Are taxes due on your foreclosure?
Taxing your loss Nobody has to pay taxes on a loss, no matter the source. But you may have to pay taxes on a partially forgiven mortgage loan. The rule: While borrowed money isn’t regarded by Uncle Sam as income, if you don’t pay it all back, the unpaid balance is taxed just like income.…Read More
Number of Short Sales Dropping
What goes up, must come down. While the price of homes and the number of home sales continues to rise each year, the number of short sales has dropped. Short sales, which are home sales in which the sale price is less than the total of the outstanding mortgages secured by the property, made up…Read More
Number of short sales falling
Over the past few months the number of short sales has gradually been falling. According to a RealtyTrac report, fewer lenders are willing to sanction short sales due to the fact that property prices are increasing. The article in Inman News shows that in October, national short sales accounted for just 5.3% of all sales…Read More
Home prices to climb across Front Range
The Northern Colorado housing market continues to recover, and buyers are looking east more than ever. That was a message delivered Thursday when experts from the Everitt Real Estate Center in the Colorado State University College of Business presented a 2014 real estate forecast at Embassy Suites in Loveland. Drawing on research conducted by an…Read More
Homeowners can get a home loan after short sale
After you go through a short sale, the dream of homeownership doesn’t have to end there. Homeowners who sell their homes for less than what they owe can qualify for a home loan again. They’ll need persistence and strong credit discipline. In today’s tight lending environment, many homeowners tend to think it’s nearly impossible to…Read More
People Filing for Foreclosure in Colorado dropped Drasctically in April
The Foreclosure-filing rate for Colorado in April dropped 68.7 percent from April 2012 and 34 percent from March, according to RealtyTrac’s monthly foreclosure report. Colorado had the 36th highest foreclosure-filing rate in the nation last month — its a solid improvement from having among the top 10 highest rates in the country for much of the…Read More
Should You Choose a Short Sale Over a Foreclosure?
By Elizabeth Weintraub, About.com Guide Short Sale Benefits Here are a few benefits for doing a short sale that may not have occurred to you: You are in control of the sale, not the bank. You may sleep better at night knowing who is buying your home. You will spare yourself the social stigma of…Read More