Relevant:
- Short sales surge as distressed homeowners fear a tax-break expiration
- Short sale dynamics -- short sales recorded the highest number of transactions in three years during the first part of 2012. What data do we have on short sales with second mortgages?
- Five Questions: Will I Owe Taxes on Forgiven Mortgage Debt? - Developments
- Mortgage Settlement Yields $50B of "Aid"; But Not All Aid Dollars Equal
- Banks report $51 billion in consumer relief in mortgage settlement
2012-11-20 — businessweek.com
``Banks have provided homeowners $20 billion in relief since March. Of that amount, 49 percent has gone to forgive debts in short sales, whereby a bank lets a borrower sell his or her home for less than the outstanding balance on the mortgage. Banks have waived an average of $115,672 in unpaid principal balances in 113,534 short sales. Typically, a short sale is better for a borrower than a foreclosure, but it still means homeowners ultimately lose their houses.''
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