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A Few Instances Where You May Owe Income Taxes After A Northeast OH Short Sale

Northeast OH – The Mortgage Forgiveness Debt Relief Act of 2007 allows most people to short sale their home and not owe any income taxes on the forgiven debt.

However, there are a few situations where a homeowner may still owe taxes after a short sale.

Click here to discover how other sellers successfully . . . → Read More: A Few Instances Where You May Owe Income Taxes After A Northeast OH Short Sale

Northeast OH Short Sales: So How Does The Mortgage Forgiveness Debt Relief Act Help You?

Northeast OH – In our last blog post we explained that the Mortgage Forgiveness Debt Relief Act does not automatically release you from your mortgage debt after a short sale.

So, what does this law cover? What does it do? I’ll answer that question today.

Click here to discover how other sellers successfully did . . . → Read More: Northeast OH Short Sales: So How Does The Mortgage Forgiveness Debt Relief Act Help You?

A Common Northeast OH Short Sale Myth: Everyone Who Short Sells Their Home Will Be Released From The Debt

Northeast OH – Be careful who you take short sale advice from. Unfortunately, not everyone knows and understands short sales.

Here is an example of the myths propagated by people who think they know and understand short sales. I received an email from another agent recently.

Click here to discover how other sellers successfully . . . → Read More: A Common Northeast OH Short Sale Myth: Everyone Who Short Sells Their Home Will Be Released From The Debt

Northeast OH Short Sale Myth: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency

Northeast OH – I recently heard another so-called short sale expert say that the Federal Mortgage Forgiveness Debt Relief Act made it so that everyone gets to short sale with no deficiency

The unfortunate news is that this is not true. In some state, state law forbids the lenders from attempting to collect from . . . → Read More: Northeast OH Short Sale Myth: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency

Northeast OH Short Sales: How do I benefit from a Short Sale?

Northeast OH – The Stop Foreclosure Institute is closing another short sale tomorrow. The sellers had a job transfer out of state. They were short selling an FHA loan with a second mortgage. The short sale was fairly simple because FHA’s short sale guidelines.

Click here to discover how other sellers successfully did a short . . . → Read More: Northeast OH Short Sales: How do I benefit from a Short Sale?

Northeast Ohio Short Sales: Will I Owe Income Tax After A Short Sale?

Northeast OH – This is one of the first questions potential short sale sellers ask us. “I heard of something called “forgiveness of debt income and that it is taxable. How does that work?” they ask.

The following article is my personal opinion only. I recommend that you consult with a competent legal or . . . → Read More: Northeast Ohio Short Sales: Will A Short Sale Cost Me At Tax Time?

Should I reaffirm my mortgage after bankruptcy- letter of affirmation

I recieved the following question: I have been working with my mortgage company since 6/2009 on home modification. In 9/2009 I received a letter stating I was approved for the modification and should receive the solution package in 5-7 bus. days. I never received it and after hundreds of calls to the Mortgage company I received a letter on 12/17/09 stating I was denied and in default of over 12,000.00 & facing foreclosure. I started Chapter 7 Bankruptcy and now mortgage company is telling me they can complete the modification if my lawyer sends them a letter of affirmation. I have no idea what this means or what to do.> . . . → Read More: Should I reaffirm my mortgage after bankruptcy- letter of affirmation