Massachusetts Real Estate Websites
Even if a short sale is completed however, there are problems. The home owner’s credit is seriously damaged. He will also owe income tax on the amount of loan that is forgiven! The IRS considers forgiven debt to be income and demand the taxes owed on the forgiven amount to be paid in cash with the homeowner’s next tax return. The investor will not get a “huge profit” on a short sale, in most cases. The reason is that virtually all purchase money first mortgages issued by banks with less than a 20% down payment carry mortgage insurance; demanded by Freddie Mac and Fanny Mae, to be saleable in the secondary market. Since the bank is protected by the insurance and the insurance companies themselves have a vested interest in the short sale negotiations, can you imagine any scenario which would make sense for a bank insurer, to agree to a drastic reduction of the mortgage amount?
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