As always please call your CPA/Accountant or the IRS for detailed info. about your specific situation. Here is the IRS publication that deals with cancelled debt. One of the key things distressed sellers may want to look into is insolvency.
IRS for 4681 re: Cancelled Debt
Please contact me if you are a Broward county Florida resident who has questions about short sales.
Added by Steven Angelil on December 6, 2012 at 7:45am — No Comments
Added by Dom on November 7, 2012 at 3:00am — 2 Comments
Working on a short sale for a divorced young lady in Pembroke Pines, FL.. Soon after listing the property I placed a regular combo lock box on the property since it was vacant. Soon after I get a call from an agent stating there is no lock box on the property! I then found out that Chase had called my client and told her "we need the lockbox code so we can do a property condition report". Well of course my client gave them the code. Chase then proceeded to throw away my lockbox and…
ContinueAdded by Steven Angelil on October 15, 2012 at 5:07am — 5 Comments
Added by Steven Angelil on October 13, 2012 at 6:00am — No Comments
In a briefing by Credit Suisse this week, the financial giant’s opinion was that reducing principal balances of underwater mortgages is a risky idea that has not been shown to keep underwater borrowers from later defaults. In my practice as a Florida real estate lawyer, that opinion flies in the face of borrower sentiment. The guiding force in the Credit Suisse statement seems to be the “…
ContinueAdded by Richard Zaretsky on January 27, 2012 at 4:35pm — 2 Comments
PRESENTING THE SHORT SALE ADDENDUM YOU CAN'T SIGN! Agents hold on to your wallets as this could cost you big time! This is just too big and important to let one blog article suffice. And developments on this are occurring quickly. The problem was pointed out in my ActiveRain re-blog Freddie Mac Short Sale Addendum - Item #13 - I DON'T THINK…
ContinueAdded by Richard Zaretsky on September 30, 2011 at 7:30am — No Comments
I am still amazed at the number of REALTORS® that continue to list short sales and either attempt to process the short sale themselves and/or turn the file over to a third party title company. In many of these instances I have noticed the title company charging “short-sale processing fees” at closing in direct violation of the law. In fact, such a charge may be considered a felony as it violates Florida Chapter 494.
Federal and Florida laws involving short sales and their…
ContinueAdded by Stephen B. McWilliam on July 9, 2011 at 5:00am — 6 Comments
You may have been reading about Bank of America short sale approval letters and some changes that have occurred. The Bank of America Short Sale Approval Letter has had various versions dealing with deficiency of the promissory note. This article will look at the BoA short sale letter recent changes.
History - Before June 2009
Until June 2009 the typical Bank of America short sale approval letter was not a release of mortgage and a release of…
ContinueAdded by Richard Zaretsky on November 16, 2010 at 4:20pm — 4 Comments
Added by Jennie Blackburn on October 25, 2010 at 4:54am — 2 Comments
Added by Jennie Blackburn on October 9, 2010 at 7:50am — 2 Comments
Added by Petra Norris on January 19, 2010 at 10:00am — 2 Comments
Added by Stephen B. McWilliam on December 30, 2009 at 2:30am — 1 Comment
Added by Richard Zaretsky on October 13, 2009 at 12:43am — 1 Comment
Added by Ron Wysocarski on October 3, 2009 at 10:34pm — 1 Comment
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