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New Tax Rules for Short Sales – Foreclosures

Suzy explains the past tax consequenses of a short sale and how the new “Mortgage Forgiveness Debt Relief Act of 2007 HR 3648″ helps people trying to complete a short sale More information at:


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25 Responses to "New Tax Rules for Short Sales – Foreclosures"

  1. rinehartnewell says:
    My uncle was facing foreclosure, but he was able to do a short sale on his house, which ended up being much better for his credit. He even got a couple thousand dollars to help him move through the govt’s HAFA program. I think the company he used was called something like shortsalecenter(dot)net.
  2. energyfinance says:
    what a bullshit bunch of words she puts together here to explain a ‘short sale’.
    “you sell the house for less than what you owe and they simply dismiss the loan…”

    Yo, people, the pretty lady has her head up her ass.
    I hope she gets sued for providing this sort of wrong information.

  3. peopledick says:
    An actual STARGATE/PORTAL-THING was caught on film in New Mexico. The footage can be found within the short-film entitled “SUDDEN PORTHOLE”, which is parked at the PROJECT CAMELOT YouTube page (it’s under the George Noory video).

    I’m not selling anything…I’m just trying to spread the word about the unseen-dimensions we find ourselves embedded in.

    My BLOG contains peripheral data regarding the movie and is where I reply to the “debunkers” (use search words “SAM ZURICK” & “BLOG”). THANKS!!

  4. lagunabeachpch1 says:
    Love the Short Sale Option Way to spell it out for all to see clearly.
    Thank you Suze
  5. urbanecondetroit says:
    Take a look at the YouTube video– Mortgage Tsunami Two: 2011-2013
    An animated presentation of the ARM underwater default crisis that is currently brewing.
  6. urna55 says:
    This has been extended through 2012. Search the IRS website for “The Mortgage Forgiveness Debt Relief Act and Debt Cancellation “
  7. unitim says:
    Vote Ron Paul 2012!! Save the economy!!
  8. ricbuenossp says:
    Hey, I just found a very funny video of some fool jumping into the potomac river…he’s giving away a free iPad too! Check it out at capitolshortsale. com
  9. powerstuffup says:
    * Hey I have a medicine for crisis economy No More forecloses, short sales, or modification.
    Let’s work together…

    Banks (Lenders) don’t lose your customers! Call them and make them an offer wave 50 to 60 thousand off from there original balance. Customers become motivated to keep there homes.

    Home owners (customers) don’t loose your homes, call your bank ask for a 50 to 60 thousand wave in your original balance.

  10. powerstuffup says:
    ** Its ridiculous Banks prefer loose so much, rather than a little with there good old customers.

    Example: Say your paying 2,350 a month. Your balance is $400,000 -(wave) $50,000= (new balance) 350,000 x (interest) 4.?
    So if u payed 2,350 a month > now your new payment is around $1,575

  11. powerstuffup says:
    * * * So don’t foreclosure, don’t shortsale, Save Your Home!

    Lets unite and bug, bug, bug the banks (lenders) to help save your home!

    Please help forward this maybe we can make a difference.

  12. kkc57 says:
    love you
  13. kunkecan says:
    You need to talk to an agent that is knowledge in short sales so you have a better understanding of the short sale. Income taxes, there are government guidelines that you can look up to find if you will pay taxes or not. You on a commercial on TV recently gave the wrong advice about this to someone in the audience. Candace Kunkel-CDPE RE/dMAX On The Move
  14. ThePrezidentialbey says:
  15. tiborzkarate says:
    what happens after 3 years?
  16. 67bandit67 says:
    HEY! This is old advice. That ended last year. You will get nailed now for taxes on undersold homes.
  17. vongtayvietnam says:
    Bank of America? The worst bank in the world. If you buy a house in short sale related to Bank of America, BoA will give you many days in nightmare. Do not waste your time with Bank of America. I wasted more than 100 days with BoA pending approval for a short sale. I really frustrating with BoA.
  18. dougmyersinc says:
    Nice Video, I just released my new video about making money online. Check it out and let me know what you think, I’ll be subscribing as well. Keep the videos coming.


  19. stopmyforeclosure101 says:
    Hey I know someone that can maybe give you some answers! Check him out at wwwhampghcom
  20. dontloseyourhouse says:
    Don’t lose your house, less than $200 in paperwork, can persuade your lender to work with you and to cut your payments by 50% for 5 years. You can find the info online at delayorstopforeclosure. Use your discount code 7128098. This site is run by a DC agency and subsidized by big business to help the average homeowner who cant afford $5000 for a lawyer to save their home. Your subsidized discount code is 7128098 , online at delayorstopforeclosure with the usual beginning and end to the address
  21. MiCasaMiDinero says:

    The value on a property is established by the able and willing buyers who have recently purchased the properties in the same area. An appraisal is simply an estimation of what a willing and able buyer would pay. A listing price by a broker is simply what is considered would be a good selling price. I suggest you work with a qualified REALTOR from the area where you are planning to buy

  22. farmboycarl says:
    CUT THE PRINCIPLES ACROSS THE BOARD, and send $25,000 to each homeowner who doesn’t have a mortgage. That will halt foreclosures in their tracks, underpin current home values, and begin to ease the pain the $10 TRILLION dollars in damage banks did to peoples savings and retirement resources. THEN STOP ELECTING LAWYERS TO PUBLIC OFFICE!
  23. lawkenk says:
    Ms. Ortman is not completely correct regarding the debt relief tax on a primary residence. The law only affects an amount up to the original purchase loan or loans used to improve the property. If the property was refinanced and money taken out for other purposes, there can still be a tax for amounts in excess of those numbers. One must also be aware of the tax ramifications within the state, such as California, that has not passed an exclusion for 2009 and beyond at this time.
  24. MarkLipka says:
    My financial planner says to only listen to Orman to find out what NOT to do. HE believes she’s criminally incompetent and is hurting a lot of people.

    This particular video SEEMS fairly harmless, though. I’d always verify any of this information with a professional before proceeding.

  25. parkhumn says:
    Very good information. I am a Real Estate Broker in upstate New York and I have successfully worked with a number of Short Sales over the 19 years I have been in business. There is nothing ideal or perfect about a Short Sale vs a seller keeping their home. I would much rather they keep their home. Short Sale and Foreclosure credit ramifications are about the same, but the timeframe for buying another home are a world apart. Morally, I work to do what is best for my clients.

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