California Short Sale Tax – What are the California Short Sale Tax Rules?
[caption id="attachment_19183" align="aligncenter" width="300"] Phantom Income From a Short Sale... - Is it Taxable in California?[/caption] Sacramento Short Sale Specialist Reports: I used to hear it all the time, now most people know that the amount written off by the bank is actually income! The IRS/California franchise tax may tax you on the amount of the forgiven debt! "How could I owe taxes on a short sale?" So I may owe taxes on on a short sale? Taxes on what? I didn't make any money! What are the California Short Sale Tax laws? Short Sales and Cancellation of Debt The IRS and State of California may tax you on the amount of the forgiven debt. (Forgiven debt through foreclosure, with a loan mod or Short Sale.) Questions on...
Short Sale Mortgage Debt Relief: Taxed In 2013
[caption id="attachment_5851" align="aligncenter" width="500" caption="Sacramento Short Sales will become taxable in 2013"][/caption] Short Sale Tax, Loan Modification Tax and Foreclosure Tax... And you thought your only problem was a mortgage that had bloated out of hand... Forth Hoyt, Certified Sacramento Short Sale Agent explains: The Mortgage Debt Relief Act of 2007 will expire on December 31 2012. Now the IRS is going to want to tax you at regular income tax rates, for the mount the banks write off in your foreclosure, loan modification or short sale... Directly from the IRS Website: The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in...
Folsom Short Sale Specialist Agent Reports Folsom Short Sales
[caption id="attachment_5763" align="aligncenter" width="484" caption="Folsom Short Sale Specialist Reports Short Sales In Folsom July 2012"][/caption] We have seen a huge decrease in overall homes available in Folsom, From over 150 homes available every month a year ago, to less than 70 homes per month available this year! The July Folsom Short Sale Report shows short sales in Folsom are now finally closing faster than they are being listed- new Folsom Short Sales have been reduced by 74% year over year! 1 month 1 year June 12 July 12 % Change July 11 July 12 % Change For Sale 12 13 8.3% 50 13 -74% Sold 23 20 -13% 25 20 -20% Pended 20 36 80% 29 36 24.1% ; Are you struggling with a bloated payment? See http://howtokeepmyhome.info and also look at How to Stop Folsom Foreclosure Sale Date with Folsom Short Sale Specialist Or are you working...
Newest Foreclosure Law in California- California Homeowner Bill Of Rights Information
[caption id="attachment_5722" align="aligncenter" width="455" caption="Assembly Bill 278 and SB900 become California's newest foreclosure law"][/caption] The bill, introduced by Attorney General Kamala Harris and championed by homeowners and consumer advocates, was signed by the governor the other day. Does this mean no more Short Sales going to foreclosure at the 11th hour? Is it possible this could stop lenders and servicers from running foreclosures and short sales simultaneously, with no communication between departments? Only time will tell, but Sacramento Short Sale Agents like me are hoping! “The California Homeowner Bill of Rights will give struggling homeowners a fighting shot to keep their home,” said California Attorney General Kamala D. Harris. “This legislation will make the mortgage and foreclosure process more fair and transparent, which will benefit...
Certified Short Sale Expert Sacramento, CA
When you know you need answers, need to know your options and have questions about your situation... Contact a Certified Short Sale Expert in Sacramento Trained and Certified to Short Sale Sacramento Real Estate; Trained and Certified to Negotiate With your Bank On Your Behalf: Certified Short Sale Expert Sacramento My Certifications Include: CRS, CDPE, Certified HAFA Specialist, PFC, RDCPro, A-REO, SFR, SRES, e-PRO, Master's Club Life Member Certified Mortgage Resolution Specialist Certified Home Retention Specialist Certified Pre-Foreclosure Specialist Short Sale And Foreclosure Resource Designation I collaborate with many of the nations top Short Sale Specialists and stay on the cutting edge of the newest default industry developments, guidelines, procedures and trends... Questions About Your Situation? We are Certified and trained to help you through the short sale process. The certified short sale specialists at...
Does Your Realtor Specialize in Loan Modifications and Short Sales?
[caption id="attachment_5308" align="alignright" width="272" caption="Loan Modifications, When Succesful Will Provide Long Term, Sustainable Solutions "] As a Certified Short Sale Agent, I specialize in helping homeowners weather the mortgage storm. Those of us who bought a home over the past five years or so, had no idea about the kind of economic upheaval that was going to follow. In fact, it appears that no one actually anticipated what was in store. But here we are. An estimated one fourth of the mortgage holders in the country owe more on their home than its current market value. One out of seven are in some state of default or foreclosure. And possibly the most troubling statistic of all: the vast majority of homeowners who...
Can My Second Loan Sue Me? Whats The New Law In California Regarding Short Sales?
[caption id="attachment_5824" align="aligncenter" width="287" caption="California FRecourse Law Signed"][/caption] What Happens To Second Mortgage on a Short Sale? Can My Second Mortgage Come After Me After I Do A Short Sale? Will My Second Loan Try To Collect? Can My Lender Sue ME? Will I have To Pay My Lenders Back After A Short Sale? What Is The New Short Sale Deficiency law In California? How Can I Find The Best Short Sale Agent? What Is The New Law Regarding Short Sales In California? After a foreclosure... Second Mortgage Recourse in California As a Sacramento Short Sale Specialist, Multi-Certified Short Sale Negotiator and Experienced Short Sale Agent, I must stay abreast of the continuous changes in California Foreclosure Law . I spend a large part of my...
Folsom Short Sale Agent Explains Short Sale Process to Short Sale Candidates in Folsom
[caption id="attachment_4902" align="aligncenter" width="275" caption="How To Short Sale 101: By Folsom Multi-Certified Short Sale Specialist Forth Hoyt"][/caption] What is a short sale? A Short Sale in real estate is when a home is sold for market value that is lower than the amount of the debt owed. The Short Sale Process is actually two transactions running side by side, more or less simultaneously. The first transaction is just "real estate 101". This is the transaction between you, the Folsom Short Sale Seller and the short sale buyer. This transaction contains all the traditional real estate time-lines, disclosures and contingencies but also additional addendum's and disclosures letting all parties know that, among other things, it is contingent upon third party approval. The other transaction is...
Chase Outreach Short Sale Program Helps Sacramento Investor
[caption id="attachment_4822" align="aligncenter" width="259" caption="Chase's New Short Sale Outreach Program Pays Owners To Participate- And Stay Out Of Foreclosure!"][/caption] Can You Short Sale your Home With A Chase Loan? Chase Bank Has a New Short Sale Outreach Program... A last minute Google search for Sacramento Certified Short Sale Specialist brings me another Sacramento Short Sale and helps another borrower avoid foreclosure! Has Chase Contacted You By Mail With Information About The J.P. Morgan Chase Short Sale Incentive Program? Call 916-316-3810 or Contact us Today At Forth Hoyt’s Sacramento Short Sale Center I was contacted yesterday by an investor who owns a Short Sale A triplex in North Sacramento in the 95838 Zip Code. She frantically explained that she needed to get her property listed...
Three Distinct HAFA Programs…
[caption id="attachment_3690" align="aligncenter" width="300" caption="Short Sale Help"][/caption] Sacramento Short Sale Certified Specialist Forth Hoyt Explains and Shares Information on HAMP and HAFA, and shows Sacramento Short Sale Homeowners how they are the same programs. Read on to find out and guidelines for the three different HAFA programs. I have been on a Short Sale Webinar with Partner First Nationwide real Estate Network (where I got my PCS SHORT SALE Certification)with Scott Thompson - It was called "Pre-Listing Appointment Strategies in Today's HAFA Era. " The program included great information on the three distinct HAFA programs out there. This information just affirmed what I have always done and continue to do: to help Sacramento Short...
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