Are You Worried About Tax Ramifications In Doing A Short Sale?

Posted by webmaster on Jan 25, 2012 in Uncategorized | 0 comments

Hi, I am Kevin Kauffman. I’m part of Group 46:10, one of the nation’s leading short sale and real estate businesses based right here in Tempe. Are you having trouble making your mortgage payments or are tired of being upside down on your mortgage? We at Group 46:10 can provide you with various alternatives to alleviate some of these struggles. As one of the best short sale groups in the nation, we have finalized more than 500 short sales in the prior 4 years and have a closure rate of over 90%.

I’m here today to talk to you a little bit about short sales and tax ramifications. One of the issues that we hear quite frequently from potential customers is that they want to short sell their home, but are worried about the taxes they’ll have to pay after the sale. Maybe you have heard from other people that have done short sales that there were some tax liabilities and want to find out more.

The Mortgage Debt Relief Forgiveness Act, which ends at the end of 2012, permits homeowners, such as yourself, to not pay taxes on the forgiven amount if the home is their primary residence and the selling price is less than $2.5million. If you’re thinking about short selling your property, you need to act quickly because the transaction needs to be finalized by the end of the year in order to qualify for The Mortgage Debt Relief Forgiveness Act.

Please call us or fill out the form on our website, group4610shortsale.com, to find out more about this act or if you have questions about your specific situation. If you don’t qualify for this act, don’t let that keep you from short selling your propety. We have a couple of different ways to avoid paying taxes as well. A qualified short sale expert, such as myself and my business partner Fred, can discuss those different options with you.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

Deed in Lieu of Foreclosure to Stop Foreclosure

Posted by webmaster on Jan 25, 2012 in Foreclosure | 0 comments

There are many different options available to homeowners for stopping a foreclosure. Some of them include selling the property, bankruptcy, and deed in lieu of foreclosure just to name a few.

First, a foreclosure is the legal process a lender uses to take a home when a homeowner defaults or do not make their mortgage payments. Pre-foreclosure is the period prior to the foreclosure between the lender’s initial notice of foreclosure to the actual date of the foreclosure sale. All foreclosure sales can be halted at anytime during this period.

Second, a deed is the instrument that conveys or transfers ownership of a property from a seller to a buyer or a grantor to a grantee as in the case of a Deed in Lieu of Foreclosure.

In essence, the Deed in Lieu of Foreclosure strategy simply involves giving the property back to the bank. The grantor, the buyer, would convey or transfer the property through a Deed of Trust to the grantee, the lender. Both parties in the transaction must enter into the agreement in good faith and voluntarily. What this does is enacts the parol evidence rule, protecting the lender from subsequent claims that he or she acted in bad faith or otherwise pressured the borrower into this type of settlement.

Here are a couple of points a homeowner should know when considering a Deed in Lieu of Foreclosure:

1) your lender’s acceptance is completely voluntary. It’s not an obligation or a homeowner’s right,

2) it is best to have some equity to ensure the loan amount is covered when the property is sold, and

3) if there isn’t any equity and the lender accepts the Deed in Lieu of Foreclosure, then the homeowner may have to pay income tax on the difference.

For example, after returning the property to the lender, the home sold for $180,000. However, the homeowner owed $200,000; thus, the lender lost $20,000. The homeowner may have to pay income tax on that $20,000. Let me explain why this could be the case. When the money was borrowed to purchase the home, the homeowner was expected to repay the loan. When they didn’t repay, the lender and the IRS will look at that $20,000 as income to the homeowner because they received it, but did not pay it back. Consequently, if the homeowner didn’t include a clause stating that their lender will absolve any deficiency, then the homeowner could possibly be looking at a tax bill.

Deed in Lieu of Foreclosure is just one of several options available to homeowners for stopping a foreclosure. Remember the lender is not obligated, but if conditions are right they will gladly accept the property.

Avoid Foreclosure Hell eBook is for immediate download at http://www.HelpStopTheForeclosure.com It is an excellent resource for solutions to stopping foreclosures.

CP Howard is the co-founder of MaxCap Realty, which is a real estate company assisting buyers and sellers with brokerage, consulting, and investment services. He is a licensed real estate broker, consultant, mentor, and teacher in real estate and finance, as well as an REO Broker in the St. Louis metro area.

Website: http://www.MaxCapLLC.com

Article Directory: EzineArticles http://ezinearticles.com

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

What Are Your Short Sale Options?

Posted by webmaster on Jan 24, 2012 in Uncategorized | 0 comments

Hi, are you considering a short sale however you are not fairly positive of what your choices are? Well, my name is Kevin Kauffman and I’m part of Group 46:10, Tempe’s premiere short sale team and Tempe’s premiere short sale team. I’m here to let you know that you just do have options and I’d love to talk to you about them. My group and I have closed over 500 short sales within the last four years. We’re right here that can assist you so in case you need any assistance, whether you will have an FHA loan or maybe you have received a VA mortgage, we are able to help. Possibly you’re not sure as a result of there are different guidelines around FHA and VA loans in comparison with loans with your typical credit union or with Bank of America or Wells Fargo.

Come to the experts and get a free consultation with us. We would love to speak to you about what your options are. We’ve worked with each bank out there. We have worked with over a hundred banks. We have handled Fannie Mae and Freddie Mac, and FHA and VA, and anybody and everybody in between and we all know that we will assist you.

So please give us a call today. You may reach us at 480-449-6642. You may as well fill out a form here on our website. Should you’re not on our website, you can visit us at Group4610shortsale.com. Here you may get your free short sale decision calculator outcomes in addition to request an in person meeting. We’d love to talk to you about your options and if a short sale is right for you, we’d love to assist you. Thanks a lot and have a great day.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

Are You Thinking About Strategic Default?

Posted by webmaster on Jan 23, 2012 in Uncategorized | 0 comments

Hi, have you been considering strategic default? My name is Kevin Kauffman and I am part of Group 46:10, the best short sale business in Tempe. I’m here to tell you that you have alternatives if you are considering strategic default. More specifically I want to talk to you regarding the actual consequence of strategic default as it pertains to the amount of money that it will take you to do it.

My business partner, Fred, and I have created a program named the Short Sale Decision Calculator to help individuals like you find out whether or not a strategic default is best for them. If you click on the link below or visit our website, group4610shortsale.com, it’ll take you to a website where you will be shown the value of your house and ask you to input your interest rate, the unpaid principal balance on your loan and your monthly payment. By putting in this information, we’ll give you a report that will show you how much time it will take for the value of your home and the amount you owe to be the same, as well as the amount of money it will take to get you to that point. This free report will provide you with the information you need to determine whether or not strategic default is the right choice for you or if you should do a short sale.

Should you decide a short sale is the best decision for you, we’d love to help you out. We’ve closed over 500 short sales in the past few years and have over a 90% completion rate. Please either visit our website or call us today so we can set up a free consultation. Group 46:10 can help you avoid foreclosure, get out from your upside down mortgage and successfully short sell your home, so please contact us today.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.