Call 888-566-8222 or www.MyOneStop.net or Text “PLAN” to 82257
There are several different scenarios with regard to whether or not you will owe federal income taxes on the loss the lender takes in a short sale.
When you do a short sale, your lender is agreeing to settle the debt on the property for less than the amount they are owed. The IRS therefore allows them to write off this loss, which is why your lender will send you a 1099-C after the short sale.
The IRS considers “debt relief” to be income for tax purposes. For example: if your lender writes off $100,000 on your short sale, traditionally they will send you a 1099-C for that amount, and you would include that when you file your income taxes. The “C” stands for “Cancellation of Debt” and the law says cancelled debt is taxable as income.
There are exceptions that most individuals who do a short sale qualify for that exclude them from having to pay taxes on a short sale.
The Mortgage Tax Debt Relief Act of 2007 signed into law in January of 2008 and extended through 2012 states that homeowners who do a short sale on their primary residence, and have a purchase money loan “In other words”, they have not pulled cash out of their home with a cash-out refinance) pay no taxes on the loss that their lender incurs in a short sale. If a homeowner has pulled cash out and has put that money back into their home to “substantially improve” the home, they are also excluded from taxes on the short sale.
But if you pulled cash out on your primary residence and spent it on something other than upgrading your home like a car or vacation then this will result in a taxable event unless you qualify for the “Insolvency” exclusion.
The IRS does not require you to pay taxes on the loss the lender takes in a short sale if, at the time of the short sale, you are insolvent.

Call 888-566-8222 or www.MyOneStop.net or Text “PLAN” to 82257

Duration : 0:2:2

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Trilogy Property Solutions, the Legal Short Sale Specialists, interviews Ron Ballard, top short sale attorney on the current state of real estate market to stay on the cutting edge of helping homeowners in foreclosure with doing short sales correctly, legally, and ethically. Its our priority to constantly be aware of new California real estate regulations to make sure that everything we do is moral and abides all foreclosure laws designed to protect homeowners from people who are taking advantage of distressed homeowners. At lunch with Ron Ballard, Esq., and Jeff Watson, Esq. the two top short sales attorneys in the country, we learned even more on how to help home owners legally, correctly, and ethically in this ever changing legal climate on real estate, especially here in California!

These times are definitely exposing the greedy from the helpful. Short sales can be done ethically or unethically, and its crucial that homeowners and realtors screen the parties they get involved with carefully. Legal and ethical short sales are done with complete transparency and full disclosure to all parties; the bank, the homeowner, the realtors. This is created through the right documentation and information provided to the right parties at the right time. If someone does not know what theyre doing, they can possibly create enough chaos to lead the property straight to foreclosure.

Many realtors are not trained well enough in short sales to prevent a foreclosure, but many homeowners are going to them believing that they are the most ethical and protective of their homes. The National Association of Realtors reports that only 10-15% of short sales that realtors are negotiating prevent a foreclosure. The other 85-90% are being foreclosed on. You have to realize that realtors are in the business of finding Buyers and Sellers of homes, not in the buiness of negotiating and processing short sales with lenders. Short sale negotiating is a very specific skill set and constant training and updated legal documents insure a higher chance to avoid a foreclosure.

Trilogy Property Solutions prides themselves on their integrity, ethics, and compassion for what homeowners are going through. If you would like more information on how we can possibly find solutions for you, please call us anytime. (888) 803-0505 or email: ShortSaleCrystal@gmail.com

Duration : 0:3:6

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Trilogy Property Solutions, the Legal Short Sale Specialists, interviews Ron Ballard, top short sale attorney on the current state of real estate market to stay on the cutting edge of helping homeowners in foreclosure with doing short sales correctly, legally, and ethically. Its our priority to constantly be aware of new California real estate regulations to make sure that everything we do is moral and abides all foreclosure laws designed to protect homeowners from people who are taking advantage of distressed homeowners. At lunch with Ron Ballard, Esq., and Jeff Watson, Esq. the two top short sales attorneys in the country, we learned even more on how to help home owners legally, correctly, and ethically in this ever changing legal climate on real estate, especially here in California!

These times are definitely exposing the greedy from the helpful. Short sales can be done ethically or unethically, and its crucial that homeowners and realtors screen the parties they get involved with carefully. Legal and ethical short sales are done with complete transparency and full disclosure to all parties; the bank, the homeowner, the realtors. This is created through the right documentation and information provided to the right parties at the right time. If someone does not know what theyre doing, they can possibly create enough chaos to lead the property straight to foreclosure.

Many realtors are not trained well enough in short sales to prevent a foreclosure, but many homeowners are going to them believing that they are the most ethical and protective of their homes. The National Association of Realtors reports that only 10-15% of short sales that realtors are negotiating prevent a foreclosure. The other 85-90% are being foreclosed on. You have to realize that realtors are in the business of finding Buyers and Sellers of homes, not in the buiness of negotiating and processing short sales with lenders. Short sale negotiating is a very specific skill set and constant training and updated legal documents insure a higher chance to avoid a foreclosure.

Trilogy Property Solutions prides themselves on their integrity, ethics, and compassion for what homeowners are going through. If you would like more information on how we can possibly find solutions for you, please call us anytime. (888) 803-0505 or email: ShortSaleCrystal@gmail.com

Duration : 0:2:30 />
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Trilogy Property Solutions, the Legal Short Sale Specialists, interviews Ron Ballard, top short sale attorney on the current state of real estate market to stay on the cutting edge of helping homeowners in foreclosure with doing short sales correctly, legally, and ethically. Its our priority to constantly be aware of new California real estate regulations to make sure that everything we do is moral and abides all foreclosure laws designed to protect homeowners from people who are taking advantage of distressed homeowners. At lunch with Ron Ballard, Esq., and Jeff Watson, Esq. the two top short sales attorneys in the country, we learned even more on how to help home owners legally, correctly, and ethically in this ever changing legal climate on real estate, especially here in California!

These times are definitely exposing the greedy from the helpful. Short sales can be done ethically or unethically, and its crucial that homeowners and realtors screen the parties they get involved with carefully. Legal and ethical short sales are done with complete transparency and full disclosure to all parties; the bank, the homeowner, the realtors. This is created through the right documentation and information provided to the right parties at the right time. If someone does not know what theyre doing, they can possibly create enough chaos to lead the property straight to foreclosure.

Many realtors are not trained well enough in short sales to prevent a foreclosure, but many homeowners are going to them believing that they are the most ethical and protective of their homes. The National Association of Realtors reports that only 10-15% of short sales that realtors are negotiating prevent a foreclosure. The other 85-90% are being foreclosed on. You have to realize that realtors are in the business of finding Buyers and Sellers of homes, not in the buiness of negotiating and processing short sales with lenders. Short sale negotiating is a very specific skill set and constant training and updated legal documents insure a higher chance to avoid a foreclosure.

Trilogy Property Solutions prides themselves on their integrity, ethics, and compassion for what homeowners are going through. If you would like more information on how we can possibly find solutions for you, please call us anytime. (888) 803-0505 or email: ShortSaleCrystal@gmail.com

Duration : 0:1:51

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George Kenner, Broker Associate at Keller Williams Realty in San Diego explains very briefly the basic rules of the HAMP / HAFA program, Make sure to see the follow up video on the RMA form.

Duration : 0:3:0

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