Riverside Short Sale Attorney

Short Sales in Riverside

A "short sale" is the sale of a home that is worth less than what is currently owed on the loan. There are a number of benefits to short selling your house, the primary one being that of avoiding foreclosure if you are unable to make your mortgage payments. Additional benefits include:

• Potentially avoiding bankruptcy
• The ability to liquidate a declining asset at a fair price
• Avoiding potential legal action on the part of your lender
• Offloading a bad investment and freeing yourself of any lingering liability

If you are considering a short sale as an alternative to foreclosure, it is recommended that you contact a Riverside foreclosure defense attorney to negotiate with your lender on your behalf. Short sales can be difficult to navigate, and many lenders are not receptive to the idea at first. An attorney can ensure that your request, and the documentation that goes with it, is properly presented in a timely fashion. This will increase the likelihood that the lender will consider your proposal, rather than quickly moving through to foreclosure proceedings.

Short Sales and Taxes

Before you short sell your home, speak with an attorney at the Law Office of J. Arthur Roberts. We have 20 years of experience in the areas of bankruptcy and foreclosure defense, and we have helped a number of people successfully short sell their homes. We will be able to review your mortgage in order to determine if there will be any tax repercussions as a result of the sale. The difference in the value of your home and the amount owed on the mortgage, or "deficiency balance," is often considered income by the IRS, which can be taxed. We can work towards a deal structure that may allow you to close the sale of your home without owing additional taxes.

If you are trying to avoid home foreclosure, contact a Riverside short sale lawyer who may be able to assist you in successfully short selling your home.