Pat Hood
  • Female
  • United States
  • Arizona
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Can the IRS $500,000 allowable net proceeds for a married couple from primary residence be used to offset 1099C income from a short sale?

Started this discussion. Last reply by Pat Hood Sep 12, 2018. 4 Replies

Hi, Understand need to ask a CPA but looking at options other than insolvency for a short sale seller and just wondered if anyone here had simply used fact that the $500,000 allowable net on sale…Continue

Does additional Buyer contribution to junior lien need to show on first lien's approval letter?PLUS the HUD?

Started this discussion. Last reply by Pat Hood Aug 17, 2018. 2 Replies

Hi,Ocwen first and RTR second. Have Ocwen approval letter with them paying 8% of balance due to RTR.Ocwen contact said if I need more for junior to put as buyer contribution to the junior lien on…Continue

How handling 1099C's now. With no Mortgage Debt forgiveness?

Started this discussion. Last reply by Short Sale Superstars LLC Oct 2, 2017. 1 Reply

Single family/owner occupied.Can IRS982 for insolvency still be used???Need information for family considering short sale.Thank you!Continue

% liens will take to settle versus seller BK?

Started this discussion. Last reply by Short Sale Superstars LLC Oct 2, 2017. 1 Reply

Short sale approval/2 liens. Problem is 2 non-related liens for 90,000 and 11,000(credit card) placed on property. 1st lien(Wells/Freddie Mac)will not allow any funds from short sale to go  to the…Continue

 

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Profile Information

First Name
Pat
Last Name
Hood
Are you a...
Agent
State
Arizona
City
Cave Creek
My Profile
Agent since 2002. Short sales since February, 2009.Joined Short Sale Genius for training.Found a passion in helping homeowners and "getting the deals done!"Have found my "stubborn" and "persistent" personality actually work well with short sales! Learn more with every deal I do! Life before real estate: teacher, MS in counseling, VP of Marketing for real estate company in Chicago, and President and owner of Association Management Company in Scottsdale... Looking forward to a group of professionals where we can exchange ideas and give and get help!

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