A “Short Sale” is sometimes the best option for Debtors who are unable to pay the mortgages on their home. At the Law Office of Stephen Ross, we have provided legal counsel to many clients who were in a similar situation to you. We have the knowledge, experience, and expertise to help you understand the best debt relief options for you.
By definition, a short sale is a deal brokered by your attorney and mortgage company to satisfy your debt for an amount “short” of what is actually owed. There are both advantages and disadvantages to choosing a short sale as your debt solution.
While it is true that you can alleviate some of your debt by agreeing to a short sale, there are two possible negative consequences:
- You will be taxed on the amount the mortgage company took a loss on as unearned income.
- You will be forced to sign a promissory note saying that you will pay back the loss the mortgage company takes at time the home is sold.
There are potential ways to avoid these expensive consequences, and our Pennsylvania Bankruptcy Attorneys are here to provide you with the best possible alternatives.
Contact Our Montgomery, Berks, Lancaster, and Chester County Bankruptcy Lawyers Today
Our attorneys are ready to discuss your concerns and provide answers. Our attorneys represent clients in Pottstown, Norristown, West Chester, Lancaster, Reading, and the surrounding areas.