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Short Sale Answers

What is a short sale?

How will I know if I qualify for a short sale?

How will a short sale affect my credit?

Will I have to pay federal taxes on the money my lender loses in a short sale?

Will I have to pay CA state taxes on the money my lender loses in a short sale?

Can my lender go after me for the money they lose in a short sale?

What if I have a first and second loan on my property with two different lenders (or the

What is the difference between a "recourse" and a "non-recourse" loan?

How will I know that I am being released from the debt?

What are the advantages of a short sale vs. letting my home go to foreclosure?

Are there any advantages of letting my home go to foreclosure vs. doing a short sale?

How much will a short sale cost me?

How long will a short sale take?

Do I need to be behind on my payments to do a short sale?

Do I need to hire an attorney to do a short sale?

I found an attorney's short sale website that talks about a new law in California that, as of July 1, 2009, supposedly limits negotiating short sales to attorneys only. Is this true?

Who will be negotiating my short sale with the bank? Do you do this in your office or do you refer it out to an outside company?

Should I file bankruptcy? Will it allow me to keep my home? I've heard that the lender cannot foreclose if I file bankruptcy.

Can any real estate agent do a short sale?

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Didn't find the answer to your question? Email your question to dgubler@imlrealestate.com .

We believe an educated public is vital in this market and IML Short Sale will continue to provide updates to frequently asked short sale questions. Considering a short sale? Please contact us with any questions you have at 800.811.7615 or request a free consultation here.

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