New Tax Rules for Short Sales – Foreclosures

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Suzy explains the past tax consequenses of a short sale and how the new “Mortgage Forgiveness Debt Relief Act of 2007 HR 3648″ helps people trying to complete a short sale More information at: sccrealestateuncensored.com/2007/mortgage-forgiveness-debt-relief-act-2007/ micasamidinero.com/2007/mortgage-forgiveness-debt-relief-act-2007/

23 comments to New Tax Rules for Short Sales – Foreclosures

  • kkc57  says:

    love you

  • kunkecan  says:

    You need to talk to an agent that is knowledge in short sales so you have a better understanding of the short sale. Income taxes, there are government guidelines that you can look up to find if you will pay taxes or not. You on a commercial on TV recently gave the wrong advice about this to someone in the audience. Candace Kunkel-CDPE RE/dMAX On The Move

  • ThePrezidentialbey  says:

    IMPORTANT!!! Watch, A HOME FIT FOR ROYALTY!!!

  • tiborzkarate  says:

    what happens after 3 years?

  • 67bandit67  says:

    HEY! This is old advice. That ended last year. You will get nailed now for taxes on undersold homes.

  • vongtayvietnam  says:

    Bank of America? The worst bank in the world. If you buy a house in short sale related to Bank of America, BoA will give you many days in nightmare. Do not waste your time with Bank of America. I wasted more than 100 days with BoA pending approval for a short sale. I really frustrating with BoA.

  • dougmyersinc  says:

    Nice Video, I just released my new video about making money online. Check it out and let me know what you think, I’ll be subscribing as well. Keep the videos coming.

    Doug

  • stopmyforeclosure101  says:

    Hey I know someone that can maybe give you some answers! Check him out at wwwhampghcom

  • UnitedPetition  says:

    so after three years you owe them the taxes and the penalties LOL

  • UnitedPetition  says:

    what they don’t tell you is that when you short sale a property. The loss will be considered income. They send you a 1099 misc income statement. Then you will owe the taxes to the federal government. Taxes can not be discharged in a bankruptcy. Meaning you will owe them those taxes for the rest of your life. It is all one more scam

  • UnitedPetition  says:

    what they don’t tell you is that when you short sale a property. The loss will be considered income. They send you a 1099 misc income statement. Then you will owe the taxes to the federal government. Taxes can not be discharged in a bankruptcy. Meaning you will owe them those taxes for the rest of your life. It is all one more scam

  • UnitedPetition  says:

    what they don’t tell you is that when you short sale a property. The loss will be considered income. They send you a 1099 misc income statement. Then you will owe the taxes to the federal government. Taxes can not be discharged in a bankruptcy. Meaning you will owe them those taxes for the rest of your life. It is all one more scam

  • dontloseyourhouse  says:

    Don’t lose your house, less than $200 in paperwork, can persuade your lender to work with you and to cut your payments by 50% for 5 years. You can find the info online at delayorstopforeclosure. Use your discount code 7128098. This site is run by a DC agency and subsidized by big business to help the average homeowner who cant afford $5000 for a lawyer to save their home. Your subsidized discount code is 7128098 , online at delayorstopforeclosure with the usual beginning and end to the address

  • MiCasaMiDinero  says:

    @demolitionbarbiedoll

    The value on a property is established by the able and willing buyers who have recently purchased the properties in the same area. An appraisal is simply an estimation of what a willing and able buyer would pay. A listing price by a broker is simply what is considered would be a good selling price. I suggest you work with a qualified REALTOR from the area where you are planning to buy

  • 407buddy  says:

    Sorry folks, you have been had, peed on, scammed and lied to.
    WallStreet is rigged and bailouts a fraud, market manipulations,
    high freqency trading, flash orders, naked short selling, on and on
    Goldman and Gov’t are in bed, they set the rules to benefit the few.
    Jobs been exported, your labor de-valued to Zero and screw you into debt.
    Walk away from your CC cards and (underwater) mortgage.
    FICO scores are a scam to enslave you and keep you in debt.
    Don’t be a sheeple. Protect Yourself

  • farmboycarl  says:

    CUT THE PRINCIPLES ACROSS THE BOARD, and send $25,000 to each homeowner who doesn’t have a mortgage. That will halt foreclosures in their tracks, underpin current home values, and begin to ease the pain the $10 TRILLION dollars in damage banks did to peoples savings and retirement resources. THEN STOP ELECTING LAWYERS TO PUBLIC OFFICE!

  • lawkenk  says:

    Ms. Ortman is not completely correct regarding the debt relief tax on a primary residence. The law only affects an amount up to the original purchase loan or loans used to improve the property. If the property was refinanced and money taken out for other purposes, there can still be a tax for amounts in excess of those numbers. One must also be aware of the tax ramifications within the state, such as California, that has not passed an exclusion for 2009 and beyond at this time.

  • MarkLipka  says:

    My financial planner says to only listen to Orman to find out what NOT to do. HE believes she’s criminally incompetent and is hurting a lot of people.

    This particular video SEEMS fairly harmless, though. I’d always verify any of this information with a professional before proceeding.

  • parkhumn  says:

    Very good information. I am a Real Estate Broker in upstate New York and I have successfully worked with a number of Short Sales over the 19 years I have been in business. There is nothing ideal or perfect about a Short Sale vs a seller keeping their home. I would much rather they keep their home. Short Sale and Foreclosure credit ramifications are about the same, but the timeframe for buying another home are a world apart. Morally, I work to do what is best for my clients.

  • ShortSalesBuyers  says:

    the goverment understands that more and more people will face foreclosure….. and mortgage relief act for the difference has been extended till 12/31/2012 via the $700 billion bail out pkg

    Jeff

  • ShortSalesBuyers  says:

    something like short sales or short pay is not the norm… thats why

  • FANTASTICKISS  says:

    VERY GOOD VIDEO!!!

  • Anothercoilgun  says:

    This clip provides very good information. But at the same times proves that the entire Real Estate industry is a game that does not concern itself with morals. One after another, hidden, hard to find, cascades of rule and regulations backed by whimsical laws, every matter of trickery to fool and rob the consumer.

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