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Short Sale Notification'sEmail: ShortSale@c21associatesrealty.com
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If you recieved a letter or call from me. Please reach out to me at once to discuss before its too late.
Proudly Representing SELLERS in Short-Sale Transactions in Bristol County Immediate Attention and Response Required Office of Cliff Ponte Jr. It is important that you accept that fact that your property may be worth less today that what you owe or what you paid for. What your house sells for should not be your primary concern. Protecting your credit and future ability to buy a home in the near future is. In addition, I understand that these are challenging times for you. Nonetheless, remember the provisions of the IRS Forgiveness Debt Relief Act “to amend to amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes." The difference between what you owe and what it finally sells for was normally considered income and would have been taxed as such; until the Mortgage Forgiveness Debt Relief Act was passed in December 2007 it applies to debt forgiven in calendar years 2007 through 2012. As such, because this is not considered income, you may not have to pay taxes. I would be willing to discuss this further with you and refer you to a CPA to get the most accurate answer. Due to the fact that an Auction date may be right around the corner, I encourage you to contact me personally to set a consultation. Very truly yours, Cliff Cliff A. Ponte II
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