Given the current economic climate, short sales are becoming increasingly popular as a way to help homeowners avoid a foreclosure. Through a short sale, a borrower can sell a property for less than what’s owed on the property’s mortgage.
A short sale is an attractive solution for borrowers and creditors alike, as it is typically less expensive than a foreclosure, which often has costs associated with legal fees and the rapid decrease in the value of abandoned or generally neglected property. While a short sale can be a good option, homeowners and real estate attorneys may not know how to approach the transaction when the property is encumbered by a federal tax lien.
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