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Welcome to Single Family Home Remodeling. My name is Dave Altman and I've been remodeling and repairing houses for over 40 years. I hope you find the answer to your question here. If not, just go to "contact us" and ask.
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The Short Sale
You hear the word short sale more and more nowadays. If the mortgage company does not accept or returns your payments, chances are likely the mortgage company has filed the necessary paperwork to foreclose on your home.
It is is a term given to a transaction wherein a property is sold, but the total debt that encumbers the property is not paid in full. Rather, it is negotiated by the lien holders and the seller and/or buyer and finally released upon completion of the terms of the negotiation. In some cases, only the lien on the property is released and the remaining unpaid balance remains an obligation of the debtor. In other cases, the lien is released and the remaining unpaid balance is forgiven, waived and/or charged off.
Sometimes the bank will send you a 1099 form showing you had a profit of $X.00 when in reality you did not. However if this is your primary residence, the IRS will allow you file a form explaining this money.
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