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Northeast OH Short Sale Question: How Is Short Selling A Rental Different From Your Personal House?

Northeast OH – The Stop Foreclosure Institute recently received a question from Brett. Here was Brett’s question.

“How is the short sale process different for a homeowner versus a rental property? Is the owner of a rental property more likely to have a deficiency judgment and/or be taxed on the deficiency than a someone short selling their own home? Brett.”

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

Here was our answer to Brett’s question. Yes, short selling a rental property is much different.

(The scenarios below are for a property you bought as a rental, not a property you bought to live in and then started to rent out.)

1. Deficiency. In most cases, you will not be dealing with the lenders who will allow you to walk away from the debt. Lenders are going to ask for a promissory note or deficiency much more often on a rental.

You can still short sell without a deficiency, but it won’t be as easy to do it.

2. You are more likely to owe income taxes. Uncle Sam isn’t giving you the same break on cancellation of debt income waiver that a normal homeowner gets.

Check with your accountant on methods that can help you wipe out even this debt.

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 iandymorris@gmail.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 (440) 348-5500

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

Thinking about a loan modification? Our Northeast OH 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500. iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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