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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

Worried About Owing Money After A USA Short Sale?

Northeast OH – We recently received an email from Joy. She was thinking about a short sale, but was worried about a deficiency.

Here is a sentence from her email: “We obviously want to get the price as close to fair market value as possible to eliminate or reduce any deficiency the bank may . . . → Read More: Worried About Owing Money After A Northeast OH Short Sale?

Northeast OH Short Sale Question: Will I Wipe Out The Debt When I Short Sale?

Northeast OH – The Stop Foreclosure Institute recently received a question from Kevin. Here was his question.

“I am upside down on my house. I owe over 700k and I have been told that it is now worth under 400k. I just hate to think how much it will cost me over the long . . . → Read More: Northeast OH Short Sale Question: Will I Wipe Out The Debt When I 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?