This blog previously discussed the effects that the expiration of the Mortgage Debt Relief Act will have on short sales and property values around the country.  However, that does not automatically mean that a short sale is the best option for you and your home.  Although I previously published these questions, consider the following before making the decision to short sale your property.If you cannot answer these questions, a short sale may not be 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. Does my agent know anything about short sales?

5. Does my agent have an assistant that helps in negotiations with the bank?

6. Does my agent have an attorney that they can refer me to to answer my legal questions.

7.What are the tax consequences of a short sale if the home is my primary residence?

8. What are the tax consequences of a short sale if the property is an investment property?

9. What effect will a short sale have on my credit?

10. When is the soonest I can buy a home after a short sale?

11. Can I be sued by a bank for a deficiency?

12. Can I be sued by my home equity line of credit?

13. Has the bank agreed in writing to not sue if a short sale is completed?

 

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