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Continued Tax Relief for Short Sellers?

In a short sale a lender forgives a portion of a borrower’s debt by allowing a property tax relief to be sold at less than the amount owed by the borrower.  Often times, as part of a short sale, the lender will then forgive the debt. For example, if a borrower owes $1 million on a home mortgage but their house is only worth $900,000, the borrower is sometimes able to negotiate with the bank to accept a sale to a third party for $900,000 as payment in full on the borrower’s obligation.  Ordinarily, if the lender accepts less than the full amount owed – $900,000 of $1 million in this example – then the borrower is taxed on  the $100,000 debt forgiveness as ordinary income.

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Posted in Mortgage Lender Dispute, Short Sale

Zachary D. Schorr’s Expert Appearance on the Dr. Phil Show

Zachary D. Schorr’s Expert Appearance on ABC’s Nightline

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Zachary Schorr Superlawyers

Zachary D. Schorr has been named to the Southern California Super Lawyers (Rising Stars) list for attorneys in Real Estate for 5 straight years - 2012, 2013, 2014, 2015 and 2016. Each year, no more than 2.5 percent of the lawyers in the state receive this honor. In 2016 he was also included as one of the top 100 lawyers in Southern California in this category. The selection for this respected list is made by the research team at Super Lawyers.

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If you are currently involved in a real estate dispute, either commercial real estate or residential, and are looking for a Real Estate Attorney in Los Angeles with a cost-effective, results oriented approach designed to meet your case's specific needs, contact the attorneys at Schorr Law. Our real estate firm has the specific knowledge and experience necessary to get you the best possible results.

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Zachary Schorr Avvo Client's Choice Award