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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HAFA, which was viewed originally as the short sale’s salvation is finally showing its true colors. Now that Fannie Mae and Freddie Mac are actually participating, banks are starting to process some files. There are several problems with the process but the newest one is that the total amount of costs outside of real estate commissions can not exceed 3%. In some markets that is not a problem I am sure. In Washington State, our transfer tax alone is 2%. Add in title, and escrow fees and you are pretty darn close. If you have any other costs planned or not, it is game over. Watch the video for a list of items that have a high likelihood of causing your HAFA short sale to crash and burn.

Matt Side
Alliance Short Sales
www.AllianceShortSales.com

Follow Me on Twitter: http://twitter.com/MattSide
Follow My Blog: http://6fd70e2.activerain.com/

Based in Spokane, Washington Alliance Short Sales offers short sale services in multiple states around the U.S. With a current network of agents located in Washington, California, Idaho, Nevada, Arizona, Florida, Tennessee, Georgia, Ohio, Maryland, Kansas and Virginia, Alliance negotiates short sale real estate transactions with lenders on behalf of agents without charging a fee to the agent or the seller. Because their fees are paid at closing out of the net proceeds to the lender, Alliance creates a beneficial outcome for all parties involved. For additional information about how you can work with Alliance Short Sales, please visit our website at www.AllianceShortSales.com.

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Duration : 0:8:19

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Technorati Tags: Aurora, Bank Of America, Century 21, Chase, Citi, countrywide, Exit Real estate, Flagstar, foreclosure, HAFA, Keller Williams, Midland, offers, real estate agents, REALTORS, ReMax, short sale, short sale approval, short sale coaching, short sale education, short sale help, short sale mentoring, short sale services, short sale success, short sale training, shortsale strategy, Suntrust, Well Fargo, Windermere

WARNING: Before you even attempt a HAFA short sale you need to watch what this video uncovers as the biggest cluster in short sales since Bank of America.

That is kind of a joke but… you do need to watch this overview of the new Home Affordable Foreclosure Alternative (HAFA) program that has been dictated by the US Treasury Department. This video does not simply explain the basic process flow of HAFA. It dives into the in depth information that you need in order to avoid a HAFA disaster. In many cases, HAFA is going to be a massive train wreck waiting to happen.

If you need professional assistance with HAFA or any other short sale services please feel free to give us a phone call.

Matt Side
Alliance Short Sales
www.AllianceShortSales.com

Follow Me on Twitter: http://twitter.com/MattSide
Follow My Blog: http://6fd70e2.activerain.com/

Based in Spokane, Washington Alliance Short Sales offers short sale services in multiple states around the U.S. With a current network of agents located in Washington, California, Idaho, Nevada, Arizona, Florida, Tennessee, Georgia, Ohio, Maryland, Kansas and Virginia, Alliance negotiates short sale real estate transactions with lenders on behalf of agents without charging a fee to the agent or the seller. Because their fees are paid at closing out of the net proceeds to the lender, Alliance creates a beneficial outcome for all parties involved. For additional information about how you can work with Alliance Short Sales, please visit our website at www.AllianceShortSales.com.

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Duration : 0:10:51

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Technorati Tags: Aurora, Bank Of America, Century 21, Chase, Citi, countrywide, Exit Real estate, Flagstar, foreclosure, HAFA, Keller Williams, Midland, offers, real estate agents, REALTORS, ReMax, short sale, short sale approval, short sale coaching, short sale education, short sale help, short sale mentoring, short sale services, short sale success, short sale training, shortsale strategy, Suntrust, Well Fargo, Windermere

The new HAFA program aside from not necessarily being the best strategy for your short sale is also posing some other concerns. Simply getting a seller to qualify for HAFA is challenging. Not that this should be a surprise to anyone. The entire foreclosure prevention program has been filled with problems. The primarily issue is people not getting approved in the program.

As a side note, Fannie Mae and Freddie Mac do not even participate in HAFA. Neither do FHA or VA. This only leaves GSE loans that even qualify for HAFA. That is a pretty small percentage of loans.

Matt Side
Alliance Short Sales
www.AllianceShortSales.com

Follow Me on Twitter: http://twitter.com/MattSide
Follow My Blog: http://6fd70e2.activerain.com/

Based in Spokane, Washington Alliance Short Sales offers short sale services in multiple states around the U.S. With a current network of agents located in Washington, California, Idaho, Nevada, Arizona, Florida, Tennessee, Georgia, Ohio, Maryland, Kansas and Virginia, Alliance negotiates short sale real estate transactions with lenders on behalf of agents without charging a fee to the agent or the seller. Because their fees are paid at closing out of the net proceeds to the lender, Alliance creates a beneficial outcome for all parties involved. For additional information about how you can work with Alliance Short Sales, please visit our website at www.AllianceShortSales.com.

multiple short sale offers, shortsale strategy, short sale training, short sale education, short sale training, accelerator offers, excite price system, bpo factor, short sale approval, short sale success, real estate agents, shortsale strategies, short sale services, third party short sale negotiators, realtors, foreclosure, short sale help, short sale mentoring, short sale coaching, Keller Williams, Exit Real estate, ReMax, Century 21, Windermere real estate, Bank of America, Chase, Citi, Well Fargo, Midland, Suntrust, Countrywide, Flagstar, Aurora, Short Sales suck, help me with my short sale, help with short sales, short sale negotiation, short sale negotiation, short sale negotiation company, short sale processing, I need help with my short sale, what are lenders thinking with a short sale, lenders suck, how do I stop foreclosure, I want to stop my foreclosure (forclosure), I need help with B of A, Banks of America, Chase, Washington Mutual, Country wide, countrywide sucks, What is the number for my lender, HSBC, Customer Service, Aurora, Wells Fargo, Short Sale success, Jessica Side, Matt Side, Alliance Short Sales, Alliance, Real Estate Agent Training, Short Sale Training, Short Sale Training for Realestate Agents, Short Sales in Seattle, Sucess in the Seattle market, Seattle Short Sales, Will a bank do a short sales, what banks do short sales?, will I qualify for a short sale, will my home owner qualify for a short sale. AAMES, ABN Amro Mtg, AHSI, ASC, Americas servicing company, Aurora, Bank of America, Bank United, Calwell Banker, Carrington Mortgage Service, CENLAR, Chase Home Mortgage, CITI Financial, CITI Group, CITI Mortgage, CITI Residential Lending, Countrywide, Downey Savings, E Trade, EMC, Everhome, FASLO, Fireside Bank, First Franklin, First Horizon, Metlife, Flagstar, Franklin Credit Management Corporation, Freemont Invest & Loan, GMAC, Greenpoint, Greentree, HFC, Beneficial, Homecomings, HOMEQ, Homestreet Bank, HSBC Mortgage Corporation, HSBC Mortgage Service, Indymac Bank, Interbank, Irwin, Litton Loan Servicing, M & I Bank, Mountain West Bank, M & T Bank, Mortgage Lenders Network, Navy Federal Credit Union, NFCU, Nationpoint, Nationstar Mortgage, National City Mortgage, New Century, Novastar, OCWEN, Option One, Regions Bank, Resurgent, Riverside National Bank, Saxon Mortgage, Secretary of HUD, Housing and Urban Development, HUD, SLS, specialized loan servicing, Sovereign Bank, SPS, Specialized Portfolio Servicing, Spokane Teachers Credit Union, STCU, Suntrust, TB&W Bank, TCF Bank, United Mortgage & Loan, USAA, US Bank, Wachovia, WAMU, WA Trust, Wells Fargo, Wilshire, Yale Mortgage, Washington, California, Oregon, Idaho, Utah, Colorado, Nevada, Arizona, New Mexico, Texas, New Jersey, New York, US Treasury, Obama Administration, Home Affordable Foreclosure Alternative, Home Affordable Modification Program, HAFA, HAMP, Fannie Mae, Freddie Mac

Duration : 0:9:48

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Technorati Tags: Aurora, Bank Of America, Century 21, Chase, Citi, countrywide, Exit Real estate, Flagstar, foreclosure, HAFA, Keller Williams, Midland, offers, real estate agents, REALTORS, ReMax, short sale, short sale approval, short sale coaching, short sale education, short sale help, short sale mentoring, short sale services, short sale success, short sale training, shortsale strategy, Suntrust, Well Fargo, Windermere

http://www.allianceshortsales.com/

The HAFA program has general guidelines that all servicers must comply with. However, each servicer is putting a personal spin on what they are willing to do or not do within those guidelines.

This video goes into some specific guidelines that Wells Fargo has regarding the Home Affordable Foreclosure Alternative

Matt Side
Alliance Short Sales
www.AllianceShortSales.com

Follow Me on Twitter: http://twitter.com/MattSide
Follow My Blog: http://6fd70e2.activerain.com/

Based in Spokane, Washington Alliance Short Sales offers short sale services in multiple states around the U.S. With a current network of agents located in Washington, California, Idaho, Nevada, Arizona, Florida, Tennessee, Georgia, Ohio, and Virginia, Alliance negotiates short sale real estate transactions with lenders on behalf of agents without charging a fee to the agent or the seller. Because their fees are paid at closing out of the net proceeds to the lender, Alliance creates a beneficial outcome for all parties involved. For additional information about how you can work with Alliance Short Sales, please visit our website at www.AllianceShortSales.com.multiple short sale offers, shortsale strategy, short sale training, short sale education, short sale training, accelerator offers, excite price system, bpo factor, short sale approval, short sale success, real estate agents, shortsale strategies, short sale services, third party short sale negotiators, realtors, foreclosure, short sale help, short sale mentoring, short sale coaching, Keller Williams, Exit Real estate, ReMax, Century 21, Windermere real estate, Bank of America, Chase, Citi, Well Fargo, Midland, Suntrust, Countrywide, Flagstar, Aurora, Short Sales suck, help me with my short sale, help with short sales, short sale negotiation, short sale negotiation, short sale negotiation company, short sale processing, I need help with my short sale, what are lenders thinking with a short sale, lenders suck, how do I stop foreclosure, I want to stop my foreclosure (forclosure), I need help with B of A, Banks of America, Chase, Washington Mutual, Country wide, countrywide sucks, What is the number for my lender, HSBC, Customer Service, Aurora, Wells Fargo, Short Sale success, Jessica Side, Matt Side, Alliance Short Sales, Alliance, Real Estate Agent Training, Short Sale Training, Short Sale Training for Realestate Agents, Short Sales in Seattle, Sucess in the Seattle market, Seattle Short Sales, Will a bank do a short sales, what banks do short sales?, will I qualify for a short sale, will my home owner qualify for a short sale.

AAMES, ABN Amro Mtg, AHSI, ASC, Americas servicing company, Aurora, Bank of America, Bank United, Calwell Banker, Carrington Mortgage Service, CENLAR, Chase Home Mortgage, CITI Financial, CITI Group, CITI Mortgage, CITI Residential Lending, Countrywide, Downey Savings, E Trade, EMC, Everhome, FASLO, Fireside Bank, First Franklin, First Horizon, Metlife, Flagstar, Franklin Credit Management Corporation, Freemont Invest & Loan, GMAC, Greenpoint, Greentree, HFC, Beneficial, Homecomings, HOMEQ, Homestreet Bank, HSBC Mortgage Corporation, HSBC Mortgage Service, Indymac Bank, Interbank, Irwin, Litton Loan Servicing, M & I Bank, Mountain West Bank, M & T Bank, Mortgage Lenders Network, Navy Federal Credit Union, NFCU, Nationpoint, Nationstar Mortgage, National City Mortgage, New Century, Novastar, OCWEN, Option One, Regions Bank, Resurgent, Riverside National Bank, Saxon Mortgage, Secretary of HUD, Housing and Urban Development, HUD, SLS, specialized loan servicing, Sovereign Bank, SPS, Specialized Portfolio Servicing, Spokane Teachers Credit Union, STCU, Suntrust, TB&W Bank, TCF Bank, United Mortgage & Loan, USAA, US Bank, Wachovia, WAMU, WA Trust, Wells Fargo, Wilshire, Yale Mortgage, Washington, California, Oregon, Idaho, Utah, Colorado, Nevada, Arizona, New Mexico, Texas, New Jersey, New York, US Treasury, Obama Administration, Home Affordable Foreclosure Alternative, Home Affordable Modification Program, HAFA, HAMP, Fannie Mae, Freddie Mac

Duration : 0:10:41

(more…)

Technorati Tags: Aurora, Bank Of America, Century 21, Chase, Citi, countrywide, Exit Real estate, Flagstar, foreclosure, HAFA, Keller Williams, Midland, offers, real estate agents, REALTORS, ReMax, short sale, short sale approval, short sale coaching, short sale education, short sale help, short sale mentoring, short sale services, short sale success, short sale training, shortsale strategy, Suntrust, Well Fargo, Windermere