Superior Title of South Forida Inc.
2097 West 76th Street
Hialeah, FL 33016



T ( 786) 234-3265
F (786) 513-0687
edieppa@superiortitlefl.com

Overview

Superior Title of South Florida Inc. are the Short Sales Experts in all of South Florida, and is owned by attorneys and operated by Certified Distress Property negotiators. Superior Title of South Florida's team of Short Sale Experts, title and real estate professionals, has a combined fifteen years of real estate transactional, title and legal experience. Our Short Sale Team has streamlined the process of negotiating the balance due, obtaining relocation assistance and closing in a prompt manner. Our negotiation team utilizes the latest software for managing the short sale and producing a quick turnaround on contracts submitted to the foreclosing lender. There is no fee for the short sale negotiation service. Our team works closely with FHA lenders to ensure properties have been inspected and are ready for closing. Superior Title of South Florida works closely with a leading foreclosure defense firms to ensure that any legal matter is quickly referred to a legal specialist. Superior Title of South Florida Inc. is prepared to assist you through the short sale process with timeliness and effectiveness. Let our experience work for you. Superior Title of South Florida Inc. is not a law firm and will not render legal advice. In the case that a client has a legal question, the staff of Superior Title of South Florida Inc. will refer that individual to the appropriate attorney or foreclosure defense firm.

Short Sale FAQ's

What is HAFA Short Sale?

Home Affordable Foreclosure Alternative is a government sponsored program that provides for no deficiency judgments, no cash contributions required from the seller(s) at closing, no request for a promissory note from the seller, and some relocation assistance. Only sellers short selling a primary residence qualify for this program. The first mortgage cannot be a government loan and the loan must have originated prior to January 1, 2009.


Will the bank offer any financial assistance?

Some banks are now offering assistance at closing of a short sale. This amount may range from $3,000 to $20,000. However, the sale must qualify under the bank's program for relocation assistance. Usually, the bank requires that the property to be a primary residence.

Will I owe taxes on the canceled debt?

When a creditor writes off your mortgage debts, the creditor may report it to the IRS on Form 1099-C (Cancelation of Debt Income). This allows the creditor to reduce its tax obligation by taking a deduction for bad debt. Generally, this cancelation of debt is reported by you as income and the IRS will seek to collect tax on this income.

In a foreclosure or short sale, you may have to pay income tax on the difference between what you originally owed the lender and what your property sold for (the "deficiency"). The Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) created two exceptions to this rule for transactions ending in 2012.

  1. 1) If your deficiency arose from the sale of your primary residence (the home that you live in), you can exclude up to $2 million in forgiven debt.
  2. 2) If you were insolvent at the time of the sale, you are not required to pay income tax on the cancelation of debt income. Insolvency means that your debts exceed the total value of your assets.

Use IRS Form 982 to calculate the insolvency. If you have questions regarding cancelation of debt income or insolvency, we recommend you consult with an attorney or CPA.