There’s a lot of stuff floating around about foreclosures and short sales and how they affect your credit. However, many people are missing the biggest point of all this if you live in Georgia at least!
HAVING TO OWE THE MONEY!
There’s a foreclosure myth out there that when the bank forecloses, everything disapears…. WRONG!
If you have a home that you owe $200K on the bank forecloses and only gets $100K back… who is liable. YOU ARE!
If you use an experienced short sale team like ours, who is liable… YOU ARE but only a portion of the time. See I can’t tell you that you will be free and clear, no one would like that. We’d get sued 20 times a day for that statement.
However, I can tell you that MANY of our clients are FORGIVEN of their debt. That’s right they don’t owe.
WHAT ABOUT TAXES?
What about them. As of last year you no longer get a 1099 on forgiven debt from short sale.
