Laguna Beach Short Sale Info - Laguna Beach Board of Realtors Meeting

A valuable piece of information was disclosed at the Laguna Beach Board of Realtors General Meeting this morning on the short sale process.  According to the meeting,  If you are considering a short sale and you have a second on your home, it is wise to have a attorney involved, as well as your listing agent.   In many cases it has appeared that the second mortgage has been fully released only to find out that in actuality is has not.  The second mortgage holder after close of escrow can at that point demand to be paid in full.  Many people are also concerned about paying income taxes on the loss in a short sale transaction.  Information on taxes for short sales can be found at this link: Mortgage Forgiveness Debt Relief Act of 2007  In most cases you will not be taxed on the loss by the Federal Government.   California State taxes may still apply and again it is wise to have your accountant research any tax liabilities before entering into a short sale.   For addition information on short selling your Laguna Beach home please contact Denise De La Torre, Laguna Beach Real Estate expert at 949-466-6876.

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