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short sales: Foreclosure Tax Relief Bill is Finally Passed! - 12/23/07 01:48 PM
President Bush signed into law Tuesday a new bill providing tax relief for homeowners facing foreclosure or bankruptcy. The bill eliminates federal taxes due from homeowners who have had mortgage debt forgiven as part of a foreclosure, short sale or the renegotiation of a loan. Currently such debt forgiveness is treated as taxable income.
The bill came in response to the current mortgage crisis, which has become more prevalent in booming metropolitan cities over recent years including Northern Virginia and Washington DC. It is anticipated to reduce taxes on strapped homeowners by $650 million. “When you’re worried about making your payments, … (0 comments)

short sales: Coming Up Short? Not This Time - 10/09/07 03:56 PM
"Are you kidding me?" These are the words coming from an astonished outraged neighbor. "That's right; I just sifted through the inventory and found the best deal," said the overzealous new homeowner.
As everyone knows right now, if you're looking to buy a home, you have as good a chance to find what you're looking for more than ever.  There is so much inventory on the market right now and since it's a buyer's market, there is room for negotiation.  In the case of the overzealous new homeowner, he scored a house through a short sale.  Because of the short sale, he was … (0 comments)

short sales: Watch Out Foreclosure, Short Sale to the Rescue! - 10/02/07 11:03 PM
Foreclosures and Short Sales in Virginia, Maryland and Washington DC have become more prevalent in recent times. As a result of the rise in delinquencies, short sales have become popular as a solution for homeowners who need to get out of homes as trouble-free as possible.
A short sale becomes an option when the homeowner cannot afford to make the payments on their loan due to whatever circumstance. In a nutshell, the lender agrees to accept less than the total amount owed. In reality, the lender agrees to release the home from the lien of the Deed of Trust for less … (3 comments)

 
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