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annualized monthly income: Are We Seeing the Growth of the Next Residential Real Estate Bubble? - 12/29/09 01:03 AM
Consider the following points when considering whether we are witnessing the next residential real estate bubble:
The U.S. Census Bureau released median income statistics on September 21, 2009. Do your buyers' have income above or below the Median Income (see, http://www.census.gov/hhes/www/income/statemedfaminc.html)? The IRS released updated expense standards effective November 1, 2009. Are your buyers' actual household expenses above the IRS National Standards (see, http://www.irs.gov/businesses/small/article/0,,id=104627,00.html)? Will their actual household and utility expenses exceed the local standard for their state (see, each state's local standard at http://www.irs.gov/businesses/small/article/0,,id=104696,00.html)? If their average monthly income (gross income before taxes) is less than the median income in … (2 comments)
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annualized monthly income: Short Sales - Warning! You May Cause Your Client to Fail the Means Test - 12/18/09 12:15 PM
A recent email to a client follows, and should be a fair warning to have clients consult with bankruptcy counsel before execution of short sale purchase and sale documents:
As a result of the short sale of your home before you file bankruptcy you will no longer have the contractually due amount owing to your first and second. As a result, when we calculate your eligibility for Chapter 7 relief (rather than Chapter 13 relief) we will not be able to deduct from your Annualized Monthly Income those monthly payments. As a further result, if your Annualized Monthly Income (calculated from … (32 comments)
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