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How is the short sale process different for a homeowner versus a rental property? Is the owner of a rental property more likely to have a deficiency judgment and/or be taxed on the deficiency than a someone short selling their own home? Brett."

Here was our answer to Brett's question Yes, short selling a rental property is much different.

(The scenarios below are for a property you bought as a rental, not a property you bought to live in and then started to rent out.)

1. Deficiency.</strong> In most cases, you will not be dealing with the lenders who will allow you to walk away from the debt. Lenders are going to ask for a promissory note or deficiency much more often on a rental.

You can still short sell without a deficiency, but it won't be as easy to do it.

2. You are more likely to owe income taxes.</strong> Uncle Sam isn't giving you the same break on cancellation of debt income waiver that a normal homeowner gets.

Check with your accountant on methods that can help you wipe out even this debt.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at :donnabishoprealtor@gmail.com I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (239) 560-3149

Thinking about a loan modification? Our Cape Coral loan modification kit has the instructions you will need to get a loan modification approved with your bank. <a Click here to request a copy.

Thanks for reading this, Donna Bishop.

Donna is a Real Estate Broker at Jones & Co. Realty.

former Owner/Broker of A & B Mortgage Brokers of Florida

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Phone: (239) 560-3149. email to:donnabishoprealtor@gmail.com

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Donna Bishop specializes in loan modification assistance and short sales in Cape Coral Florida. Cape Coral Loan Modification Help. Cape Coral Loan Modification Help. Cape Coral Short Sales Cape Coral FL Short Sale Cape Coral Short Sale Realtor Cape Coral FL Short Sales. Cape Coral Realtor.




Donna Bishop, Jones & Co. Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Donna's personal views and do not reflect the views of Jones & Co. Realty.

This information on Cape Coral Short Sale Question: How Is Short Selling A Rental Different From Your Personal House? is provided as a courtesy to our viewers to help them make informed decisions.