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short sale: Tax consequences of a short sale - 01/05/12 01:22 PM
Did you or someone you know just receive a 1099-C form from their previous mortgage company after a short sale? If you owed more on your house than what you sold it for through a short sale, the excess amount of the loan balance above the sales price may be forgiven by the lender. The forgiven amount is considered cancellation of debt (COD) income for federal income tax purposes. As an example: Your current mortgage balance is $200k. You execute a short sale and sell the house for $150k. You still owe the bank $50k. This $50k may be forgiven by … (5 comments)

short sale: Applying for a home loan after a foreclosure or short sale - 12/15/10 02:52 PM
With the current market conditions and the large number of home owners who are facing foreclosure or short sales, this question comes up often, "How long do I have to wait before I can qualify for a mortgage loan after I go through a foreclosure or a short sale?". Fannie Mae, who sets most conventional loan guidelines updated their waiting period guidelines this year. Below is a table showing the various derogatory credit event and the waiting period requirements:

(1) The maximum LTV ratios permitted are the lesser of the LTV ratios in this table or the maximum LTV ratios … (4 comments)

 

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