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Tax & Credit Consequences Chart - Short Sale vs. Foreclosure

Reblogger Charles Stallions

Real Estate Broker/Owner with Charles Stallions Real Estate Services 610125

October 25, 2009 05:58 PM

Hi Pensacolians, Are you or someone you know upside down in a mortgage or just wanting more facts on a Pensacola Short Sale contact me 800-309-3414 You have options We have facts Let's talk.

Would you like information on buying or selling Foreclosures / Short sales CLICK HERE

Charles Stallions, CRS, CSP, CBR, CDPS, SREE, EREI - 800-309-3414, a leader in real estate investing, buying and selling. Lead Real Estate negotiator for several investment clubs as well as investors throughout the US. Call Charles for a list of references before buying or selling you what some consider being their largest investment.

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THOUSANDS OF HOMES.... One Address www.charlesstallions.com

How long will I have to wait to purchase a house again?

Short Sale

2 years

Foreclosure

5-7 years

What are the potential IRS tax consequences as a result of a short sale or foreclosure?

Mortgage Debt Relief Act of 2007, provides certain protections from 1099 tax liability if the short sale is on a primary residence. Every seller’s financial situation is unique and it is advised that the seller seek advice from a tax professional for their own specific circumstances.

The tax consequences for a foreclosure situation have the possibility of being even greater, based on the amount of dollars the lender is not repaid when the borrower defaults on the terms of the loan.

What are the potential credit consequences as a result of a short sale or foreclosure?

According to new Fannie Mae guidelines, after a two year waiting period from the completed short sale, borrowers can obtain new financing for any type of property i.e., primary residence, second home and/or investment - no other restrictions apply.

According to new Fannie

Mae guidelines, after the required five+ year waiting period from the completed foreclosure, borrowers will be required to make at least a 10 percent down payment, and will need minimum FICO credit scores of 680.

In addition, borrowers will be limited to purchasing primary residence only.

Kenny Wagner

The Foreclosure Mitigation Company

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Charles Stallions Real Estate Services - Pace, FL

Pensacola, Pace & Gulf Breeze Property Management

Are you paying too much in Property Management Fees? Are you going broke with maintenance fees, low rents, lack of tenants etc? We charge a Flat Fee of $50. a month which includes monthly reconciliation statement, tenant screening, property inspections, we do low cost preventive maintenance saving owners thousands. We save owners 75% over other property managers. Bottom Line is WE make you MONEY. Call Michelle - 800-309-3414 - Charles Stallions Real Estate Services Inc.

Apr 29, 2013 12:47 PM

Tax & Credit Consequences Chart - Short Sale vs. Foreclosure

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Charles Stallions

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Additional Information

How long will I have to wait to purchase a house again?	Short Sale 2 years	Foreclosure 5-7 years
What are the potential IRS tax consequences as a result of a short sale or foreclosure?	Mortgage Debt Relief Act of 2007, provides certain protections from 1099 tax liability if the short sale is on a primary residence. Every seller’s financial situation is unique and it is advised that the seller seek advice from a tax professional for their own specific circumstances.	The tax consequences for a foreclosure situation have the possibility of being even greater, based on the amount of dollars the lender is not repaid when the borrower defaults on the terms of the loan.
What are the potential credit consequences as a result of a short sale or foreclosure?	According to new Fannie Mae guidelines, after a two year waiting period from the completed short sale, borrowers can obtain new financing for any type of property i.e., primary residence, second home and/or investment - no other restrictions apply.	According to new Fannie Mae guidelines, after the required five+ year waiting period from the completed foreclosure, borrowers will be required to make at least a 10 percent down payment, and will need minimum FICO credit scores of 680. In addition, borrowers will be limited to purchasing primary residence only.