Consequences for a Short Sale: Legal Issues and Judgments
January 17, 2010 by tcrei
Filed under Short Sales
What is a short sale? When the sale price of the home is less than the loan amount and the lender accepts a lower payoff. Nevada is a deficiency state. During a foreclosure or short sale, if the lender does not receive a full payoff, they have the legal right to sue the borrower for [...]
Consequences for a Short Sale: Tax Liability
December 17, 2009 by tcrei
Filed under REO (Foreclosure), Short Sales
What is a short sale? When the sale price of the home is less than the loan amount and the lender accepts a lower payoff. On a short sale the amount waived is considered income by the IRS and subject to taxes. For example, if your loan amount is $300,000 and you complete a short [...]
Alternatives to Foreclosure
October 10, 2009 by tcrei
Filed under REO (Foreclosure), Sellers, Short Sales
Foreclosure is the legal process used by a lender to force the sale of real property used as security for a mortgage loan or deed of trust in the event of default. During this process, the homeowner still has ownership and legal rights to the home. Contact mortgage company Loan modification Contact [...]
Foreclosure- What is a foreclosure?
September 9, 2009 by lesliecarver
Filed under REO (Foreclosure), Sellers, Short Sales
Foreclosure is the legal process used by a lender to force the sale of real property used as security for a mortgage loan or deed of trust in the event of default. Most Common: Judicial Foreclosure Non-Judicial Foreclosure Judicial foreclosure involves the lender filing a lawsuit in order to obtain a court order [...]