I’ve been talking for months now about how this is the Year of the Short Sale. I’ve pointed out that tax rules on short sales change at the end of this year, and anybody who has a short sale approved in 2013 could potentially owe the IRS thousands of dollars (that they probably don’t have). Well, let me talk to you about another thing you should look into that can save you thousands of dollars and headaches in the event of a short sale.
This morning we had attorney Gary Fales in our office. He’s always an interesting guy. His specialty is a type of trust we have in the State of Nevada that can clean up your balance sheet, protect your hard earned money/property from creditors, and make it much more likely to get a short sale approved with less risk of the bank ever coming back to you for more money — often no risk!
There are just a few things he said today that I want to share with you. The first is the idea that deciding not to pay the bank any more money is a business decision, not an issue of morality; your credit score is not a character score. He’s seeing foreclosure timelines getting very long in Nevada, with sometimes a year to get a court date! Chalk that as one more reason banks are suddenly enthusiastic about short sales. He’s even hearing about banks approving short sales without late payments in some cases.
If you are considering a short sale in Nevada, you owe it to yourself to attend a free public class on Thursday the 8th of March at Mr. Fales’s office (it’s almost around the corner from my office at Sahara). You can find out more — and watch some of his very educational videos free — at his website. Obviously, he charges money for his services, but at this free event you can get a better idea of what you need to do going forward.
Remember that if you go the short sale road, I am certified as a Short Sale and Foreclosure Resource (SFR) and I currently have capacity for additional short sale listings. Don’t forget to check out my videos on the short sale process and what goes in a short sale package.