Ultimate Beach Front

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• A reader asks … Are short sales a better deal to buy than bank foreclosures?
  Oftentimes yes. Lenders can be more motivated to approve a short sale as it can save them time and money as opposed to the foreclosure path. However, according to RealtyTrac most major lenders are accelerating their foreclosure actions this year to the tune of about 25%. This more aggressive foreclosure activity is expected to result […]
• 5 Major Banks Roll Over
  Under an agreement between the U.S. Attorney General’s office and five major U.S. banks, e.g.,  Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, the principal amount of mortgage loans for nearly 1 million homeowners will be reduced. The agreement, worth an estimated $25 billion is also said to include a provision that […]
• Question: Will I get a 1099 at the end of the year if I short sale my house?
  Answer:  If your lender forgives part of the debt against you, they are supposed to issue a 1099 to alert you and the IRS of the canceled debt which is theoretically taxable. However, in the case of your principal residence (resided in for at least 2 of the last 5 years) you may be able […]