Comments for shortsaleincome.com http://shortsaleincome.com learn, share and discuss all about shortsale income Fri, 18 May 2012 11:30:43 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on Reporting Short Sale of Personal Residence (Form 1099-C) Using TurboTax by Teutly1985 http://shortsaleincome.com/1099-a-foreclosure/reporting-short-sale-of-personal-residence-form-1099-c-using-turbotax/comment-page-1#comment-1856 Teutly1985 Fri, 18 May 2012 11:30:43 +0000 http://shortsaleincome.com/1099-a-foreclosure/reporting-short-sale-of-personal-residence-form-1099-c-using-turbotax#comment-1856 <b>Thanks. It helps ...</b> <br> Thanks. It helps me a lot Thanks. It helps …
Thanks. It helps me a lot

]]> Comment on Temecula Short Sale Specialist and the IRS. by CoachKaterina http://shortsaleincome.com/short-sale-income/temecula-short-sale-specialist-and-the-irs/comment-page-1#comment-1855 CoachKaterina Fri, 18 May 2012 11:30:43 +0000 http://shortsaleincome.com/short-sale-income/temecula-short-sale-specialist-and-the-irs#comment-1855 <b>Hi Sidney ,this is ...</b> <br> Hi Sidney ,this is a great video.Good job in explaining about IRS and Mortgage.They're normally the concerns of the clients.Keep up the good work and stay an excellent Temecula Short Sale Agent. Hi Sidney ,this is …
Hi Sidney ,this is a great video.Good job in explaining about IRS and Mortgage.They’re normally the concerns of the clients.Keep up the good work and stay an excellent Temecula Short Sale Agent.

]]> Comment on For a real estate Short Sale is the mortgage debt forgiven by the lender considered taxable income by the IRS? by acermill http://shortsaleincome.com/short-sale-income/for-a-real-estate-short-sale-is-the-mortgage-debt-forgiven-by-the-lender-considered-taxable-income-by-the-irs/comment-page-1#comment-1846 acermill Fri, 18 May 2012 09:08:59 +0000 http://shortsaleincome.com/short-sale-income/for-a-real-estate-short-sale-is-the-mortgage-debt-forgiven-by-the-lender-considered-taxable-income-by-the-irs#comment-1846 Normally, such a forgiven deficiency is taxable income. However, the Mortgage Debt Relief Act of 2007 has relieved homeowners of that obligation through calendar year 2012. For further details, see the supplied URL<br><b>References : </b><br>http://www.irs.gov/individuals/article/0,,id=179414,00.html Normally, such a forgiven deficiency is taxable income. However, the Mortgage Debt Relief Act of 2007 has relieved homeowners of that obligation through calendar year 2012. For further details, see the supplied URL
References :
http://www.irs.gov/individuals/article/0,,id=179414,00.html

]]> Comment on For a real estate Short Sale is the mortgage debt forgiven by the lender considered taxable income by the IRS? by real estate guy http://shortsaleincome.com/short-sale-income/for-a-real-estate-short-sale-is-the-mortgage-debt-forgiven-by-the-lender-considered-taxable-income-by-the-irs/comment-page-1#comment-1845 real estate guy Fri, 18 May 2012 09:00:59 +0000 http://shortsaleincome.com/short-sale-income/for-a-real-estate-short-sale-is-the-mortgage-debt-forgiven-by-the-lender-considered-taxable-income-by-the-irs#comment-1845 in most cases yes. You need legal advice.<br><b>References : </b><br> in most cases yes. You need legal advice.
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]]> Comment on For a real estate Short Sale is the mortgage debt forgiven by the lender considered taxable income by the IRS? by the kid http://shortsaleincome.com/short-sale-income/for-a-real-estate-short-sale-is-the-mortgage-debt-forgiven-by-the-lender-considered-taxable-income-by-the-irs/comment-page-1#comment-1844 the kid Fri, 18 May 2012 08:32:59 +0000 http://shortsaleincome.com/short-sale-income/for-a-real-estate-short-sale-is-the-mortgage-debt-forgiven-by-the-lender-considered-taxable-income-by-the-irs#comment-1844 In most cases, yes it is considered income. You borrowed X dollars for a specific purpose. If you don't pay it back, then it becomes income to you b/c it is no longer a loan.<br><b>References : </b><br> In most cases, yes it is considered income.

You borrowed X dollars for a specific purpose. If you don’t pay it back, then it becomes income to you b/c it is no longer a loan.
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]]> Comment on I am renting a house that is up for foreclosure sale. What do I need to file with the courts? by bridal connection http://shortsaleincome.com/foreclosure-for-sale/i-am-renting-a-house-that-is-up-for-foreclosure-sale-what-do-i-need-to-file-with-the-courts/comment-page-1#comment-1854 bridal connection Fri, 18 May 2012 08:26:59 +0000 http://shortsaleincome.com/foreclosure-for-sale/i-am-renting-a-house-that-is-up-for-foreclosure-sale-what-do-i-need-to-file-with-the-courts#comment-1854 Cheryl G is correct in her answer. You don't have any rights to said property and under the law only have a contract for lease. It does not matter how long you have lived there you would be in a landlord/tenant capacity and not a party to the transaction.<br><b>References : </b><br>16 yrs real estate Escrow & Title Loans Cheryl G is correct in her answer. You don’t have any rights to said property and under the law only have a contract for lease. It does not matter how long you have lived there you would be in a landlord/tenant capacity and not a party to the transaction.
References :
16 yrs real estate
Escrow & Title
Loans

]]> Comment on I am renting a house that is up for foreclosure sale. What do I need to file with the courts? by Cheryl G http://shortsaleincome.com/foreclosure-for-sale/i-am-renting-a-house-that-is-up-for-foreclosure-sale-what-do-i-need-to-file-with-the-courts/comment-page-1#comment-1853 Cheryl G Fri, 18 May 2012 08:11:59 +0000 http://shortsaleincome.com/foreclosure-for-sale/i-am-renting-a-house-that-is-up-for-foreclosure-sale-what-do-i-need-to-file-with-the-courts#comment-1853 If you are interested in buying the property, contact the lending institution. Your easiest way to do this would be through a real estate agent who is well versed in short sales and foreclosures. If you want to stay in the house as a tenant, you may not have that option. Once the property is sold, the new owner becomes the landlord, in a sense, and the lease is null and void. You will be given notice to quit the premises within a specified time period. In the meantime, if the property has been foreclosed upon, you may also be asked to leave. Once you have confirmation that your landlord is no longer the owner of the property, you'll have to wait and see what happens next. You would be wise to start looking around for a new place to live.<br><b>References : </b><br>Experience. If you are interested in buying the property, contact the lending institution. Your easiest way to do this would be through a real estate agent who is well versed in short sales and foreclosures.

If you want to stay in the house as a tenant, you may not have that option. Once the property is sold, the new owner becomes the landlord, in a sense, and the lease is null and void. You will be given notice to quit the premises within a specified time period.

In the meantime, if the property has been foreclosed upon, you may also be asked to leave. Once you have confirmation that your landlord is no longer the owner of the property, you’ll have to wait and see what happens next.

You would be wise to start looking around for a new place to live.
References :
Experience.

]]> Comment on Can i put my house up for short sale after receiving a notice of trustee sale? by RED http://shortsaleincome.com/house-short-sale/can-i-put-my-house-up-for-short-sale-after-receiving-a-notice-of-trustee-sale/comment-page-1#comment-1851 RED Fri, 18 May 2012 08:03:59 +0000 http://shortsaleincome.com/house-short-sale/can-i-put-my-house-up-for-short-sale-after-receiving-a-notice-of-trustee-sale#comment-1851 You will have to move out before it is sold under foreclosure. They foreclose, then sell. A short sale is when the bank agrees to allow you to sell it for less than is owed. You normally have to list it with a realtor, get an offer that is agreeable to the bank. It can take months. But at least it won't ruin your credit as bad as a foreclosure will. You need to start by talking to your bank.<br><b>References : </b><br> You will have to move out before it is sold under foreclosure. They foreclose, then sell.
A short sale is when the bank agrees to allow you to sell it for less than is owed. You normally have to list it with a realtor, get an offer that is agreeable to the bank. It can take months. But at least it won’t ruin your credit as bad as a foreclosure will. You need to start by talking to your bank.
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]]> Comment on Why did I receive a 1099-C form for student loan debt cancellation when my student loan is not repaid? by David Ames http://shortsaleincome.com/cancellation-of-debt-income/why-did-i-receive-a-1099-c-form-for-student-loan-debt-cancellation-when-my-student-loan-is-not-repaid/comment-page-1#comment-1849 David Ames Fri, 18 May 2012 08:03:59 +0000 http://shortsaleincome.com/cancellation-of-debt-income/why-did-i-receive-a-1099-c-form-for-student-loan-debt-cancellation-when-my-student-loan-is-not-repaid#comment-1849 Why was your debt canceled? That is an individual matter, and your only answer would be from the lender. If you are still paying, then the cancellation was in error and you should report it to the lender, not only to avoid being unfairly taxed, but also to make the lender aware that someone may be making accounting entries without authorization.<br><b>References : </b><br> Why was your debt canceled? That is an individual matter, and your only answer would be from the lender. If you are still paying, then the cancellation was in error and you should report it to the lender, not only to avoid being unfairly taxed, but also to make the lender aware that someone may be making accounting entries without authorization.
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]]> Comment on For a real estate Short Sale is the mortgage debt forgiven by the lender considered taxable income by the IRS? by Cheryl G http://shortsaleincome.com/short-sale-income/for-a-real-estate-short-sale-is-the-mortgage-debt-forgiven-by-the-lender-considered-taxable-income-by-the-irs/comment-page-1#comment-1843 Cheryl G Fri, 18 May 2012 07:57:59 +0000 http://shortsaleincome.com/short-sale-income/for-a-real-estate-short-sale-is-the-mortgage-debt-forgiven-by-the-lender-considered-taxable-income-by-the-irs#comment-1843 No, it is not considered income.<br><b>References : </b><br>Experience. No, it is not considered income.
References :
Experience.

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