As a Reno – Sparks real estate consultant I encourage any questions or comments on the Reno – Sparks real estate market or about any of the articles I post. You can email me at chance@ballard-company.com
What happens is that people who finally get through a foreclosure or short sale transaction are relieved and think they’re done. You see, whether you foreclose or short sell, there is money that was owed but not paid back. I know this is strange, but the IRS sees this unpaid money as earned income that they then tax you on.So what is the best way to stop this?
You get expert advice on how to qualify and file for something called the Mortgage Forgiveness Debt Relief Act this is why it is always recommended to consult with a CPA and an attorney. The key to avoiding or reducing your tax responsibility after a short sale or foreclosure is to make sure you know all the options in advance. Being prepared with all the correct forms filled out could say you a huge headache in the end.
A person I know has been trying to refinance his house for over 14 months. He needed a lower monthly payment in order not to lose his house. His bank was not cooperating with him so he contacted his senator. Once his senator’s office contacted the bank and identified themselves they were transferred to the president of the company. In efforts to shorten a longs story, the interest was reduced to 4% for 5 years and the principle was reduced by $50,000. The most incredible part is this all happened in less than 2 weeks. Once again please understand, I cut a lot of things he did in order to keep this article short.
As a Reno – Sparks real estate consultant I encourage any questions or comments on the Reno – Sparks real estate market or about any of the articles I post. You can email me at chance@ballard-company.com
On February 18, 2009, President Obama announced his Homeowner Affordability and Stability Plan, designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.
The key components of the plan are:
1. Government Sponsored Enterprises (GSEs) Refinancing for Up to 4 to 5 Million Responsible Homeowners with GSE loans to Make Their Mortgages More Affordable
2. A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners
3. Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac
from realtor.org
As a Reno – Sparks real estate consultant I encourage any questions or comments on the Reno – Sparks real estate market or about any of the articles I post. You can email me at chance@ballard-company.com
NV – For first-time buyers, 2009 may be the best year ever to buy a home. Nevada Rural Housing Authority’s Home at Last™ MCC Program, coupled with the government’s stimulus plan that includes significant tax credit for first time home buyers, plus the lowest home prices in years, has created a perfect storm for those who have been shut out of the housing market in recent years.
A tax credit up to $8000 is now available for qualified first-time home buyers purchasing a home between January 1 and December 1, 2009. This tax credit does not have to be repaid. The program can be paired with the newest NRHA first time home buyer program to provide significant tax savings.
“The planets have aligned for first-time buyers,” says CJ Manthe, COO of Nevada Rural Housing Authority. “Government stimulus tax credits and Home at Last™ MCC tax credits can provide a qualified buyer with thousands of dollars in savings not just in the first year, but throughout the life of the loan.” Manthe notes that with all the available housing inventory and prices that continue to drop, a first-time rural buyer has a unique opportunity to get into a great home.
Many real estate experts are predicting that home prices are nearing the end of their decline and will bottom out this year. While a current homeowner may see their equity drop, a first-time buyer can take advantage of the lowest housing prices in years.
Article from www.nvrural.org
As a Reno – Sparks real estate consultant I encourage any questions or comments on the Reno – Sparks real estate market or about any of the articles I post. You can email me at chance@ballard-company.com
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