This year may be the last year for Temecula & Murrieta homeowners to get a complete fresh start after a short sale transaction.
For the rest of this year (2012) when a short sale is completed on your primary residence you are protected by both state and federal law from deficiency and tax concerns.
California senate bill 458 passed last year and in a nutshell this bill will not allow a lender to go after a homeowner for any of the deficiency after the close of a short sale.
The federal mortgage forgiveness and debt relief act of 2007 which stops the I.R.S. from going after a homeowner for the tax liability of a short sale is set to expire Dec 2012.
This leaves a short open window now to get your short sale started and completed this year. If your on the fence wondering if a short sale is the correct option for you, contact the Temecula Short Sale Specialists at Realty Works.
We will walk you through the short sale process. Call Sidney Kutchuk the broker at Realty Works Temecula for a no cost,no pressure just the facts talk on the Temecula Short Sale process..