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Can a short sale affect your retirement, estate plans?

As many South Carolina homeowners continue to deal with the effects of the real estate crash, they are probably looking for ways to move forward as the economy recovers. Although many may see a short sale as a way for immediate relief, it can also open the door to long-term benefits.

A recent case illustrates how one elderly couple was able to utilize a short sale to not only relieve their mortgage losses, but to also help secure their retirement funds and inheritance they would pass down to their children. Before the recession hit, the couple helped their daughter purchase a home. Unfortunately, their daughter never moved into the home and the property lost half its value over the next few years.

In total, keeping the extra house was costing the couple at least $10,000 annually, which was cutting into the retirement assets they hoped to give pass on to their children. Since their daughter was also included on the home mortgage, the couple didn't want to go through with a short sale, since they thought it would unnecessarily damage her credit score.

Soon, the couple realized that a short sale was their best option, considering their primary goal was to leave a nice inheritance for their loved ones. They were able to proceed with a short sale and repackage their investments into a Roth IRA, which would help them meet their short-term needs, while still building assets for their estate.

The real estate market isn't always predictable, so an upside-down mortgage doesn't have to trouble you for many years to come. This is why it's important to figure out how pursuing a short sale could be the best option to provide both immediate relief and a more secure financial future for you and your family.

Source: The Wall Street Journal, "Short Sale Leads to a Retirement Gain," Niki Reading, Feb. 6, 2013

  • Our firm has the knowledge to help people deal with burdensome mortgages and avoid foreclosure. To find out more, please visit our Charleston short sale page.

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