sell his home at a loss, taking a bet that home prices will further depreciate and that a short sale will bring in more cash for the lender than would a foreclosure and auction. Considering such a move? www.shortsalecdpexpert.com

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In Pictures: Five Tips For Those Considering A Short Sale - Forbes.com Considering a short sale? Do your homework before you take the plunge.

During the holidays, we often reflect upon the year in terms of the goals we didn’t achieve or where we fell short. This holiday season we ask that you focus on the positive instead. Despite setbacks and challenges, there is much to be thankful for. I had a tough year, but I am thankful of all my of Family and Friends.

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