Josh Talayka | June 27, 2011
The Federal Housing Administration (FHA) offers qualified borrowers with non-FHA loans the option of refinancing into an FHA-insured mortgage. The current lender must also agree to write of a minimum of 10% of the current unpaid principle balance. In addition, all other lien holders must consent to allow the borrower to participate.
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:
Josh Talayka | August 6, 2010
The federal government’s guidelines for standardizing short sales have been in effect since April 5, 2010. These guidelines are an addition to Obama’s Making Home Affordable program. The new HAFA program is designed to offer an alternative solution in the form of a standardized short sale for homeowner’s who meet minimum eligibility for the Home Affordable Modification Program (HAMP), but are still unable or unwilling to work out a plan to stay in their home. The program offers cash incentives to borrowers who participate and ensure any remaining debt is forgiven.
