Rhode Island Real Estate Short Sales Attorneys and Lawyers

Frequently Asked Questions

• What is a 'short sale'?
  A “short sale” is an option for a homeowner to avoid foreclosure when they can no longer afford the mortgage on the home.   In a short sale, a servicer allows the borrower to … more
• How long do I have to try to sell my house as a 'short sale'?
  it depends on your lender's requirements and whether you qualify for any special government sponsored programs helping homeowners avoid foreclosure.   For instance, under the … more
• Can any property be sold as a 'short sale'?
  typically, if there are any junior liens, mortgages or other debts against the property, those must be cleared first before the property  can be sold as a short sale. The servicer can … more
• If a lender agrees to a short sale, will I owe tax on the deficiency?
  Typically, if you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.  However, Congress enacted the  Mortgage Debt Relief Act of 2007, … more
• What is a Short Sale?
  A short sale is where a homeowner sells their home for less money than they owe on the property. The owner of the home negotiates a discounted payoff with their mortgage company without having to … more