just-sold

Do I have to Pay Taxes on My Short Sale When I Sell?

by admin on 24. Nov, 2009 in Homeowner Beware

Question: If I do foreclosure or short sale on home,suppose my home is sold for $225000 when my original mortgage is 295,000, so the diffrence is 70000, Do I have to pay tax for that amount?
Answer: I will need a little bit more specifics in regards to your situation, if this is a primary residence, [...]

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choice-economy

Short Sale vs. Loan Modification –What are my Options?

by admin on 12. Feb, 2009 in Loan Modification

If you are having trouble deciding whether your property qualifies for a short sale or you want to stay in your home and request a mortgage modification, you should consult your attorney or professional advisor first. This article will give you some information to help educate yourself on the different options so that you are [...]

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Is It Legal To Sign A Promissory Note In a Short Sale?

by admin on 24. Nov, 2009 in Homeowner Beware

Question: I am default in payments for almost a yr. due to financial hardship I was not able to pay my mortgage. Now my house is on short sale approved by lender or investor. but before the short sale they want me to pay the promissory note of 12k. i told them i will not [...]

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tax

Do I Still Have to Pay Real Estate Tax on a Short Sale?

by admin on 24. Nov, 2009 in Homeowner Beware

Question: Hi i’m behind with the payments and i decide to put my house up for short sale. do i still have to pay the real estate tax bill this coming june and september? thanks thuy
Answer: If the short sale is going through, the taxes will be paid by the lender through [...]

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Does Florida Allow Deficiency Judgments When the Home You Live is Foreclosed On

by admin on 24. Nov, 2009 in Homeowner Beware

Question: Does Florida allow deficiency judgments when the home you live is foreclosed on? We are at the point where we just can’t pay our mortgage any more, but are concerned about being sued by the mortgage company for a defiency judgement resulting in long term liability and additional problems from the lender after the foreclosure.
Answer: In [...]

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Short Sale in California Is There Debt Forgiveness for the State Income Tax?

by admin on 24. Nov, 2009 in Homeowner Beware

Question: What’s gonna happen in a short sale in California in 2009? Is there any extensions on the debt forgiveness for the state tax? We have a 750K loan and a buyer is offering 400K. How much will it cost us? Pls help
Answer: The “Mortgage Forgiveness Debt Relief Act of 2007,” was enacted to provide relief [...]

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Warning Tax Consequences for Short Selling Investment Properties

by admin on 24. Nov, 2009 in Homeowner Beware

Question: I am in the middle of short selling 4 of the 6 residential “investment” properties that I own. I have been told of the tax consequences that I may face regarding selling my properties for less then the mortgage. In all the 4 mortgages on the properties that I am shorting total about $700,000 [...]

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Short Sale TV 2 – Overview of the Short Sale Process Video

by admin on 21. Feb, 2009 in Short Sale

Amanda Roberts gives an overview of the short sale process. If you are thinking about doing a short sale, watch this video first.
Check out the latest video here:
 

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crooks

How to Look Out for Businesses and Investors Who Take Advantages of Homeowners in Distressed Situations

by admin on 12. Feb, 2009 in Homeowner Beware

The Federal Trade Commission brought lawsuits last year against five companies representing 20,000 customers, and state and local prosecutors have brought dozens more who are victimizing homeowners in distressed situations by taking upfront fees and offering to help them with pre-foreclosures, mortgage modifications and other foreclosure defense options. What happens is the homeowner loses their [...]

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no-money-taxes

Short Sale and Foreclosure Tax Implications

by admin on 12. Feb, 2009 in Short Sale

You should consult with your tax advisor as to the tax implications on short sales and foreclosures and how they relate to your financial situation. In general, this is what you should be aware of:
Forgiven Debt on Short Sales
Forgiven debt is when a borrower escapes some of the debt they owe on their mortgage through [...]

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