November 22nd, 2009 admin 
Short sales are what home owners do when they need to sell their homes quickly to pay off loans and avoid foreclosures. They usually happen when the home owner finds out that the value of his home is actually lower than the amount of money he owes on his home loans. Selling your home via a short sale might be one of the best ways to help you solve your financial problems and avoid the stigma associated with foreclosure, but where do you go when you need short sale help
Short sale – defining primary residence?
I was wondering, what is considered primary residence. How long do you have to live in the property before you can make use of the new exemption tax law. Short sale specialists tell me just move in and chance your address, there is no time limit minimum. Others tell me two years. I have only owned the property for one year though. I bought the property and it dropped 50% in value! Do I have to pay that even if I file a form 982 for insolvency. I am not claiming bankruptcy though.
If you’re having trouble paying your mortgage in need to understand what the differences between a foreclosure and a short sale. With a foreclosure the bank takes over possession of your house and they will sell it to the highest bidder. When you have a foreclosure it will be a negative mark on your credit score and can last for up to seven years. With a short sale you actually talk with your lender and agree to sell your house for less then what is owed. Doing this kind of cell will still show a negative mark on your credit score but it is better than having your house go into foreclosure.
Short sales are made for people who are in danger of falling behind on their mortgage payments. It is a negotiation between the lender and the owner to sell the house for less than it is currently worth. While this can be an emotional process, it is one that can save your checkbook.
With today’s housing market there are many people in debt that they can’t control. Whether it’s your fault or your lender’s fault, you might just not be able to handle your mortgage anymore.