Top 5 Ways to Avoid Tax Liability on Your 2014 Michigan Short Sale

As we all know, The Mortgage Forgiveness Debt Relief Act of 2007, and its extending 2012 amendment, expired on December 31st, 2013. It’s still unclear whether another extension through 2015 will be approved. For homeowners considering a short sale this year, potential tax consequences are obviously a key consideration. In a worst case scenario, lets assume The Mortgage Forgiveness Debt Relief Act is not retroactively extended. While the Act certainly provided great ‘umbrella’ tax protection for the majority of Americans who’ve participated in a short sale – there are...
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Tax Relief: The New Ambassador to China and Your 2014 Michigan Short Sale

The Mortgage Forgiveness Debt Relief Act of 2007, and its extending 2012 amendment, expired on December 31st, 2013. This is concerning for homeowners who might be considering a short sale. Under the Federal Tax Code, forgiven mortgage debt is treated as income and therefore subject to tax. For many, paying taxes on the difference between their mortgage debt and the sales price of their home could result in a significant tax liability. But, things are looking up! Montana Senator, Max Baucus, who has spent much of the past two years developing comprehensive tax reform legislative proposals with...
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Congress Considers Yet Another Extension of Mortgage Forgiveness Debt Relief Act Through 2015

The Mortgage Forgiveness Debt Relief Act of 2007, and its extending 2012 amendment, currently allow exclusion of income realized as a result of debt reduction on a taxpayer’s principal residence. This act aids and promotes short sales and loan modifications for Michigan homeowners who might be underwater on their residential properties. The act first expired at midnight on December 31, 2012. Then the fiscal cliff bill enacted by the Congress in late December 2012 extended the relief through the end of 2013. Now, another bill was just introduced in June 2013 that would extend the relief through...
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The 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 simply less...
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Westland Short Sale Specialists…

Purchasing a home can be tricky!  But buying a home after you’ve been involved in a short sale – well that can be downright impossible!  If someone proposed this question a few years ago, I honestly would have been able to give them an absolute rock solid answer.  But in the past few years, lenders have laid out clear guidelines for potential purchasers looking to buy a home after they’ve completed a short sale. When attempting to qualify for a new mortgage after completing a short sale, it basically boils down to one simple factor: late mortgage payments.  It may not...
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Good New & Bad News About Short Sales

Do you have equity in your home, or would a short sale be the best option for you and your family?  For homeowners who are significantly upside down on their mortgage, a short sale is currently the best option available when selling their home.  However, it’s always important to have a crystal clear understanding of both the pros & cons when making any major financial decision. Firstly, lets take a moment to discuss how a short sale might benefit most homeowners who are currently upside down on their mortgage: Total Release of Deficiency Judgment: This means your mortgage company is...
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