Buy to let house insurance

Realtor Q and A: Before you act, know the facts The Union Leader

06.05.10

Q.: What is the difference between a real estate short sale and a foreclosure?

First, there is a distinction between a homeowner being short and a short sale. A homeowner is short when he owes more on his mortgage to the bank than a sale can procure. A lender must agree to the sale of a property at a price that is less than what is owed. A short sale occurs when the closing of the property has happened.

Do's and don'ts of a short sale

What you need to do if you can't make your mortgage payments is take action. You may have time to do a short sale and not have a foreclosure show up on your credit. The key is taking action, speaking to your bank or finding an experienced Realtor who understands the short sale process. You don't want to waste time because your home may go into foreclosure. Beware of scams from people looking to take advantage of someone in a difficult or hardship situation.

While a short sale will save you from foreclosure, it does impact your credit score and lowers it by as much as 200 points. This can be overcome more quickly than the black mark of a foreclosure, especially if you manage to retain one or two credit cards and keep them current. Perhaps equally distressing, the Internal Revenue Service frequently deemed the difference between the mortgage balance and the amount realized from the short sale to be taxable as income despite the fact that the debtor never saw a dime of it. There is new federal legislation called the Mortgage Forgiveness Debt Relief Act of 2007 that went into effect Jan. 1, 2008, which essentially eliminates this issue. Don't sit back and keep thinking, "What can I do?" Consider a short sale.

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