Real Estate Short Sale Stats
Here is a little new year update. The upward trend of real estate short sales continues...
- Active: 268
- Pending: 26
We have been recieving more inquiries regarding short sale services for homeowners.
This is for Southern California from Pasadena to Rancho Cucamonga, North of 60 freeway.
Labels: real estate short sale, short sale
posted by Jessie B at 12:07 PM
3 Comments:
hello,
i cannot even sleep....i got a short sale situation going on and have some money in the bank(my life saving....). the loan is a purchased money and i never do refi, my question is will the lender took my life saving away in CA?
thanks for your response..
Jimmy
Hello Jimmy,
I'm sorry to hear about your situation. They may require you to use some of your savings to help offset the banks losses. It may also depend if the money you have is in a 401k they you may have a little more flexiblity. It's important to work with the individual who is helping you with the short sale and the bank directly and also be sure to speak to you certified tax accountant to understand any tax liabilities that may arise in the form of "ghost income".
A short sale doesn't always solve problems, but it most assuredly can create problems. Short sales are not the "saving grace" some home sellers would like to believe.
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