Short Video on Foreclosure Auction/Trustee Sale in Southern California. We have a lot of competition these days and lots of investors with all cash – buyers at the Auction. Hope you enjoy this short video. Apologize for the sound and the movements…as I am using a small camera for this….Follow me on Twitter at Invstr1…….Click on the links below.

Edgardo E. Cruz
DRE Lic.#01312077
Twitter: Invstr1

ARTICLE: Foreclosure Trustee Sales Auctions – What’s So Good About Them?
http://www.EzineArticles.com

BLOG: http://socalforeclosurehunters.blogspot.com

MEETUP http://www.meetup.com/AUCTIONS

GET ASSURED, INC.
http://www.getassuredinc.com

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What you need to know about foreclosure…
with Broker A.Castillo-Perez
www.sucasaocastillo.com
http://www.amazon.com/author/arianacastilloperez

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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

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The Home Affordable Foreclosure Alternatives program sunsets in 2012. Please share this message with anyone you know that is thinking of selling their home or may be facing foreclosure. A HAFA short sale is better than a foreclosure. Call us today at 916-756-4300. Equal Housing Opportunity CA DRE License 01331156.

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http://orlandoforeclosuresale.com/video

Orlando Foreclosures and short sales won’t be around forever. In fact, most of us will not see a real estate market like this ever again. With first time home buyer tax credits and rock bottom interest rates, NOW is the time to buy Orlando homes for sale.

Buy low and sell high is the cardinal rule in real estate. Foreclosures are priced low for a reason; they need to be sold quickly. Purchase foreclosed homes and short-sales for cents on the dollar.

View Orlando Foreclosure Photos, Maps and more

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