5 Steps to Avoid Foreclosure in Howard County - Step 5

By
Real Estate Agent with Keller Williams Realty Centre

Step 5 – Consider Tax and Future RamificationsIRS Logo

So you’ve researched, Realtored, and worked together quickly as a Team.  (Steps 1-4)  It’s also very important that you consider the tax and future ramifications of the short sale of your Howard County home.

When this short sale phenomenon began a few years back, there was a lot more push back from the lenders, who wanted to retaining the right to pursue a deficiency judgment against you for the balance of the monies they didn’t get back as a result of the short sale.  You will want your Realtor to ensure negotiations with the lender result in the lowest future liabilities possible.

Additionally, your Realtor should be able to refer you to a qualified tax attorney or CPA.  Tax implications would be the other future liability we want to make sure are negotiated with the lender.  Depending on the specific circumstances, you will likely be released from any future tax implications due to the short sale, but it is again, a matter which should be negotiated and understood by all during the short sale process.  We want to make sure there are no surprises for you afterwards.

Our ultimate goal is that you can move on from the housing situation you’re in now, knowing that you’re in a good position to move forwards with your life.  More questions?  Give me a call.

Did you miss the first Steps to Avoiding Foreclosure?   Step 1Step 2 | Step 3 | Step 4

Best regards, Gretchen

Posted by

Gretchen Conley, Realtor®  "Your Transition Specialist" 

Keller Williams Realty Centre   *   Cell 443-676-1625

Questions about the neighborhood, the community, the market?  I'm always happy to help - Give me a call!

About the Author...This article  was provided by Gretchen Conley, a Nationally recognized Realtor, Certified Residential Specialist, and Certified Short Sale & Distressed Property Specialist.  Gretchen can be reached via e-mail at Gretchen@GretchenConley.com by cell phone or text message at 443-676-1625. Gretchen has helped many people buy and sell their home.  For Maryland real estate and homes see www.GretchenConley.com.   If you need to Short Sale your Maryland home please contact me for more information.

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