If you are a seller and you owe more than your house is worth, you may not want to kick the ball down the street until next year.  The debt forgiveness bill that expires in 2012 for permanent residences is something sellers should take a serious look at.  For example, if I purchased a home for $200,000 and then sold it at market value for $100,000, I would not have to pay taxes on what is considered $100,000 in earnings.  After December 2012, this may no longer be available to borrowers!    Read the rest of this entry

Right now, distressed sellers should choose a Short Sale over foreclosure.  Given that South Carolina is a recourse state, distressed sellers or property owners that are under water with their mortgage should consider taking action now.  In Florida, Wall Street Journal reports that some banks are going after sellers that may have had their homes, condos or second homes foreclosed upon.  In fact, there are now investors buying up these deficiency judgements.  The key for distressed sellers is that in a successful short sale negotiation it is possible to convince the lender to give up their pursuit of the deficiency judgement against the property owners.  Here are some other reasons to consider a  Short Sale vs. Foreclosure.  If you  would like for us to answer your questions or better explain the process, please email us at robbie@robbiebunting.com or call me direct at (843)842-0805