A Short Sale can be the Solution for Foreclosure in South Dakota
With the economy today, a short sale can happen to anyone in South Dakota. The thing about short sales is changing interest rates, a drop in housing prices, job loss, and divorce are just a few reasons why someone may be in the situation they are in and no longer able to afford their monthly payments. This is becoming more and more of a common occurrence and people are left asking what is a short sale or what is foreclosure.
One thing about short sales is if approved by a bank, it may save the home seller from foreclosure. Short sales are not necessarily complicated but do require some work on everyone involved. Here are some key points about completing a short sale in South Dakota.
Banks want to avoid foreclosure in South Dakota.A foreclosure will cost the bank a lot of money and time. A short sale will help a bank free up bad debt faster and safer without the hassles of becoming a foreclosure or otherwise known as a REO(Real Estate Owned) property.
It is not necessary to be late or delinquent on a loan to get approved for a short sale in South Dakota.In order for a bank to approve a short sale, there has to be a real hardship such as job loss, divorce, property values, death, etc.
Typically when a bank in South Dakota forgives any debton an amount owed to them, the home owner is responsible for the difference through taxable income for that year. Since the Mortgage Debt Relief Act in 2007 though, home owners have been allowed to exclude income from the discharge of a home. This allows the cancelled debt not to be considered as taxable income for the home owner in certain circumstances.
The length of time a short sale usually takes in South Dakotadepends on a lot of different things. A good short sale package is designed to get quick results, but many Realtors or inexperienced people can cause a short sale to go over nine months. An experienced short sale professional can quickly compose a short sale package in as little as sixty days, while the average may be closer to three to six months many times due to delays from the bank.
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