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Believe it or not, short sales can be approved, and it even seems to be the favored process for lenders to dispose of their bad loans. Negotiating a short sale approvals requires a combination of legal skill, persistence and tenacity with the lender. Many times, a short sale will result in the lender waiving any deficiency amount owed by the borrower/homeowner. Also, recent changes to the tax law applicable to shorts sales on primary homes may result in little or no adverse tax consequences for "cancellation of debt" income. If you are in need of assistance with your lender in negotiating a short sale or other legal relief, contact the Law Firm of Steven J. Bracci, PA at (239) 596-2635.
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