Archive for the ‘Alterations’ Category

Connection Between Short Sales And Bankruptcy

Saturday, June 23rd, 2012

While most of us expend a large amount of time discussing foreclosures, we forget to take under consideration the property owner may also be filing for bankruptcy at the same time. An important question asked is, which comes first? Is foreclosure the reason behind bankruptcy, or is it bankruptcy that leads to foreclosure? To contribute to the complexities, a new phrase has been added, and that is short sales. In 2008, the government had resorted to loan alterations to bail folks out.

Nevertheless, this was a total flop, being that only 4% of home owners were able to fill out an application for it. With no alternatives, lenders allowed home owners to sell their properties at a lower price than what they really owed. This kept the debtors from the intricacies of foreclosure, and saved the bank’s time from legal red tape techniques. This helped a bit.

For most homeowners who are striving a lot to keep up, making a bankruptcy filing is pertinent. For a lot of them, there aren’t any interested purchasers that wish to offer the full value of the home, which may ultimately lead to . Thus, those who have already filed for a bankruptcy, this concept is indeterminate. If they do this, they will be harassed with a number of other legal issues after filing for their bankruptcy.

Short sales will cause your credit score to take a blow. On top of that, you are responsible for a 1099C, a taxable event that is more of a self-imposed burden. Last but not least, all the time that you have dedicated will be for nada. The prize will be for the person that actually takes over your property.

So protect yourself from all of the headaches, and refrain from a foreclosure problem along with your bankruptcy filing. Make the world a little more simple.

, founder and Manager of , spends a large amount of his time aiding people impacted by the present debt and housing emergency.

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