Real estate blog entries tagged with short sale by Marlyn Wiener (Marlyn J. Wiener, P.A.)

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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 … (11 comments)

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 … (8 comments)

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 … (6 comments)

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 … (2 comments)

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 … (8 comments)

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. … (5 comments)

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