Are You Concerned About Tax Ramifications In Doing A Short Sale?

Posted by webmaster on Jan 25, 2012 in Uncategorized | 0 comments

Hi, I am Kevin Kauffman. I’m part of Group 46:10, one of the country’s leading short sale and real estate groups located right here in Phoenix. Are you struggling to make your mortgage payments or are tired of being upside down on your mortgage? We at Group 46:10 can offer you different alternatives to alleviate some of these issues. As one of the leading short sale teams in the country, we’ve completed more than 500 short sales in the prior 4 years and have a completion rate of over 90%.

I’m here today to talk to you a little bit about short sales and tax ramifications. One of the worries that we hear quite frequently from potential clients is that they want to short sell their home, but are worried about the taxes they will have to pay after the sale. Maybe you’ve heard from other homeowners that have done short sales that there were some tax liabilities and would like to find out more.

The Mortgage Debt Relief Forgiveness Act, which expires at the end of this year, allows homeowners, such as yourself, to not pay taxes on the forgiven amount if the property is their main residence and the selling price is less than $2.5million. If you are thinking about short selling your property, you need to act quickly because the transaction needs to be finalized by the end of 2012 in order to qualify for The Mortgage Debt Relief Forgiveness Act.

Please give us a call or fill out the form on our website, group4610shortsale.com, to find out more about this act or if you have questions about your specific situation. If you do not qualify for this act, don’t let that keep you from short selling your propety. We have a couple of different ways to avoid paying taxes as well. A skilled short sale specialist, such as myself and my business partner Fred, can discuss those different options with you.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

What Are Your Short Sale Options?

Posted by webmaster on Jan 24, 2012 in Uncategorized | 0 comments

Hello, are you considering a short sale but you are not fairly sure of what your options are? Well, my name is Kevin Kauffman and I’m part of Group 46:10, Phoenix’s premiere short sale crew and Phoenix’s premiere short sale team. I’m here to inform you that you just do have choices and I’d love to speak to you about them. My group and I’ve closed over 500 short sales within the last four years. We’re here that can assist you so if you want any help, whether you’ve an FHA loan or maybe you’ve obtained a VA mortgage, we can help. Possibly you are unsure as a result of there are different guidelines around FHA and VA loans in comparison with loans with your typical credit union or with Bank of America or Wells Fargo.

Come to the specialists and get a free consultation with us. We’d love to speak to you about what your options are. We’ve worked with every financial institution out there. We’ve worked with over one hundred banks. We’ve dealt with Fannie Mae and Freddie Mac, and FHA and VA, and anyone and everybody in between and we know that we can assist you.

So please give us a call today. You may reach us at 480-449-6642. You may as well fill out a form right here on our website. If you’re not on our website, you can go to us at Group4610shortsale.com. Right here you may get your free short sale decision calculator results as well as request an in person meeting. We would love to speak to you about your options and if a short sale is best for you, we would love to help you. Thanks a lot and have an awesome day.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

Deed in Lieu of Foreclosure to Stop Foreclosure

Posted by webmaster on Jan 23, 2012 in Foreclosure | 0 comments

There are many different options available to homeowners for stopping a foreclosure. Some of them include selling the property, bankruptcy, and deed in lieu of foreclosure just to name a few.

First, a foreclosure is the legal process a lender uses to take a home when a homeowner defaults or do not make their mortgage payments. Pre-foreclosure is the period prior to the foreclosure between the lender’s initial notice of foreclosure to the actual date of the foreclosure sale. All foreclosure sales can be halted at anytime during this period.

Second, a deed is the instrument that conveys or transfers ownership of a property from a seller to a buyer or a grantor to a grantee as in the case of a Deed in Lieu of Foreclosure.

In essence, the Deed in Lieu of Foreclosure strategy simply involves giving the property back to the bank. The grantor, the buyer, would convey or transfer the property through a Deed of Trust to the grantee, the lender. Both parties in the transaction must enter into the agreement in good faith and voluntarily. What this does is enacts the parol evidence rule, protecting the lender from subsequent claims that he or she acted in bad faith or otherwise pressured the borrower into this type of settlement.

Here are a couple of points a homeowner should know when considering a Deed in Lieu of Foreclosure:

1) your lender’s acceptance is completely voluntary. It’s not an obligation or a homeowner’s right,

2) it is best to have some equity to ensure the loan amount is covered when the property is sold, and

3) if there isn’t any equity and the lender accepts the Deed in Lieu of Foreclosure, then the homeowner may have to pay income tax on the difference.

For example, after returning the property to the lender, the home sold for $180,000. However, the homeowner owed $200,000; thus, the lender lost $20,000. The homeowner may have to pay income tax on that $20,000. Let me explain why this could be the case. When the money was borrowed to purchase the home, the homeowner was expected to repay the loan. When they didn’t repay, the lender and the IRS will look at that $20,000 as income to the homeowner because they received it, but did not pay it back. Consequently, if the homeowner didn’t include a clause stating that their lender will absolve any deficiency, then the homeowner could possibly be looking at a tax bill.

Deed in Lieu of Foreclosure is just one of several options available to homeowners for stopping a foreclosure. Remember the lender is not obligated, but if conditions are right they will gladly accept the property.

Avoid Foreclosure Hell eBook is for immediate download at http://www.HelpStopTheForeclosure.com It is an excellent resource for solutions to stopping foreclosures.

CP Howard is the co-founder of MaxCap Realty, which is a real estate company assisting buyers and sellers with brokerage, consulting, and investment services. He is a licensed real estate broker, consultant, mentor, and teacher in real estate and finance, as well as an REO Broker in the St. Louis metro area.

Website: http://www.MaxCapLLC.com

Article Directory: EzineArticles http://ezinearticles.com

Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

Are You Considering Strategic Default?

Posted by webmaster on Jan 23, 2012 in Uncategorized | 0 comments

Hello, have you been considering strategic default? My name is Kevin Kauffman and I’m part of Group 46:10, the leading short sale business in Phoenix. I am here to let you know that you have options if you are thinking about strategic default. More specifically I would like to talk to you regarding the actual consequence of strategic default as it applies to the amount of money that it will take you to do it.

My business partner, Fred, and I have designed a tool named the Short Sale Decision Calculator to help homeowners such as yourself to determine whether or not a strategic default is right for them. If you click on the link below or visit our website, group4610shortsale.com, it’ll take you to a website where you will be shown the value of your home and allow you to enter your interest rate, the unpaid principal balance on your loan and your monthly payment. By inputting this information, we will provide you with a report that will show you how long it will take for the value of your home and the amount you owe to be the same, as well as how much money it will take to get you to that point. This free report will provide you with the information you need to decide whether or not strategic default is the right decision for you or if you should do a short sale.

Should you decide a short sale is the best decision for you, we would like to help you out. We’ve closed over 500 short sales in the past few years and have over a 90% success rate. Please either visit our website or give us a call today so we can schedule a free consultation. Group 46:10 can help you avoid foreclosure, get out from your upside down mortgage and successfully short sell your home, so please contact us today.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.