Josh Talayka | July 11, 2011
The Nevada Mediation Program gives homeowners facing foreclosure the option to mediate an alternative to foreclosure. Since the program came into existence, it has successfully helped many homeowners find a solution with their lenders, who otherwise would have suffered a foreclosure.
Josh Talayka | June 3, 2011
Although a foreclosure may be done outside of court, the lender must still adhere to very specific procedures and timeframes that are defined by law. Once all the timeframes and requirements above have been met, the lender may carry out their foreclosure sale (Trustee’s Sale). Following the foreclosure, the lender may still be able to sue the borrower for any deficiency in the amount received from the trustee’s sale.
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:
