Free Foreclosure Prevention Resource Event San Jose scheduled for October 20, 2012.
FREE EVENT!! This is a must go to event for all homeowners who are currently struggling making payments or have received a notice of default because of missed payments.
Learn how to avoid scams associated with mortgage modification, short sales and foreclosures. Don't pay any one anything before they offer to help!
Now is the time to act. As of January 1, 2013 property sellers who sell short will have to pay income tax on the short portion of their mortgage after sale of home. Let's say mortgage on the subject property is $650,000 but the home value is decreased to $550,000 and sold sometime before December 31, 2012. Home seller will not have to pay the addition $100,000 back to the bank nor are they taxed on this amount. However, after December 31, 2012 the MORTGAGE DEBT RELIEF ACT is set to expire and the home seller will be taxed on $100,000 as ordinary income. This only applies to primary residence (investment property that was occupied by homeowner for two of the last five years would be considered primary home. Check with your tax consultant).
Selling Silicon Valley Real Estate - San Jose, Los Gatos, Morgan Hill, Gilroy - Your Premier Real Estate Resource - Serving the Silicon Valley, California
GRI, CDPE, CHS, ASP
Getting Short Sales Closed!!!
Anja K. Kerstens
REALTOR®, CDPE, CHS and ASP®
Summit Realty Group
Buy or Sell with your area specialist and REALTOR® getting homes sold faster.