The first step is to contact the Loan Service Department of your lender. That number will be in the documentation you receive about making your payment. Make sure you keep copies of all correspondence. The lender will ask you to submit a financial statement to prove that you really don’t have the financial assets to [...]

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What is a Short Sale? A short sale is basically a “forgiveness of debt.” That counts as income and you have to declare it to the IRS. For a variety of reasons, it is possible that the total debt on your home may be more than what the home is worth. In most cases, you [...]

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