Roseville Short Sale Advice

Short Sale Tax Relief measure extended until January 1st, 2014.  Bill passed Senate and then the House last evening.  President Obama says he will sign the bill, but did not say exactly…

Need feedback, help and advise.

I've listed a home (Nov. 2011)  in Scottsdale AZ, for a seller who was discharged of his Mtg Debts thru Chapter 7 BK in  2 months prior-Sept.2011.

The seller did not want a secondary negative credit reporting of a  'foreclosure' on his credit after his BK, so that is the reason he would like to short sell.

The first Lien holder ( B of A) approved the short sale and offered the junior Lien holder (chase) $6,000 to release the…

As tax season approaches, and more importantly, the expiration of the Mortgage Debt Relief Act of 2007, it is important to review the tax consequences following a short sale.  In general, the IRS will treat any canceled…

The Mortgage Debt Relief Act of 2007 is set to expire!!

The window is closing rapidly on one of the most important tax-relief provisions enacted by Congress during the housing crisis to help financially strapped homeowners. Time is running out to Short Sale your house. Although the 2007 law that allows taxpayers to exclude from income the amount of debt that is forgiven or canceled by their lenders doesn’t expire until Dec. 31, it’s likely to take every bit of the coming months to…

As we approach the tax filing deadline, the Internal Revenue Service is reminding taxpayers that any canceled debt following a short sale, foreclosure or restructuring of a mortgage must be treated as taxable income unless you qualify for an exemption.  In general, when a creditor cancels debt, such as unpaid balances on student loans or credit cards, the…