Realtor San Diego Corner: Can You Short Sale Rental Property?

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Short Sale San Diego Realtor Confesses

 

With national elections behind us and the Mortgage Forgiveness Debt Relief Act “appearing” to come to a close (stay tuned here), Team MRG now explores a large segment of the “pondering short sale” homeowner population that either

A) Has never lived in the home  they’d like to short sale

OR

B) Has lived in the home at one time.

We answer this question a lot. In fact, about 1/3 of our clients are landlords.

The answer on whether you can short sale your rental property is? Read more »

Realtor San Diego Confession: Short Sale Tax Loophole Ends 12/31/12

Greetings MRG Nation! Your all too enthusiastic Realtor San Diego Team is back once again to answer more of your Real Estate Questions.

Keep Sending Them  – We’ll Keep Answering Them.


Countdown To 12/31/12 – Say it’s not so!

Last time we answered the question many current and prior homeowners face – that is, “How Soon Can I Buy a Home After a Short Sale.” Today we’ll cover some more common after effects of a short sale such as:“What are the tax consequences if I do a short sale – how does that piece work? Is it like forgiven debt? Do I receive a 1099?” Read more »

Chase Short Sale & Wells Fargo Short Sale Compensation

ATTN: “Select” Chase Short Sale borrowers AND Wells Fargo Short Sale and even Bank Of America Borrowers may be eligible for sizable cash incentives. All in an effort to help as many borrowers avoid foreclosure. Read Full Story

Each borrower’s situation is different. To see if a short sale is right for you, please contact us anytime. We’re here to help.

Bank of America Short Sale Decision in Three Weeks?

Cutting months of waiting time for Short Sales in San Diego, Bank of America believes it’s a real reality…Read Full Story

Short Sale Tax Consequences Looming in San Diego?

Short Sale Tax deadline may affect San Diego County Residents.

Carlsbad-Short-SaleSuffice to say, most people are unaware of the potential tax consequences of a short sale (or foreclosure for that matter). A short sale involves selling a property for less than the amount owed to the lender. Per the tax code, the IRS considers a short sale a “Debt Cancellation”. When a lender cancels or forgives debt, the difference between what was owed and the amount the lender received to cancel or forgive the debt may be taxable to the borrower. For example, Read more »