I am often asked by my bankruptcy clients about the legal ramifications of a short sale in Riverside county including Corona, Temecula, Murrieta, Moreno Valley, Riverside, Palm Springs, Perris, Hemet, and the surroundirng areas. This area of law can be complicated and involves several areas of law including tax, anti deficiency, real estate, and contract law. I have listed below a few of the more common questions for you to consider when deciding on whether a short sale is right for you.

1. Can a bank come after me personally after a short sale?
2. What options do i have instead of a short sale?
3. Can I do a short sale and loan modification on the same property at the same time?
4. What are the tax consequences of a short sale if the home is my primary residence?
5. What are the tax consequences of a short sale if the property is an investment property?
6. What effect will a short sale have on my credit?
7. When is the soonest I can buy a home after a short sale?
8. Can I be sued by a bank for a deficiency?
9. Can I be sued by my home equity line of credit?
10. Has the bank agreed in writing to not sue if a short sale is completed?

These are a few of the questions you should ask when considering a short sale. Many of the answers to these questions involve complicated and unsettled areas of law. If you are considering a short sale, you should retain a qualified attorney to review your situation and discuss your options. Spending some money now for a consultation may save you thousands in the long run and the potential headache of fighting a bank after a short sale. For a free consultation in Riverside county, contact our office today at (877) 346-7411.

 

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