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Wednesday, June 6, 2012

Ventura County Short Sale Misconception: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency

Ventura County CA – I recently heard another so-called short sale expert say that the Federal Mortgage Forgiveness Debt Relief Act made it so that everyone gets to short sale with no deficiency.

The unfortunate news is that this is not true. In some state, state law forbids the lenders from attempting to collect from the homeowner after a foreclosure or short sale. But, those states are the exception, not the rule.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is what the Federal Mortgage Forgiveness Debt Relief Act does. It enables a homeowner to walk away from an upside down debt without owing taxes on the loss.

See, in the past a homeowner that was released from an upside down debt would owe income taxes on the forgiven debt. It is called “Forgiveness of Debt Income.”

This short sale expert said the following: “I read the Mortgage Debt Forgiveness Act and it states that anyone who short sells their house will be released from the debt.”

It is sad that someone who considers themselves a short sale expert would be so misinformed. So make sure you check out everything before you start the short sale process.

The good news is that in most cases a homeowner can short sale and walk away from the debt. But, it doesn’t happen every time. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at cjohnson@prucalhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ventura County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,


Chris B Johnson, Realtor
Chris is a Real Estate Agent at Prudential California Realty.

Phone: 805-208-0823. cjohnson@prucalhomes.com.
Certified HAFA Specialist, Certified Short Sale Specialist, Certified Distressed Property Expert

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View My homes for sale at www.ChrisBJohnsonRealtor.com.

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Chris B Johnson provides HAFA Loan Modification and short sales help, Short Sales in Moorpark, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Specialist , Realtor, Moorpark Short Sale Specialist , Realtor, Short Sale Specialist , Realtor, Ventura County CA Short Sales. Stop Foreclosure in Ventura County, Certified HAFA Specialist, Moorpark Short Sale Specialist, Thousand Oaks Short Sale Specialist, Westlake Village Short Sale Specialist , Newbury Park Short Sale Specialist, Camarillo Short Sale Specialist , Simi Valley Short Sale Specialist, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Ventura County Foreclosure Help, Moorpark Foreclosure Help, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699.You can find Ventura County Short Sale Specialist, Realtor, at 587 W. Los Angeles Avenue, Moorpark, CA. 93021Chris also specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County Short Sales.
Ventura County Short Sale Specialist, Realtor, Short Sale Specialist, Realtor, Ventura County CA Short Sales. Ventura County Specialist, Realtor, www.theshortsaleguide.com ,
Certified Home Affordable Foreclosure Alternative Specialist . Always check with a good real estate attorney to find out the laws in your state. There are also legal aid non profits that can give you advice on what to do to stop a garnishment or bank account seizure.

You should also look at California SB458. With the passage of SB458, the Expanded Anti-Deficiency Law May Have Unintended Consequences on Ventura County Short Sales. So Please read http://venturacountyshortsalerealtor.com/?p=948.

For Disclosure, and more information on Mortgage Assistance Relief Services, please see Code 16 of Federal Regulations (FTC), Part 322, or , http://www.ftc.gov/opa/2010/11/mars.shtm and always consult your CPA, Accountant, Financial Advisor and Attorney before you any financial or legal decisions. Also seehttp://venturacountyshortsalerealtor.com/?p=1066.

http://VenturaCountyShortSaleSpecialist.com/?p=1159

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