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Q: What type of property applies to a short sale?

 

A:
Any property, residential or commercial, that has a mortgage.

 

Q: Will I ever be able to receive a mortgage again?

 

A:
Yes. The short sale is handled as a sale of property and not a foreclosure, so there will not be any detriment to your credit report.

 

Q: Do I need a realtor to do a short sale?

 

A:
The short sale process generally uses a realtor to facilitate the sale of the property.

 

Q: Can I track the progress of my short sale?

 

A:
PSG client servicing team is available toll free to call in to discuss your progress. Weekly updates and critical changes are immediately notified to all interested parties.

 

Q: Will I have to pay any Capitol Gains tax if I short sell my property?

 

A:
For an accurate response please ask your CPA or call us direct for guidance. PSG is not, nor we, represent ourselves as certified public accountants or lawyers.  Recent legislation has shown that a short sale on a primary residence would not result in a capital gain or a 1099 from the lender, a short sale on an investment property is a case by case scenario and would require additional personal financial information.   

 

Q: What is the Mortgage Cancellation Tax Relief?

 

A:
It is when debt forgiveness is granted on a short sale or foreclosure. 

 

 

 

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