Tag Archive

Tag Archives for " lenders "

Preparing for a Gainesville Short Sale

Most of the sellers I have had contact with are good people who fell upon hard times and many of them are embarrassed about the down spiral of their credit. It is unfortunate that many of them have to borrow money or exhaust their savings just to pay their mortgage dues, in hopes to postpone the inevitable and most undesirable circumstance. There are also people who couldn’t care more and just walks away. These are the people who will least likely be qualified for short sales. They just leave the keys and run after they have milked the system for all they can.

IMPORTANT TIP: Lenders cannot force homeowners to liquidate their 401Ks or certain retirement accounts but they can turn down a short sale should they see that the assets are too much in their retirement accounts. While the homeowner’s retirement savings might be safe, if their lender insist on having them pay a deficiency on the sale of their home through short sale, their lender has the legal right to pursue them.

Should you decide to proceed with the short sale, then have following questions ready for your Gainesville Short Sale Agent:
– How much have you paid for your house?
– Have you escrowed your taxes and insurance?
– Is this your primary residence?
– Have you lived in this house for at least two years out of five years?
– Have you ever been relocated for work?
– When was the last time you made payments for your mortgage?
– Are you current on your HOA?
– How many loans does this property have?
– Did you get the loans when you bought the house?
– Did you take out an 80/20 loan, 80/10/10 loan? (those are usually HELOCs on the 20/s and the 10/s)
– Have you refinanced the house since you bought it? When was that?
– Did you take out a home equity line of credit (HELOC) after you bought the house?
– What did you do with the loaned money from the equity line?
– What improvements have you made on the home?
– Have you taken before and after photos of repairs made from HELOC loan?
– What is the present condition of your house?
– Was your house tested for Chinese Dry Wall?
– Who do you pay to for each loan?
– Does your lender have mortgage insurance on the house?
– Have your lender sent any notices or letters?
– Have you ever been served with summons and complaints?
– Do you happen to know the owner of your note?
– How many of your family members live in the house?
– Are there grown children or unemployed relatives living in your household?
– Do you have a parents or grandparents living with you?
– How long have you been unemployed? (if unemployed)
– Do you have medical bills? How long have you been in the medical condition?
– What is the complete address of the house you need to short sale?
– Have you tried selling your house?
– If your house have been listed, how long was it listed and for how much?
– Do you have personal retirement accounts? If yes, How many?
– Do you still have any other money available anywhere?
– Do you have any other properties?
– If this is not your primary residence, is this rented out?
– Do you have a statement of profit and loss for this rental?
– Were you able to file last year’s tax return?

Other Articles to Read:

More homeless? Where will the mortgage settlement fund go?

My Gainesville Short Sale Appraisal Came in Low, Now What?

Gainesville Short Sale Qualification Process

When Can you Own a Home Again After Foreclosure?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Gainesville Short Sales Update: If You Have A Short Sale Or Foreclosure, You May Owe Federal Income Taxes In 2013

Short Sale Agents in Gainesville Florida Update – Please let your clients know that if you have a short sale/foreclosure succeeding this year, you may owe income taxes in 2013.

Homeowners have until Dec. 31, 2012 to undergo a short sale or foreclosure without suffering tax consequences – only when the debt has been released by the lender. The rules will change on January 1, 2011. Federal income taxes will be imposed on the amount that the lender forgives in a foreclosure or short sale. Example, if a home has been sold at an amount which is short of the amount owed on the mortgage by $50,000; the homeowners will be charged federal income taxes on the $50,000. The homeowners under the 25 percent bracket would owe $12,500 and those under 15 percent tax section would owe $7,500.

It is necessary for the bank to officially sign off the loan in writing before Dec 31 or else, homeowners would be on the curve even when the home is sold. This law took effect five years ago when the housing market nationwide crashed.

According to the Internal Revenue Service, one of the provisions of Mortgage Debt Relief Act of 2007 is to allow taxpayers to exclude income from the discharge of debt on their principal residence. Qualifying for the relief are debts reduced through mortgage restructuring and mortgage debt forgiven in connection with a foreclosure. According also to IRS, debt that will be forgiven this year would reach up to $2 million – $1 million if married and filing separately.

Short Sale Agents in Gainesville Florida consider it a relief that homeowners declaring bankruptcy could be exempted from paying income taxes on any cancellation of debt income if the debt is forgiven in the bankruptcy even if the debtor is solvent. Homeowners may not be required to pay income taxes on any debt income cancellation if their debts go beyond the value of their properties.

Lenders have been exerting efforts to speed up the short sale process. But there are instances that short sales are disrupted. An instance would be when there is a disagreement with the terms and another is when the would-be buyer chicken out off the deal.

I am not an attorney and the statements above are not legal counsel.  Please seek advice from your Attorney or CPA regarding taxes and the implications of your short sale.

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.