If you are having trouble making your monthly mortgage payments, consider selling your house via a short sale. In many cases, Maryland homeowners selling their homes via short sale are able to get five or more contracts on their homes with three weeks or less.

Consider a property in Clarksburg Town Center, listed as a short sale for $450,000, almost $210,000 less than what the original owner paid. The lending bank was willing to work with the homeowner to avoid foreclosure. Within a nine day period there were three contracts on this property. The market value of this property was over $600,000.

Not all homeowners qualify for a short sale and not all lenders will agree to a short sale.

What is a short sale

A short sale allows a homeowner to sell their property before the foreclosure process begins. Homeowners who are lucky enough to negotiate a short sale with their lender can sell their homes
fast and avoid foreclosure. Foreclosure has a tremendous negative impact on your credit and your ability to obtain credit in the future - whether you are purchasing a car, paying for education, medical expenses or other necessary expenses.

What You Should Do

The first step to listing your home as a short sale is to contact a seller's agent, who can negotiate with your lender to make the short sale possible. The worst mistake you can make is to wait.
Take action now.

Tax Implications

It is important to know that the IRS will consider the deficient amount on your short sale as income. For example, if you owe the bank $200,000 and your home sells at $190,000, the $10,000
will be considered as income. You may seek professional assistance from an accountant to discuss the tax implications of a short sale.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Short Sale Training - The Biggest Short Sale Mistake
I'm writing to let you know about the #1 way to speed up the Short Sale process that very few Realtors actually know about. Not using this strategy is the Biggest Mistake most Short Sale Realtors make. It may not be what you think, because it's not a "traditional" real estate strategy... I can't ... more...

Short Sale 101
This occurs when the net proceeds from the sale of a home are not enough to cover the sellers' mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioner's commission. The seller is unwilling or unable to cover the difference. Some ? although by ... more...

Short Sales - 3 Key Factors Gurus Never Tell You About How To Do Short Sales
For those of you who are new to the Short Sale arena or new to real estate investment, let's first define what a "short sale" is and what it's SUPPOSED to accomplish. A short sale is the process of negotiating with a Mortgage Lender to convince them to accept less than the Homeowner's mortgage ... more...

Short Sale Questions
The main stream media continues to be rich with stories about the struggling real estate market, here in the Sacramento area as well as across the country. They generally revolve around the increasing number of foreclosures, the mortgage crisis and now some of the government programs that may or ... more...