Debt Relief for Commercial and Residential Property Owners
A short sale can be an attractive way for some people to resolve an underwater mortgage. By doing a short sale, however, you could expose yourself to significant tax liabilities. Before you take that route, you need to understand the potential tax implications.
At Orantes Law Firm, attorney Giovanni Orantes is dedicated to helping people resolve their debt problems in the most positive manner possible. Mr. Orantes can review your situation, answer your questions and help you make well-informed decisions.
Contact our firm to schedule a free consultation.
We Make the Law Work for You
In a short sale, the property owner gives up ownership of a property, and in turn, the lender agrees to forgive the mortgage debt. Forgiven debt can be considered taxable income in some situations. For a property owner facing financial difficulty, doing a short sale can compound the problem.
If you find yourself in this situation, it may better to consider other debt relief solutions such as Chapter 7 bankruptcy. In Chapter 7, you can get the property and its mortgage debt (including junior mortgages) off your hands without incurring any tax liabilities. You can also obtain a complete discharge of many unsecured debts in just a few months.
Los Angeles bankruptcy lawyer Giovanni Orantes has extensive experience in Chapter 7 and other types of bankruptcy proceedings. When you retain our firm, Mr. Orantes will develop the optimal debt relief plan for you.
Contact a Lawyer
For more information about short sales in California and how we can help you resolve your mortgage problem, contact Orantes Law Firm, for a free consultation.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.