foreclosure: No More 1099 in a Short Sale H.R. 3648 - Mortgage Forgiveness Debt Relief Act of 2007
- 05/25/08 08:04 AM
H.R. 3648 - Mortgage Forgiveness Debt Relief Act of 2007, The bill gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan. No taxes would be owed on the value of any debt forgiven or written off. Currently such debt forgiveness is taxable income. This was actually just signed into law by the president last week. "This is going to make a happy holiday for many homeowners," Bush said of the bill moments before signing it into law. … (1 comments)
Brokers Thinking Outside the Box A loud Shout Out goes out to Denis DaSilva, the Broker/Manager of RE/MAX Total in Dartmouth, MA. Denis really turned a negative situation into a positive by putting a new spin on your typical bus tour - by escorting 57 potential buyers on a tour of 12 bank-owned homes! The event was a complete success! Here is all of the exposure RE/MAX Total has gained along with potential buyers to add to their client base:
· Their local news station covered the event LIVE on the bus - click here to see the news … (4 comments)
foreclosure: Is there a right of redemption in Rhode Island?
- 05/22/07 05:30 AM
Is there a right of redemption in Rhode Island?Generally No. In a non-judicial foreclosure Rhode Island has no post sale general statutory right of redemption, which allows a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs. In certain judicial possessory actions a right to redemption will be permitted up to three (3) years. … (0 comments)
foreclosure: Deed in Lieu of Foreclosure
- 05/14/07 07:44 AM
Deed-in Lieu of Foreclosure is, in effect, giving your property to your lender in exchange for cancellation of your mortgage. It is sometimes also referred to as “Cash for Keys”. In a recent policy statement (MORTGAGEE LETTER 2002-13) HUD authorized lenders to pay FHA borrowers up to $1000.00 for a Deed in Lieu of foreclosure.on the condition that the occupant peacefully vacates a property for which the mortgage has been foreclosed and the property is left broom clean. If you are approved for a Deed-in-Lieu, you will deed the property over to your lender in exchange for a release from the obligation … (6 comments)
foreclosure: Buying a Foreclosure Home at Auction
- 05/14/07 07:42 AM
Buying a Foreclosure Home at Auction Buying a foreclosure home at its courthouse auction is the second opportunity you have in the foreclosure process. Like most other auctions, you’re just as likely to get an amazing bargain as the excitement of the auction may drive up the purchase price. Foreclosure auctions are public, and are usually attended by the original mortgage lender and other more professional real estate investors. Pros of buying a foreclosure home at auction• Average savings of 20-35% off market value.• Immediate ownership of property. Cons of buying a foreclosure home at auction• Property may still be occupied.• … (4 comments)
H.R. 3648 - Mortgage Forgiveness Debt Relief Act of 2007, The bill gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan. No taxes would be owed on the value of any debt forgiven or written off. Currently such debt forgiveness is taxable income. This was actually just signed into law by the president last week. "This is going to make a happy holiday for many homeowners," Bush said of the bill moments before signing it into law.
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