If you are struggling with mortgage debt, you may be considering many options, including a short sale. In a short sale, you sell the home to a third party for less than the outstanding balance of the loan and are freed from your mortgage debt. However, the lender must also agree to the transaction, and creditors often have more attractive options.
Before engaging in a short sale or other legal option, it is important to consult with an attorney who is experienced in these matters. At the Arizona Law Group of Trezza & Associates, LLC, our attorneys can help you explore all the options available to you, so you can make an informed decision about your mortgage debt situation.
To discuss your specific circumstances with Arizona bankruptcy attorney Stephen Trezza, contact us to schedule a consultation.
Is a Short Sale Right for You?
If you have the opportunity to sell your home in a short sale, it can allow you to avoid home foreclosure and get out of a difficult debt situation. There are pitfalls to be wary of, however, including tax implications.
Since you will be selling your home for less than you owe on it, the IRS and Arizona tax authorities may consider the difference to be personal income. For instance, if you owe $300,000 on the house and you sell it for $100,000, you may be taxed on the difference: $200,000.
In addition to tax implications, a short sale could impact your credit significantly. An experienced Arizona bankruptcy lawyer can help you explore all of your debt relief options, so you can avoid the consequences of a bad decision.
Contact Us to Learn More About Short Sales in Arizona
Every case is different, so it is important to discuss your situation with a Phoenix bankruptcy attorney before making a decision. Contact us to discuss your options. We represent clients from Phoenix, Tucson and throughout Arizona.
