Pat Talbert, REALTORĀ®
REALTORĀ®
GRI, SRES
Direct: 208-562-0222
Cell: 208-780-9020
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Idaho Short Sale Info

Pat Talbert, Realtor - Talbert Real Estate Group - licensed with Silvercreek Realty Group

 

Frequently Asked Questions about Short Sales in Idaho:

1. What is the Mortgage Forgiveness Debt Relief Act?
The Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Read the Mortgage Debt Relief Act...

2. How long does a Short Sale take?
Short Sales can take time, but the rules are changing and streamlining. You still have time to prevent a foreclosure. Fill out the form at the bottom or call us now at 208-473-9927; we will contact you right away.

3. Can I avoid a Foreclosure?
A Short Sale is performed to avoid the devastating effects of a Foreclosure. We work hard- with several processes in place- and a hot line keeping us up with the latest changes, contact and forms needed.

4. Is it better for my credit to do a Short Sale?
There is an impact on your credit with a short sale, we can discuss this more during a consultation on the telephone. Avoiding foreclosure is the very reason for the short sale and usually has a bigger impact on your credit.

5. Will my bank still pursue me after the Short Sale?
In Idaho, the banks do have the right of recourse. HOWEVER, most banks are reporting the short sale to the credit agencies as settled and will issue you a 1099C which denotes the bank is canceling the debt.

6. What about Bankruptcy?
Bankruptcy will affect your credit for a long time. Checking with an attorney would be the best option. Generally, it is easier to work with the banks on a short sale before a bankruptcy.

We have helped dozens of families with Short Sales & we would like to help you too!
If you are looking for answers and need help, please start by filling in the information below:

We have helped dozens of families with Short Sales & we would like to help you too!
If you are looking for answers and need help, please start by filling in the information below:

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