Short Sales Become an Attractive Option to Mitigate Built-In Loss
www.allenmatkins.com
If your real estate property is underwater due to the current real estate market, you may want to consider a short sale. If the lender agrees to take a discounted payoff of a nonrecourse loan then there is no debt forgiveness income to the seller and you can recognize the loss on the sale of the property.
If your real estate property is underwater due to the current real estate market, you may want to consider a short sale. If the lender agrees to take a discounted payoff of a nonrecourse loan then there is no debt forgiveness income to the seller and you can recognize the loss on the sale of the property.
