mortgage forgiveness debt relief act: Thousands of California Sellers May Get Tax Relief - 04/10/10 05:46 PM
Thousands of California Sellers May Get Tax Relief
 
Under the Mortgage Forgiveness Debt Relief Act of 2007, under certain circumstance a home owner who sells a home as a short sale or loses it in foreclosure may have a write off for the forgiveness of debt which results in a 1099.
 
However, California homeowners who had a short sale or foreclosure in California, were unable to apply a similar deduction to their state taxes, at least until now.  The result was that those who were in great need of a tax deduction, were being taxed on forgiven debt, on money they … (6 comments)

mortgage forgiveness debt relief act: What is a Short Sale, and Why Would the Buyer Care Anyway? - 05/20/08 06:15 PM
An out of town friend wants to buy a home for significantly less than the listing price.  Typical in this market she figured, so why would her agent tell her that the seller had taken a lot of money out of the home?  Why would that matter to her?  She figured it wasn't her problem.
For the most part she's probably right.  However, if the fact that the seller has borrowed a lot of money means that he can't pay off the entire loan amount, plus costs, commissions, etc., it could result in a short sale. 
What is a short sale, and … (2 comments)

 
Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty)

Christine Donovan

Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Costa Mesa, CA

More about me…

Donovan Blatt Realty

Address: 250 E. 17th St., Ste. 295, Costa Mesa, CA, 92627

Office: 714-319-9751

Mobile: (714) 319-9751

Author Bio: Christine Donovan is a real estate broker and attorney. She is a lifetime local resident of Orange County, and the head of the DonovanBlatt Team which specializes in real estate sales and purchases in the Orange County area with a focus on Costa Mesa, Newport Beach and Huntington Beach.

Enter your email and receive future articles:

Delivered by FeedBurner

Search Newport Beach Homes

Search Costa Mesa Homes



Listings

Links

Archives

RSS 2.0 Feed for this blog