Short Sale

Great News for 2013 Short Sale Sellers

SHORT SALES NOT SUBJECT TO STATE OR FEDERAL INCOME TAX FOR CANCELLATION OF DEBT Short sales in California are generally not subject to state or federal income tax for cancellation of debt. The Franchise Tax Board (FTB) issued a letter yesterday stating that, as nonrecourse obligations, short sales in California are not subject to state income tax for cancellation of debt. The FTB's position conforms with...

Foreclosures Way Way Way Down! Are Bank Repos a Thing of the Past in Orange County?

Foreclosures Way Way Way Down! Are Bank Repos a Thing of the Past? Take a look at the latest Foreclosure Radar report from (www.foreclosureradar.com) and you will see that the number of foreclosures notices filed in Orange County is down nearly 51% from a year ago! DOWN FIFTY ONE PERCENT!!! Two things are obvious: 1) Banks are foreclosing on fewer homes. 2) There are fewer homes to foreclose because...

Bank delays cause investor to lose an additional $100,000 on Short Sale

In April 2010 I began working with a client who could no longer afford their mortgage. A recent traffic accident, medical leave, and a newborn baby all contributed to the financial hardship this family was going through. They did everything right. They had heard about the ability to get a loan modification through a government program and successfully got a loan modification from their interest only loan...

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