Most realize that the housing market in Minnesota went up a lot from about 2002 to 2006. Reports show from June 2006 through 2009, the Minnesota housing market went down $74,850. This put many home owners under water and over-financed. After homeowners realize they are under water they realize the market is very low and their loan could take years to pay off. This is the point in which they consider a short sale vs. a loan modification. Many want to hang on with a loan modification, but even when it’s time to sell later on, the sellers will find themselves over-financed. The important date that comes into play is the year ending in 2012 when an important tax law ends with the IRS. This is why it’s important to sell before 2012 because the IRS has favorable tax incentives instead of a 1099, if you qualify. Please consult a CPA. Many realize that it would take years for the market to go up that $74,850 that has been lost for most in equity since June of 2006, so please give us a call to understand the full picture.

  • Share/Save/Bookmark

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.