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short sale: Planning for your taxes after the short sale - 12/04/08 05:59 PM
What taxes you ask? Wasn't there a law passed to eliminate tax on the debt reduction from a short sale?
Well, yes, but ... (a pretty standard answer from government "benefits" as you know)
If the home is a primary residence, and if you have no more than $2,000,000 in this type of "income", and if the loan qualifies, and if you did not retain the property through a loan modification, then maybe you can get this benefit eliminated.
This is not a do it yourself project either. You need to review your situation with a qualified tax professional.
There are … (0 comments)
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short sale: What is a short sale? - 06/21/08 03:59 PM
A short sale is the voluntary agreement of a lender to accept less than the full amount owed on a mortgage against real property, commonly a personal residence. One must keep in mind that a lender is not obligated to accept a short sale and property owners have no "right" to a short sale.
That said, from the lender's perspective, it is an economic question. If the lender forecloses on the property, what do they expect their net loss to be vs. the net loss sustained if they accept the short sale? Being in business, they choose the option most profitable … (5 comments)
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Bruce Forge
Irvine,
CA
More about me…
iNET Realty, Inc.
Address: 2450 Dupnt Dr, Irvine, CA, 92612
Office Phone: (714) 376-4488
Cell Phone: (714) 376-4488
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