How Does A Short Sale Impact You?
Whether residential or commercial real estate, a short sale can be a beneficial way for a property owner to reduce financial exposure. Often, Juris Law & Mediation can get lenders to agree to short sales, and sometimes lenders offer incentives to homeowners to do a short sale.
A short sale is when real property is sold for less than the mortgage balance. These can also be done when there is more than one mortgage on the property. A lender does not have to agree to a short sale. It is important to contact an attorney experienced in short sales, such as Juris Law & Mediation, if you wish to pursue a short sale on your property.
There can be tax consequences for a short sale as well as a foreclosure. The amount of forgiven debt may be considered part of your income for the year it was forgiven. However, not all forgiven debt is taxable, and you should consult your tax advisor and attorney regarding the current tax laws that will apply to your situation.
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The attorneys and consultants at Juris Law & Mediation have years of business, life, and legal experience between them. As a result, their clients benefit from a no-nonsense approach to solving legal problems: quick, efficient, and cost-effective. The law should be accessible to everyone, and the attorneys at Juris Law & Mediation are ready to help you navigate the sometimes rough waters of your legal issues. Contact our office to schedule a consultation with a property law attorney today.
Juris Law & Mediation represents clients throughout the entire Kansas City and Topeka areas, practicing in both Kansas and Missouri. In fact, we help clients throughout Kansas and Missouri, including but not limited to Olathe, Lenexa, Shawnee, Overland Park, Gardner, Spring Hill, Louisburg, Lawrence, Leawood, Prairie Village, Fairway, Mission, Lee's Summit, Independence, Blue Springs, and beyond.
