Are There Tax Consequences If I Short Sell My House?
Thank you for viewing my short sale website today, I’m Chris Carr with Short Sale Revive in Colorado. If you’re struggling to pay your mortgage, are sick of being upside down on your home or are in the midst of foreclosure, please talk to us. We can help you alleviate some of your financial hardships and give you alternatives to foreclosure, like short selling your property.
We often get asked if are tax consequences when doing a short sale and a vast majority of the time the answer is no. Back in 2007 the government created what’s known as the Mortgage Forgiveness Debt Relief Act. It expires at the end 2012, but what it does is protects homeowners from paying taxes on forgiven debt, such as a short sale. Here’s an example of how it works: You short sell your property for $150,000 but you still owe $200,000 to your lender. That $50,000 difference is going to be reported by your bank to the IRS and you will get a 1099 in the mail for the next tax year.
The next year when doing your taxes, you will need to notify your tax professional that you did a short sale so they can fill out and file a form 982C. That form in conjunction with the MFDRA will keep you from paying taxes on the forgiven amount. There are some qualifying factors to being eligible for the MFDRA such as the home has to be your primary residence and the debt forgiven has to be less than two million dollars. Most individuals do qualify and you can always take a look at the IRS website for a comprehensive list of qualifications. If you have an investment property that you need to short sell and don’t qualify for the MFDRA, you can fill out a different IRS form to prove insolvency. If you have further questions about this subject or want help in short selling your property, please call us today.
For more information on short sales and how to avoid foreclosure, visit The Blake Team blog or you can also contact The Blake Team and get started today.
Accomplish A Short Sale And Receive A $20,000 Seller Credit
Hello, I am Saul Carter right here with Others Realty, considered one of California’s leading short sale teams. I wanted to talk right now about something that Chase is doing. It is truly kind of bizarre but we’ve got a short sale that we’ve been working on. The original offer was $179,000 and I initially had the property listed up within the $205,000 range by the time I truly got any offers in any way, I had it all the way down to $a hundred seventy five,000. I got an offer from an investor at $179,000. Over the course of actually 4 months of negotiating backwards and forwards, Chase seems to imagine that the value is at $224,000 and I couldn’t find anyone who was willing to pay over $179,000 when we first got it done. However this purchaser was actually engaged, they had been willing to help out the vendor, they perceive and he is a doctor and he’s got some money or whatever. Over the course of an extra {two} months of negotiating, we actually got them down to $204,000 and got the client up to $204,000.
Well, after we got the approval letter sent over to us and there is a $20,000 seller credit in there, which I’m unsure how I will explain that to the client and the customer’s agent, however basically Chase has decided that this specific house fits into some category where they need to do one thing because possibly they really feel like they’ve completed one thing flawed or I am not really sure why, but they have basically determined that they will give my seller $20,000 to close. It is a short sale and she or he owes $450,000 they usually’re promoting it for $204,000.
So, anyway in case you’ve got a Chase home mortgage on the market and you’ll want to do a short sale, I do not know what the categories are, we are trying to research precisely how this property qualified for a $20,000 seller credit. After we figure that out, there will likely be another video and I am going to let you guys know. In the meantime, if you want to get a short sale performed, we have now the methods to get it completed and we are going to maybe even help get you $20,000. Anyway, here’s to doing short sales the Others way, where we are California’s leading short sale team. Give us a call as we speak or fill out the getting started form and I’ll talk to you soon. Thanks, bye.
For more information on short sales and how to avoid foreclosure, visit the Modesto Short Sale blog or you can also contact the Saul Carter team and get started today.
Are You Thinking About Strategic Default?
Hello, have you been thinking about strategic default? I am Kevin Kauffman and I am part of Group 46:10, the premiere short sale team in Arizona. I’m here to let you know that you have alternatives if you are thinking about strategic default. More specifically I would like to talk to you regarding the actual consequence of strategic default as it pertains to the amount of money that it will take you to do it.
My business partner, Fred, and I have created a tool named the Short Sale Decision Calculator to help people like you find out whether or not a strategic default is right for them. If you click on the link below or visit our website, group4610shortsale.com, it’ll take you to a website where it will show you the value of your home and ask you to put in your interest rate, the unpaid principal balance on your mortgage and your monthly payment. By inputting this information, we will give you a report that will demonstrate how long it will take for the value of your home and the amount you owe to be the same, as well as the amount of money it will take to get you to that point. This free report will provide you with the information you need to determine whether or not strategic default is the right choice for you or if you should short sell your home.
Should you determine a short sale is the best decision for you, we would love to help you out. We have closed over 500 short sales in the past few years and have over a 90% closure rate. Please either visit our website or give us a call today so we can set up a free consultation. Group 46:10 can help you avoid foreclosure, get out from your underwater mortgage and successfully short sell your home, so please contact us today.
For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.
Should You Keep Current On Your Mortgage If You Are Contemplating A Short Sale?
Howdy, are you wondering if you should stay current in your mortgage payment when you do a short sale? Perhaps you really wish to do a short sale however you’re frightened about your credit. If you find yourself in that state of affairs then we’d love to speak to you. My name is Kevin Kauffman and this is Fred Weaver and we’re Group 46:10, the nation’s leading real estate groups specializing in short sales.
One of the things we find with householders is a whole lot of them are upside down on their home. So they’re faced with the questions, do they short sell or do they stay? They are additionally apprehensive about their credit. They don’t want to miss payments because then they’re afraid their credit score will go bad. First I need to say that your credit score doesn’t define you.
The second factor is it could be potential so that you can do a short sale and keep current in your payments. It’s very rare circumstances when that happens, usually it happens when someone has a job loss however they’re still present now but in 3 months they know for sure they will be losing their job. So they are undoubtedly going to be ready where they’ll’t pay. Overall they will see {that a} short sale outweighs the advantages of losing your credit. Though you could have a short lived hit in your credit if you miss payments, getting out from under this bad debt is probably one of the best ways to go.
We’d love to speak with you about your personal situation. Is it better so that you can stay present, or can you miss payments and still do a short sale? Do you have to stay or must you do a short sale? We’ve obtained a number of tools and choices to discuss with you. Please give us a call today at 480-449-6642 or you can even go to us on our web site dedicated to you the house owner with tons of short sale information. Our web site is Group4610shortsale.com. Once more, we’re Group 46:10, considered one of the nation’s main short sale groups and we’ll speak to you soon. Thanks so much.
For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.
Why Do Lenders Approve Short Sales?
Hello, I’m Kevin Kauffman and I’m part of Group 46:10, one of Arizona’s top real estate teams specializing in short sales. We have over a 90% success rate in the last few years and have completed over 500 short sales.
One of the questions we receive often from potential customers is, “Why would a lender allow a short sale if they are in essence losing money from what you owe; what’s the benefit to a short sale?” When it comes to short sales, banks allow them for one simple reason: it saves them money. In the long run, a bank can save money in doing a short sale instead of foreclosing on the home. It costs the bank quite a bit of money to foreclose on a house and then have to turn around and sell it again. They may have to hire another real estate agent, pay for repairs on the property or hire an attorney. There are many expenses that go along with a foreclosure. A short sale is a better option for them because it’s a contract between the seller and the buyer that the lender just has to agree to. Sure, the lender won’t get the full amount that they are owed, but it saves them more money in the long run and they’ll receive their money sooner. Bottom line is that they benefit from doing a short sale more so than foreclosing on a home.
That is how we approach short sales at Group 46:10: how can we save the bank money? That is why our success rate is so high. We approach the bank with the notion that we can save them money. If you have any other questions about short sales, want to know more, or would like to take the first step in doing a short sale and schedule a consultation, please call us or fill out the form on our website. We look forward to working with you and assisting you with your specific situation.
For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.
Is Your Mortgage With Citi Mortgage?
Welcome, I’m Josh and this is Sarah. We run the Pomerleau Team, the number one short sale company in Minnesota. We made a vow a couple of years ago that we were going to educate homeowners and other real estate agents about short sales. We want to aid people that are nervous about short selling their property and provide them with the help that they deserve. We have run into so many people that have been given bad information from other real estate agents or have done business with real estate agents that know nothing about short sales. The Pomerleau Team would like to ensure that you have an educated expert to help you through the process.
Before we discuss our subject for the day, we wanted to also urge you to use our short sale decision calculator. This simple tool can help you determine if you should stay in your house or if it’s best to short sell.
Today we’re going to discuss Citi Mortgage; we are working on a couple of files with them currently. They are usually a pretty good lender to negotiate with and we usually have really great experiences with them. Every short sale that we’ve ever submitted to Citi Mortgage has been approved and closed. They have a great deal of Fannie Mae and Freddie Mac loans and we are fully aware of their policies on getting a short sale approved. We give these to our clients before starting the short sale process with them. If you have a Citi Mortgage, we’d be more than happy to sit down with you and talk about some of your options in regards to avoiding foreclosure. Please visit our website and fill out the getting started form, or call us. The Pomerleau Team has the knowledge you need to successfully short sell your house, so please contact us today!
For more information on short sales and how to avoid foreclosure, visit the Short Sale Shift blog or you can also contact the Josh Pomerleau team and get started today.
Is It Troublesome To Work With Desert Schools Credit Union On Finishing A Short Sale?
Hello, my name is Kevin Kauffman, I am with Keller Williams and Group 46:10, considered one of the nation’s main real estate teams specializing in short sales. I’m here to talk to you right now about Desert Schools Federal Credit Union. I get about 2 or 3 calls per week from folks similar to your self who have been doing research on Desert Schools Federal Credit Union and whether or not or not they can do a short sale with them. I got to let you know, Desert Schools has been tough to work with. Over the years we now have worked with them so many instances that we’ve got been able to build some relationships there and understand their process so we are able to better serve our clients and their members.
Many individuals come to us as a result of they have heard that it is tough to work with Desert Schools Federal Credit Union and you know what, that may very well be true for many people. I consider that we understand their process now and we know how to best set up our clients for success in a short sale with Desert Schools Federal Credit Union.
So, if that’s you and you have a loan with Desert Schools Federal Credit Union, and also you want to talk to somebody who has got the expertise, then give us a call. We have dealt with them multiple instances and we’re positive that we can assist you. We have an nearly ninety% success rate, we have closed over 500 short sales now in the last four years. Again, I’m with Group 46:10, the nation’s main short sale teams. Give us a call. You possibly can reach us at 480-449-6642 or just fill out a form right here on the web site at Group4610shortsale.com. We’ll talk to you soon.
For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.
Can I Buy A House After I Short Sale In Minnesota
Hello everybody my name is Josh Pomerleau with Short Sale Shift, Minnesota’s premiere short sale staff, thank you for taking a minute to check out my blog. I work with Keller Williams Realty in the Minneapolis area and blog every single day from the short sale battlefield to share my short sale knowledge with owners seeking to avoid foreclosure. If my weblog is helpful immediately, or if you would like extra information, feel free to browse the over six hundred videos on my web site or contact me directly to discuss your options.
For my weblog subject at the moment I wanted to talk about when you should buy a house after completing a short sale. We’ve got had some success these days with householders discovering alternative ways to buy houses during or before their short sale is complete. By discovering a brand new dwelling before your short sale is approved a client remains to be seen as credit worthy and capable of qualify for a mortgage Traditionally it will take at the least three years to buy a home after finishing a short sale however there are some ways around this as well. One thing I strongly suggest is meeting with a credit score repair specialist to discuss certain ways to build up your credit rating faster. Another choice I have seen work is to apply for a mortgage at a smaller bank, or possibly a credit union, and explain why a short sale was necessary.
Usually instances our clients are good people who pay their bills but either purchased a house that depreciated in value or had a unforseen paycut or loss of employment. If you’re considering a short sale but in addition wish to own a house in the future contact me right this moment so we can discuss your options. Stop by my website right now to chat with a short sale specialist or contact me directly to set up a free consultation. Thanks in your time in the present day and I look forward to hearing from you soon at Minnesota’s premiere short sale team.
For more information on short sales and how to avoid foreclosure, visit the Short Sale Shift blog or you can also contact the Josh Pomerleau team and get started today.
What Kinds Of Liens Will You Negotiate For Your Clients?
Thank you for visiting me today; I am Saul Carter with Others Realty. We’re one of the top short sale teams in the Modesto area and we’d like to assist you with your short sale. I wanted to chat today about liens that we negotiate.
Usually the liens that we negotiate are with a first or second lien. I have conducted negotiating on third liens, but generally they are very difficult to work with. I’ve also done income tax liens and judgments. I have gotten all of those negotiated and completed. The one thing that I would advise you to do when we sit down to talk about short selling your home, is that you reveal all of your liens to me. I need to be made aware of all of the liens that you could perhaps have out there. It is better to know all of the information up front so that we can plan for it and account for all of them. It’s better if there are not any surprises in the end when we get an approval from the servicer, obtain the preliminary report and there is another lien there that was not divulged to us. If this does happen, it does not mean that the short sale can not be done, it just means that the short sale was not handled correctly.
Do not let having many liens or a different kind of lien hold you back from short selling your home. I can negotiate with the bank, get them to consent to a short sale and get your property sold. If you have any further questions or would like more information about liens that I will negotiate on your behalf, please fill out the getting started form on my website or give me a call today. Others Realty can help you short sell your home today.
For more information on short sales and how to avoid foreclosure, visit the Modesto Short Sale blog or you can also contact the Saul Carter team and get started today.
Are You Wondering If You Should Short Sell Your Property Or Wait Out The Market?
Are you curious if it is better for you to short sell your house or if you should stay in your house and ride out the crazy Phoenix market? My name is Fred Weaver and this is Kevin Kauffman; we’re one of the country’s best real estate groups specializing in short sale transactions and we are here today to answer that question: to short sell or stay.
Sometimes there’s an easy answer to that question and sometimes there’s not. It really is dependent on the real estate market and the area that you live in. For example, in the Phoenix area, last year over 100,000 houses were sold; it was the second best market in the history of Arizona real estate. While the market may be hot, the house prices are not increasing that much. When we talk about staying in your property or short selling, the answer may be different for everyone and that’s why we’ve come up with our special calculator. The Short or Stay Calculator, which can be found on our website and on the link below, determines whether or not a short sale is the right choice for you. It takes into consideration your mortgage payment, your current property value, the balance of your home loan and your interest rate. The calculator will create various reports showing you how much time it’ll take for you to break even on your house and how much money it will cost you in the end. It’ll also give you a few different examples and scenarios so that you can make the best financial decision possible.
Please give us a call today or fill out the form on our website allowing us to contact you. Group 46:10 can provide you with the knowledge and resources that you deserve to make the best financial decision possible. We have the knowledge and expertise that you deserve when it comes to short selling you property, so please call us today.
For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.