short sale FAQ Archives - Reid Real Estate Group

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November 9, 2017

Tax implications of a short sale

Receiving 1099-C in a successful Connecticut short sale ***UPDATE***Mortgage Debt Relief Act extended through 2025.In a short sale, a home is sold for less than the balance of the mortgage, with the lender (ideally) agreeing to forgive the remaining debt. This forgiven debt creates  a taxable event.Receiving 1099-C in a successful Connecticut short saleThe goal of […]

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August 28, 2017

Will everyone know about my CT short sale?

SHORT SALE SIGN

Many of my Connecticut short sale clients are concerned that their home will be advertised as a short sale and the whole world will know about their unfortunate predicament. Foreclosures are lawsuits and as such they are public information and broadcast online and in newspapers. Short sales simply require approval from the lender as the lender has to agree to take a loss. A […]

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August 28, 2017

Short sale on a jumbo loan? Here’s what you need to know!

jumbo loan short sale

A jumbo mortgage is a home loan exceeding conforming loan limits, mainly used to buy high end property, or property in extremely expensive areas. Jumbo mortgages are common in Connecticut, especially Fairfield County.Have a jumbo loan and considering a short sale?If the balance on your jumbo mortgage is greater than the home’s value but you […]

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