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short sale: Florida Documentary Stamp Tax and Short Sales: More Information - 08/15/08 01:16 PM
I discussed the question of what is the amount of documentary stamp tax that the seller is required to pay in connection with a short sale with underwriting counsel for a major Floria title insurer. I was advised that the Department of Revenue has indeed recently provided guidance to real estate attorneys and closing agents indicating that documentary stamps are to be paid on the amount of the sale price and on the amount of any forgiven debt. To use a simple example - if the mortgage balance is $200,000 and the purchase price is $150,000 and $50,000 of mortgage debt is forgiven … (13 comments)
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short sale: Florida Documentary Stamp Tax on Short Sales: Unexpected New Issue - 08/13/08 08:23 PM
The wave of short sales has raised an unexpected issue. In Florida, the seller of the property pays the documentary stamp tax at closing at the rate of $.70 per $100. In the brave new world of short sales the question has arisen; should Florida documentary stamp tax be paid on the amount of the purchase price being paid by the short sale buyer or on the amount of the mortgage or mortgages against the property at the time of the closing of the short sale? Since the short sale buyer is paying a purchase price that is less than the … (10 comments)
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short sale: HOA Lien Foreclosure - 04/16/08 11:24 PM
Kim - good question. The purchaser at the Sheriff's Sale of the HOA lien will take the property subject to the liens that are superior (ahead of) the HOA lien. This means the purchaser will have to pay the superior mortgage (if there is one) or else the mortgage lender will foreclose on its lien and blow this guy out! It is essentially the same as a second mortgage lien holder foreclosing - they can get title to the property but it will be subject to the lien of the first mortgage.
I would not have expected HOA foreclosures to be this … (16 comments)
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short sale: Another Home Lost to Foreclosure of an HOA Lien - 04/16/08 10:42 PM
I continue to be surprised by the general level of misunderstanding regarding the rights of HOAs and Condo Associations to foreclose under liens for delinquent assessments. HOAs and Condo Associations have the right (and many are exercising that right) to foreclose on a lien for delinquent assessments just like a mortgage lender foreclosing on a mortgage on a property. Many property owners who are unable to meet their mortgage obligations are also unable to pay their assessments. However, with their attention directed at finding a way to deal with their mortgage issues - property owners in distress often ignore their HOA … (3 comments)
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short sale: Foreclosure or Short Sale: Reduction in Tax Assessment Not Guaranteed - 02/06/08 09:20 PM
If you are buying a foreclosed property from a lender or a property that is the subject of a short sale, you might assume that your property tax assessment will be reduced to reflect the purchase price you paid. Surprisingly, there is no guaranty that your assessment will be reduced.
As a general rule, the county property appraisers in Florida disregard purchases from lenders after foreclosures or as part of a short sale in determining property values for real estate tax assessment purposes. Their position is that these are distress sales and are not third party arms length transactions that reflect actual … (8 comments)
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short sale: Mortgage Forgiveness Debt Relief Act of 2007 - 01/26/08 06:15 PM
In December, President Bush signed into law The Mortgage Forgiveness Debt Relief Act which will help many taxpayers avoid the double whammy of losing their home in foreclosure or selling their home in a short sale - and finding themselves hit with a significant tax bill for forgiveness of debt income. Prior to the passage of this law, the dollar amount of the mortgage amount forgiven in a short sale or the gap between what the lender realized on the sale of the property after foreclosure and the mortgage debt and expenses and fees of foreclosures, would be reported on a … (5 comments)
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