Josh Talayka | February 25, 2011
When a property is sold as a short sale or lost to foreclosure, it is treated as a sale or exchange from which you may realize a gain or loss. The amount of debt that is forgiven is seen as a gain since this is an amount you will no longer have to pay in the future. Except in cases of a gift or bequest, you must include cancelled amount of debt which you are personally liable for as income. However, all or a portion of this canceled debt may be excluded as income under the following exclusion classes:
Category: Short Sale & Foreclosures, Tax |
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Tags: Bankruptcy, cancelled debt, Chase International, debt forgiveness, FMV, Foreclosure, Insolvency, Nevada, NV, Principal Residence Indebtedness, Real Estate, Real Property Business Indebtedness, reno, short sale, Talayka, Tax implications, www.sellinghomesinreno.com, www.sellingnorthernnv.com
Josh Talayka | February 22, 2011
When making the decision to walk away from your home (whether a strategic walk-away or hardship), the first question always asked is; why bother going thru a short sale, rather than just letting the bank foreclose? Although to most a short sale may be the obvious choice, the answer may vary depending on a person’s individual circumstance. However before making the decision, you should always take into account all the future ramifications of your decision. Here is a simple comparison chart of the different ways a foreclosure vs. a short sale will affect you in the years following your decision:
Category: Short Sale & Foreclosures |
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Tags: Chase International, Credit, deficiency judgment, Employment, Fannie Mae, Foreclosure, mortgage, Nevada, NV, Real Estate, reno, Security Clearance, short sale, Talayka, www.sellinghomesinreno.com, www.sellingnorthernnv.com
Josh Talayka | February 19, 2011
When the HAFA program became effective on April 5, 2010 for most lender, mortgage giants Fannie Mae and Freddie Mac announced that they would eventually be participating in the program, but only when they have put into place their own alternative guidelines for the program.
On June 1, 2010, Freddie Mac released their HAFA guidelines.
Category: Freddie Mac, HAFA |
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Tags: Chase International, Deed-in-Lieu, Foreclosure, Freddie Mac, HAFA, Home Affordable Foreclosure Alternatives, Nevada, NV, Real Estate, reno, short sale, Talayka, www.sellinghomesinreno.com, www.sellingnorthernnv.com
