MIchigan Short Sale Tax Update for 2015

The Mortgage Forgiveness Debt Relief Act has been formally and retroactively extended through December 31st, 2014. This is certainly great news for homeowners who’ve already completed their short sale – but what about homeowners who have active unclosed short sales, or individuals who are perhaps considering a future short sale? For many homeowners who participated in a short sale this past year, the Senate’s final hour extension of the Mortgage Forgiveness Debt Relief Act through December 31st, 2014, will come as a late but welcome Christmas present! The Mortgage Forgiveness Debt Relief Act of...
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Michigan Short Sale Preparation…

Since circumstances will typically differ greatly from homeowner to homeowner, it’s important that you speak with a short sale specialist to conclusively determine whether a short sale is right for you. This is no universal process or statement that can be broadly applied to all short sale candidates. Believe it or not, you can actually know the ultimate outcome of your short sale, prior to even beginning the process. After factoring in variables such as the number of borrowers, the current loan balances, the current value of your home and whether you’re delinquent or up to date on payments...
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Michigan Short Sale Timelines…

The short sale is an incredibly bank specific process. All mortgage companies have differing short sale processes. Some banks may only take a few weeks to approve a short sale, while others may take a few months. While the actual bank(s) involved your transaction will partially dictate some aspects of the timeline and overall outcome, the remainder of the short sale process is fairly standard, and easily broken down into 5 simple steps: Step #1 – Determining the Probable Outcome of Your Short Sale While this first step may seem out of order – determining the most probable outcome of your short...
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Top 5 Most Qualifying Short Sale Hardships…

Do you think a short sale might be the best option for you – but you’re worried that you might not qualify for a short sale because you don’t have a valid hardship?  Today I’ll share a few of the most effective and qualifying short sale hardships. Unemployment or Anticipated Unemployment If you’ve lost the ability to make your monthly mortgage payment due to unemployment – or you simply anticipate that will be the case in the near future – you likely have a rock solid qualifying hardship for a short sale. Under-Employment or a Reduction in Household Income If your income is...
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The Top 5 Michigan Short Sale Laws

Short Sale Tax Laws – The Mortgage Forgiveness Debt Relief Act For short sale transactions closed on or before December 31st, 2014 – in most cases, the vast majority of the associated homeowners will be exempt from paying taxes on the difference between what they originally owed on their mortgages and what their home’s ultimately sold for during the short sale. The Mortgage Forgiveness Debt Relief Act was formally and retroactively extended through December 31st, 2014. So, if you participated in a short sale prior to December 31st, 2014, in terms of potential tax liability,...
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Why Would the Bank Approve my Short Sale?

Many homeowners who find themselves in a negative equity situation will mistakenly disqualify themselves as potential short sale candidates by simply assuming they won’t qualify.  It’s not all uncommon for a homeowner to tell us that they’d assumed a short sale wouldn’t work for their circumstance because the difference between what they owe on their mortgage and what the home is currently worth is just to great.  If they owe $300,000 and the home is only worth $215,000 – why would the bank forgive the $85,000 difference?  The aforementioned assumptions are logical...
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