Mortgage Debt Relief Act
Any trends, adjustments you guys thinking about?
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on -
I think it will probably get extended, but I'm not telling anyone to count on it. We are faaaar from being through this mess.
http://www.housingwire.com/2012/01/09/35000-hamp-trials-transfer-to...
Many more failed loan mods a coming.
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Permalink Reply by Harry Clay on -
If it doesn't get extended, it will be a very cruel joke on all the hopelessly upside down, defaulting procrastinators in denial, who have so far refused to face reality, & get out while the going's good.
We can barely imagine the howling screams of indignity & anguish we will hear in early 2014, when the 1099s hit for the 2013 foreclosures & short sales, & these people find out they are now facing a taxable event.
Unless their accountants can substantiate insolvency, there will be a lot of people in for a very rude awakening.
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Permalink Reply by Wendy Rulnick on
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Most people doing short sales are insolvent anyway. They need to check with their accountant prior to going forward.
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Permalink Reply by Paul Antonelli on -
Being that we are in an Election period. Someone will use that to their advantage and extend it. But who knows.
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Permalink Reply by Eric Mieles on -
So let's say for a minute it doesn't get extended what adjustments (if any) would you guys make?
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Permalink Reply by Paul Antonelli on
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That is why you need to tell them to make sure they go over everything with the person that does their taxes every year.
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Permalink Reply by Victoria Frieberg on
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I believe it will be extended..but most of my sellers are insolvent. they do not consult tax persons or attorneys because they cannot afford them, heck, I end up paying for heat in some cases to hold the house warm until closing! Which brings me to a question I have kicked around. I have sent given sellers referrals to a couple of attornies..and found them to be more confused when they come back to me. I now believe I have two attornies who actually understand short sales, and are not out to recruit bankruptcy clients. If my client cannot afford to see an attorney or accountant, what if I were to have our firm pay for a counseling session with one or the other? Just a thought.
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Permalink Reply by Jimmy Williams on -
Victoria- In Florida as a Realtor we do not dispense legal or financial advise. I always advise my short sellers to consult an attorney or financial adviser (accountant), for legal or tax advise.
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yes, I do too..but often they cannot afford it. I have them sign off that they have been advised to do so. Some attornies offer free consulation, but in my experience those first consults tell them nothing except come back for a paid visit! I am thinking of offering a local attorney/accountant a retainer to do a consulation with sellers who have committed to the process. It may be a 1/2 hour consult for someone destitute, an hour with sellers who still have assets...i would pay for the first consult..
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Permalink Reply by Paul Jones on -
some of these people may have 100k or so in a 401k. 401k's count. if they are upside down say by 60k, then 40k would be taxable.
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Permalink Reply by Marcy Moyer on -
I don not trust this congress to do anything so I am not counting on the relief being extended. If it is, I will be delighted! If it isn't I think we will see more foreclosures.
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Permalink Reply by Kevin - Greenville, SC on
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Thoughts to ponder..... What if you took a Short Sale Listing that had a Foreclosure Sale Date in 2012, but because of the inherit delays involved with Short Sales it 'may' not close until after the Mortgage Forgiveness Act had expired?
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