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Debt Relief – Insolvency – Bankruptcy Information » Entries tagged with "short"

The 1099-C And Cancellation Of Debt From A Short Sale

Do you know about the 1099-C and cancellation of debt? When a home owner sells his or her property using a short sale a 1099-C is generated.The IRS issued a news release on Sept 17, 2007 trying to clarify the 1099-C in regards to foreclosures. Many homeowners are unaware of this situation and feel once the property is gone all financial obligations are wiped out. That may or not be a correct assumption. This will illustrate how the IRS determines your potential liability in a short sale or a foreclosure. How to figure cancellation of debt income 1. Enter the total amount of the debt canceled/forgiven. ____________________ 2. Enter the fair market value of the property from Form 1099-C, box 7. ____________________ 3. Subtract line 2 from line 1. If less than zero, enter zero. ____________________ Keep … Read entire article »

Filed under: Insolvency

Short Sale – Homeowners Road to Recovery!

When a homeowner defaults on their mortgage, typically after missing 3 – 6 payments, there lender will initiate the foreclosure process. Foreclosure is the legal and professional proceeding in which a lender obtains a court-ordered termination of a mortgagor’s equitable right of redemption. In layman’s terms a foreclosure is the legal process a lender must go through in order to take back a property after a homeowner has defaulted on the terms of their mortgage. Banks are not in the business of owning properties, and therefore every bank has some type of Asset Management department specifically for liquidating non-performing assets. So, as a homeowner, foreclosure doesn’t necessarily mean all hope is lost. One of the ways a lender can liquidate a non-performing or bad asset (mortgage) is to allow a … Read entire article »

Filed under: Foreclosure Help, Insolvency

Are There Tax Implications for Short Sales?

Article by Mayer Dallal What does it all mean? Choosing to do a short sale can be a good option for you and your family when you find that you can no longer carry the burden of the payment. However, you do want to be informed as to how the short sale will affect you. The end result of doing a short sale will keep you credit in a better position, but there are short sale tax implications. A short sale is when the lender will allow the home to be sold for less than what is owed, allowing the homeowner to get out of the loan. The home does not have to be in foreclosure to choose a short sale, but the homeowner must be upside down in the home in order … Read entire article »

Filed under: Foreclosure Help, Insolvency

How Does a Short Sale Work Under Making Home Affordable?

Article by Simon Volkov Homeowners are curious about how does a short sale work under Making Home Affordable. This government sponsored program was initiated in 2009 as a means to help homeowners save their home through loan modification or mortgage refinance. The program now offers foreclosure alternatives including short sales and deed in lieu of foreclosure. To provide a precise answer to how does a short sale work is difficult because every lender adheres to different protocol. Even lenders that participate in the Home Affordable program do not follow exact guidelines. However, there are some basics that nearly every lender requires. The best place to start is the Making Home Affordable website. Homeowners can review a list of participating lenders and review short sale eligibility criteria. It is advantageous to apply for mortgage … Read entire article »

Filed under: Mortgage Refinancing

Do You Understand What Takes Place After You Do A Short Sale

Article by Jim Perez There seems to be a great deal of confusion as to what to try and do with the 1099A which you get after possibly losing your residence by means of a foreclosure or maybe a short sale. Not to mention the 1099C that you could get as well. So hopefully this can clear it up somewhat. Although when you need to do get your forms do save them and do bring them to your tax advisor to find out how they might help you together with filing out whatever forms properly. There are a good deal of homes for sale and the former homeowners of these will likely be receiving a 1099A and hopefully a 1099C shortly there after. Okay so here it goes when you receive your … Read entire article »

Filed under: Insolvency

Received Irs 1099c From A Short Sale Or Subsequent Foreclosure?

Now is time to address and resolve your IRS Tax Debt. The IRS has implemented unprecedented Leniency Programs and there has never been a better time to solve your IRS Tax problems than now. Here is a sample of a few IRS workout options available, Offer in Compromise An IRS Offer in Compromise is an IRS program that allows individuals to settle tax debt for less than the total amount originally owed. The IRS has strict requirements to qualify for an Offer in Compromise. The purpose of an Offer in Compromise is to find a compromised or settlement amount that works for you, the tax payer and the IRS. Penalty Abatement Penalty abatement is forgiveness of penalties associated with tax debt that have been added over the course of the debt. Sometimes the IRS … Read entire article »

Filed under: Insolvency

Nevada Short Sales – Lois Lee Greer with The Myers Team presents Red Glitter

Four bedroom single story home in cul-de-sac ~ Formal living and dining area ~ Carpet in living areas with tile in hallways, kitchen and bathrooms ~ Family room with recessed niche for entertainment center and ceiling fan ~ Kitchen with solid surface countertops, dining nook, breakfast bar, track lighting ~ Masterbedroom with walk in closet ~ Master bath with double sinks, soak tub, separate shower ~ Faux wood blinds through out ~ Patio ~ Backyard with shady trees. … Read entire article »

Filed under: Foreclosure Law

Nevada Short Sale – The Myers Team Presents 6744 Maple Mesa

The Myers Team with Caliber Realty Group are Nevada Short Sale Experts. For additional information, please visit www.NevadaShortSaleInfo.com … Read entire article »

Filed under: Foreclosure Law

7 Misconceptions about Professionals re Michigan Foreclosure [Short Sale Specialist]

Learn the 7 misconceptions (and truths) about attorneys, Realtors┬« and Mortgage Lenders and how they relate to possible solutions (or not) to your Michigan Foreclosure. These tips come from Michigans #1 Foreclosure Solution & Short Sale Team. For much more, check out www.HowToStopMichiganForeclosure.com. Whether you are trying to avoid forclosure in Metro Detroit, Grand Rapids, Holland, Kalamazoo, Battle Creek, Lansing, Jackson, wherever, this video will help you. Are you in any of these situations? This is a must-see video! Bankruptcy Help With Foreclosure Laws Foreclosure Behind On Payments Bill Collecting Forclosure Pick Foreclosure Attorney / Lawyer Need Payment Assistance Collections Want Mortgage Assistance Programs … Read entire article »

Filed under: Foreclosure Law

Nevada Short Sales – Lois Lee Greer with The Myers Team presents Capricorn Dr

Great 3 bedroom home with RV parking and no HOA’s ~ Front living room with brick fireplace, vaulted ceiling and ceiling fan ~ Dining room connected to living room and kitchen ~ Kitchen with breakfast bar, laminate counters, all appliances and pantry ~ Two bedrooms and bath on 1st floor ~ Loft is enclosed and can be used as office ~ Master bedroom with ceiling fan and double closets ~ Large patio with artificial grass in backyard. … Read entire article »

Filed under: Foreclosure Law

Nevada Short Sale – The Myers Team with the Caliber Realty Group Present 4770 Topaz

The Myers Team with Caliber Realty Group are Nevada Short Sale Experts. For additional information, please visit www.NevadaShortSaleInfo.com … Read entire article »

Filed under: Foreclosure Law

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