Short sales not immune to debt collectors – Orlando Sentinel
Jul 5, 2010 … Experts say it’s best to know your risk when considering a short sale. July 05, 2010|By Mary Shanklin, Orlando Sentinel …
An article published on July 5th 2010 in the Orlando Sentinel regarding short sales brings up some interesting considerations for owners of residential real estate. For many, the judgment for the deficiency between what was owed by the property owner on the mortgage and what funds the bank received at closing could become a nightmare of collection efforts from agencies.
In this article the author also points out that the programs our government offers are only for those who they determine cannot afford the home purchased. For instance if your monthly mortgage payment amount is not more than 31% of your monthly gross income, you may not qualify for help.
There may be an alternative for you, meaning you may be able to move to a more affordable home for you and rent your primary residence for a period of time making it an investment property. Then when you sell it, if at a loss, you would have some tax deductions (benefits) from the loss at the time of sale.
Of course, this would take some planning on your part with your qualified CPA to determine the specifics of your situation but it is worth considering.
Of course, I would ask that you contact Rental Home Management Services, Inc. to determine what the market rent would be for your home and consider our professional property management services. http://www.renthomefl.com or call 407-261-5610.
Just food for thought for you!
