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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

Who Pays The Costs In A Northeast OH Short Sale?

Northeast OH – You may wonder why a sales contract says the seller pays for certain costs and yet the bank covers the costs. Here is how it works.

The sales contract may have a certain clause say: “Seller to pay title and seller’s documentary stamp taxes.” How does the bank pay that cost . . . → Read More: Who Pays The Costs In A Northeast OH Short Sale?

The Final Numbers On How A Northeast OH Short Sale Reduces Losses

Northeast OH – On our last blog post, we ran some numbers on why a short sale reduces a lender’s losses by 20% compared to a foreclosure.

Today I am going to add all the numbers together. That way we can see exactly how much this lender lost by not accepting the short sale.

. . . → Read More: The Final Numbers On How A Northeast OH Short Sale Reduces Losses

Should I Continue Paying My Credit Cards During A Northeast Ohio Short Sale?

Northeast OH – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul’s Question.

“I am selling my house as a short sale. I am behind on the mortgage payments. Do you think I should still pay my credit cards?” Paul.

Discover how other sellers successfully did a short sale to . . . → Read More: Should I Continue Paying My Credit Cards During A Northeast Ohio Short Sale?

Bank of America Makes Improvements to Short Sale Process

Bank of America may now be one of the preferred lenders to work with in the Short Sale process. They have been making several big improvements. This is good news if you are in a tough situation and Bank of America is your bank. It is promising news for everyone else too because we . . . → Read More: Bank of America Makes Improvements to Short Sale Process

Northeast OH Short Sales: Saint or Sinner? You Decide.

Typical Abandoned Real Estate

Northeast OH– The New York Time had an interesting article about one man’s mission in the fight to stop foreclosure. According to the article, Mark Guerette, attempted to make use of all the empty, abandoned houses he saw.

I get frustrated when I see homes sitting empty for . . . → Read More: Northeast Ohio Short Sales: Making Use of Abandoned Houses

Wells Fargo picks and prays re pick and pays

The Wall Street Journal had on article here about Wells Fargo’s loan modification strategy for it’s portfolio of negative amortization “pick a pay” loans which allowed owners to make interest only payments or even less while the balance would grow and while equity has shrunk… especially in this market.  Wells Fargo has nearly $107 . . . → Read More: Wells Fargo picks and prays re pick and pays

Get 15k check as reward for stealing a home in Cleveland

So if you buy a house for $150,000 house today you may get as much as a 15,000 dollar check back. That is in addition to any savings you… . . . → Read More: Get 15k check as reward for stealing a home in Cleveland