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Please contact:
Tom Steele
Office: 303-933-7654
Direct: 303-888-1951

Let this agent or broker know that you wish to use their HomeCards service. The Short Sale Process

Tom Steele

The Real Estate Operation, LLC
Office: 303-933-7654 Cell: 303-888-1951 FAX: 303-933-4601


Definition: Short Sale is defined as the sale of a property for less than the amount owed against the property. (There by shorting the payoff )

Purpose Of Short Sale: Prevent foreclosure, avoid bankruptcy, reduce debt, repair credit, releave stress and get a new start in life.

Possible Tax Consequences:  The differance between the amount owed less the short sale price may be considered as ordinary income under current IRS guidelines  however, their is currently a moratorium which may prevent the government from collecting this tax. It should be noted that in most cases the foreclosing lender will still file a 1099-C . There is also a provision in the IRS Tax Code that may wave the tax if the tax payer is deemed insolvent at the time of the foreclosure sale. It is therefore important that the property owner have an accurate, signed and dated financial statement depecting his, her or their financial condition at the time of foreclosure. This statement along with IRS Form 982 should be given to a CPA in preparation of ones taxes. Also see IRS FORM 1099C: Cancellation of Debt:

Foreclosure Time Line: Once the property owner is at least 30 days deliquent on their mortgage payment, the mortgage holder may begin foreclosure, however; the process usually doesn't start until they are 90 to 120 days deliquent at which time the mortgage holder notifies their legal council to begin foreclosure. The legal council will in turn send the Public Trustee a Notice Of Election And Demand (NED) to begin foreclosure at which time the trustee's office will record said notice and mail the owner and/or occupant a Combined Notice Of Sale, Right To Cure And Right To Redeem. This is an important notice as it starts the foreclosure process and gives the Public Trustee Sale Date which is approximately 125 days from date of the NED.  During the period between the recording of the NED and the Sale date, the holder of the deed of trust, being foreclosed upon, must file a separate limited court action in Colorado District Court to procure an order authorizing the sale. This action is referred to as a Rule 120 hearing and its purpose is to grant the property owner with a form in which they may contest the foreclosure. The property owner may attend the hearing by filling the necessary papers and paying a fee of $158.00, however; in most cases there are insufficent grounds to dispute the issue. If no response is timely filed, the court will enter an order authorizing the sale without a hearing. NOTE: Rule 120 also has a proceedure for compliance with the Soldiers and Sailors Civil Relief Act of 1940. It should be noted that the Rule 120 hearing notice is the last notice the homeowner will receive and that as of the P.T. Sale date the homeowner no longer owns the property and if they have not vacated the premises, eviction will commence.

There may be options available to prevent foreclosure and/or keep your home, however; the longer one waits the fewer options are avaliable. Call my office at 303-933-7654 and I'll set up a free appointment with a HUD approved counselor who will advise you as to what options are available. There is absolutely no cost to you, just an hour of your time .


Content is general information only and deemed correct but not guaranteed.                                                                                                                             








/Photos/120x/10023.jpg Tom Steele
The Real Estate Operation, LLC
Office: 303-933-7654
Direct: 303-888-1951
Cell: 303-888-1951
Fax: 303-933-4601
7551 S. Reed Ct
Littleton, CO 80128

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