Short Sales
Many of the Law Office of George N. Piandes' clients in Massachusetts have been asking us about Short Sales. In a short sale, the seller arranges with their mortgage lender to accept a price that is less than the amount owed on the property. As part of this arrangement, the lender typically agrees to forgive the loan. As a result, the seller does not have to go through foreclosure, the buyer picks up the property at a discount, and the lender avoids the burden of having to unload the property.
However, there are many tax consequences associated with short sales, therefore we strongly advise all of our clients to speak with their accountants before making this decision.
If you are interested in a Short Sale, please call the Law Office of George N. Piandes today at 1-508-872-8000.