ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 12/11/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

These are Single Family Homes 'Active' on the Mobile AL MLS. These homes are ripe for the picking. DO NOT LET THEM PASS YOU BY...ACT NOW....BEFORE IT IS TOO LATE!!!

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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Mobile AL Short sales jump ahead of tax hike

During the three months ended Sept. 30, short sales in which homeowners had fallen behind on mortgage payments soared 22% over last year, according to a report released Thursday by online marketing company RealtyTrac. By comparison, short sales by people current on their payments went up 17%.

And currently, homeowners don't have to pay federal tax on the unpaid mortgage debt because of a bailout-era law known as the federal Mortgage Debt Forgiveness Act.

But the act expires on Dec. 31 and, unless it is extended, the IRS in January will start treating unpaid mortgage debt as taxable income for many borrowers. The average amount of forgiven debt in a short sale is about $95,000. The tax on that could go as high as $33,250, even more if the Bush tax cuts expire.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

With the year-end deadline approaching, short sales could spike even more in the current quarter.

This quarter, more homes in foreclosure were sold as short sales than repossessed by banks and resold.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

For banks, the calculation on short sales goes like this: Yes, they take a loss. But they also unload the property -- an attractive option given that banks must bear the costs of maintaining homes they repossess.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Foreclosures can be costly for banks. They get stuck with legal costs as well as taxes and maintenance expenses. The longer it takes to repossess a home, the more the expenses mount. Short sales can happen quickly.

Another factor driving short sales: Since March, the five biggest lenders have been able to claim some of the forgiven debt in short sales as credits against what they owe under the mortgage abuse settlement they reached with the government. Already, the banks have approved $13 billion in short sales for 113,000 borrowers under that pact.