Hope for Short Sales in 2013 – Congress is Working to Extend COD Income Tax Exemption

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This is not legal advice.  For legal advice, consult an attorney, not a blog.  Furthermore, the post below addresses some BUT NOT ALL issues relating to foreclosure, short sale, etc., and the following analysis is cursory and not complete.  If you face a foreclosure or are considering some alternative, you should obtain legal advice. The Senate Finance Committee […]

When is Foreclosure Right for You? Part 2 of 2

This post is not legal advice. It is a general discussion of SOME of the relevant legal issues surrounding foreclosure. If you are considering or facing foreclosure, you need specific legal advice for your particular situation. Consult an attorney in your area. In my last post, I discussed the difference between a judicial and a […]

When is Foreclosure Right for You? Part 1 of 2

This post is not legal advice. It is a general discussion of SOME of the relevant legal issues surrounding foreclosure. If you are considering or facing foreclosure, you need specific legal advice for your particular situation. Consult an attorney in your area. Practically every day, I get a call from a potential client wondering what […]

President Obama’s Foreclosure Rescue Plan: Loan Modification Analysis

Underwater homeowners looking for a bailout from President Obama’s Foreclosure Rescue speech might be wise to think very carefully about all the possible consequences of grabbing the new loan modification offer. The White House press release on the full plan is located here. President Obama’s plan offers homeowners in trouble a helping hand, at the […]

Question for Attorneys: Federal Tax Liens & Foreclosures

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Could someone with Foreclosure sale experience answer the question below?  Or, at least discuss the possible outcome? Scenario: A homeowner has a Federal Tax lien against the property.  The homeowner is delinquent on their mortgage and it goes to Foreclosure.  At the Foreclosure sale, the property then goes back to the lender because there were […]

Is a "short sale" a bargain?

Actual info from recently closed short sales: 1) The owner bought it in September of 2005.  They did so many cashout refinances since time of purchase, that I can’t see what the downpayment was at time of purchase.  They tried to sell it for 30% more than they paid for it exactly two years after they bought […]

Foreclosure; Losing the American dream

This is Part One of a series of articles on the foreclosure process. This article does not constitute legal advice. Foreclosure laws vary from state to state. Homeowners in financial distress should always hire legal counsel. Call your local state bar association for a referral.  Reduced or free legal aid may be available in some […]

Quick snap shot of recent Snohomish Co. Notice of Trustee Sales (foreclosure)

Spending time at the Snohomish Co.  excise tax and recording office today afforded me the opportunity to pull some records on current Notice of Trustee Sales recorded from Sept. 1, 2008 to today.   There were more than the 36 in my sample before I became restless and bored with basically the same theme that I […]

Homeowners in Foreclosure Should Hire an Attorney

When I teach the Short Sale class, I say many times during the class that homeowners selling short and homeowners in default should always be directed more than one time to seek legal counsel. Sometimes homeowners in financial distress don’t hear you the first time. Just handing them the agency pamphlet isn’t enough. Attorneys can […]

An Early Holiday Present

Yesterday, The Mortgage Foregiveness Act of 2007 was passed effectively getting rid of the question, “will I be taxed on a short sale?” Prior to this action, the forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure was potentially taxable to the borrower. As agents we always have had to warn our […]