brandon sciuto short sales: Short Sales and Credit Scoring - 04/02/13 06:51 AM
Short Sales & My FICO Score
The TRUTH is - Lenders are inclined to agree to a short sale if a short sale results in less loss to the lender as compared to foreclosure...it is ALL based on MONEY!  The advantages of a short sale to the borrower include avoiding a foreclosure which would be reported on the borrower’s credit history and mitigating or eliminating a possible deficiency. A foreclosure on a record usually prevent a borrower from purchasing another home for years, obtaining a job, including government jobs and those that require security clearance, and will adversely affect future mortgage … (0 comments)

brandon sciuto short sales: Short Sales and Tax Implications - 04/02/13 06:19 AM
Tax implications in a short sale
 
The Economic Stabilization Act extends the Mortgage Forgiveness Debt Relief Act to 2012, but it was extended during the fiscal cliff negotiation until December 31, 2013.
Up to $2 million forgiven debt of a taxpayer’s principal residence is exempt from taxation due to this Act. It also includes refinancing to the extent of the original debt (not any cash that was taken in the refinance). 
For tax years 07 - 13, the government is waiving any tax liability on this forgiven debt. The lender will send you and the IRS a 1099-C "Cancellation of … (3 comments)

brandon sciuto short sales: Short Sales - In Plain English - 04/02/13 06:15 AM
The Short sale is a foreclosure alternative which provides an outstanding opportunity for the lender, the borrower/seller, and a prospective purchaser to mitigate damages.  Unfortunately, in today’s troubled real estate marketplace, the short sale process is one fraught with a substantial amount of misunderstanding and delay, which may result in frustration that can be avoided.  Utilizing basic fundamental information and a well-thought-out approach, a short sale can be achieved for the benefit of the borrower, lender, and prospective purchaser, as well as with a reduction in the amount of frustration and effort on behalf of the real estate professionals (real estate … (5 comments)

 
Brandon Sciuto, Mentoring agents in the new world of real estate (Carrington Real Estate Services (US), LLC)

Brandon Sciuto

Mentoring agents in the new world of real estate

Tampa, FL

More about me…

Carrington Real Estate Services (US), LLC

Address: 2124 W. Kennedy Blvd., Suite A, Tampa, FL, 33606

Office: 813-944-2211

Mobile: 239-601-8445

Email Me



Links

Archives

RSS 2.0 Feed for this blog