Posts Tagged: "Short Sale"

Mortgage Debt Forgiveness Taxable in 2014

Chicago Tribune Real Estate answers questions about Mortgage Debt Forgiveness in 2014.

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Biggest Home Price Increase in 6 Yrs

CareLogic® reports that nationwide home prices, including distressed sales, increased ona year-to-year basis by 8.3% in December 2012 compared to December 2011. This represents the biggest increase since May 2006 and the 10th consecutive monthly increase in home prices nationally.

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Mortgage Debt Relief Extended

The final act by the 112th Congress to avoid the fiscal cliff was a significant victory for homeowners. As a part of the legislation that cleared the US House of Representatives, Congress extended the cancellation of the mortgage debt relief provision for one year, through the end of 2013.

What does this mean?
If a lender forgives some portion of a homeowner’s mortgage in 2013, either as part of a short sale or foreclosure, or in a loan restructuring that reduces principal, the owner/seller will not be required to count that forgiven amount as income for tax purposes.

Why is it important?

  • Homeowners shouldn’t be forced to pay a tax on money they’ve already lost with cash they never received – and will never receive.
  • More than 20% of current homeowners with a mortgage are in a distressed financial situation and owe more on their homes than the current market value.
  • The housing market, while recovering, is still fragile enough that this tax relief is necessary to provide stability in the coming year.
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Short Sell To Avoid Foreclosure

Short Sale is a good option for struggling homeowners that are facing foreclosure. This MSN Real Estate article goes over some of the benefits.

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Mortgage Debt Cancellation FAQ

If you are considering a Short Sale, understanding what Mortgage Debt Forgiveness is and how it works is important. This article explains everything you need to know.

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MFDRA to expire end of 2012

Unless Congress extends the Mortgage Forgiveness Debt Relief Act, it will expire at the end on 2012. If you are considering short selling your home, don’t wait to see if this gets extended.

Read full article Mortgage Forgiveness Debt Relief Act Set to Expire at End of 2012 on

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Short Sale Incentives

Banks are paying homeowners as much as $35,000 to short sell their homes before they end up in foreclosure? Sounds too good to be true, right … but that is exactly what this CNNMoney article confirms.

Read full article Banks pay delinquent borrowers $35,000 to sell their homes on CNNMoney

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Must-Knows for Short Sale Buyers

Are you considering buying a short sale? Here is a good article that sheds some light on how the process works.

Read full article Must-knows for short-sale buyers on Inman News

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Foreclosure vs Short Sale

Download Foreclosure vs Short Sale PDF

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Government Short Sale Guidelines

Download Government Announces Short Sale Guidelines PDF

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