Q: Is the debt that bank cancel or forgive taxable?

If the property is you primary residence then The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt. On the other hand if the property in short sale is not your primary residence then you might be responsible for a part of the amount. Pleae consult your accountant for details.

Q: Can I do short sale if I am investor or own more that one property?

Yes, if you are investor or own more than one home or home that has more than 4 dwellings, you can still do short sale as long as you have hardship.

Q: Can I do short sale on commercial property?

Yes, you can so short sale on commercial properly. If the property is in you name than you have to show a hardship. If you are co-owner of the property than all of the co-owners have to prove hardship. If it is a business you have to show business hardship.

Q: What should I do if the bank does not want to wave deficiency or requires Promissory Note?

First of all you should be working with the experienced Real Estate Agent. This will reduce the chance of getting deficiency.

Q: How much will Short Sale cost me?

When working with Jakub all the costs associated with sale are covered by the bank including property taxes, commission, attorney and title company fees. Fee that you might expect to pay are your monthly or past due utilities.

Q: Can I do short sale if I have more that one mortgage?

Yes, you can have multiple mortgages and equity liens in a short sale.

Q: If the short sale does not go through will I have to pay any participant for services rendered?

It depends who you are working with. If you work with Jakub you do not have to be afraid of paying for services no matter if the property closer or not. I believe that no one deserves money if the were not able to well execute short sale. You have to be careful when you sign listing agreements with other agent as they might charge fee no matter what is the result of their work.