2013 "fiscal cliff"
Senate 'Cliff' Bill Retains Mortgage Cancellation Relief - Mortgage Debt Relief Act Extended for Another Year
A number of what lawmakers call extenders are in the bill. Extenders keep in place expiring tax provisions. Of most interest to real estate, the bill would extend mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale or foreclosure sale for sellers and in a modification for owners. Without the extension, any debt forgiven would be taxable, which, for underwater households, represents a financial burden.
Stop the Sheriff
"Here's Your Chance To Quickly and Quietly Stop The
Foreclosure Process And Save Yourself the Embarrassment of
Having Your Furniture Thrown Into Your Yard by the County
Sheriff and His Team of Movers… Even If It's Raining!"
Are you behind on your mortgage payments or have you already
received a notice of default?
- My fees are paid by your bank NOT YOU.
- Don't ignore the letters from your lender.
- Contact them immediately and explain your current situation.
- Contact us to schedule your confidential appointment
to discuss the alternatives to foreclosure.
- If you do nothing you will eventually
hear a knock on the door by the County Sheriff.
All Preble County
Sheriff Sales are held in the first floor lobby of the Preble County
Courthouse, 101 East Main Street in Eaton, at 9:00
AM on Friday’s.
View a list of upcoming Sheriff sales Sheriff
Sales by Date
You Have Options
Did you know the bank may consider allowing us to sell your
home for less then you owe?
Normally, debt forgiveness results in taxable income. But
under the Mortgage Forgiveness Debt Relief Act of 2007, enacted
Dec. 20, taxpayers may exclude debt forgiven on their principal
residence if the balance of their loan was less than $2 million.
The limit is $1 million for a married person filing a separate
return. Details are on Form 982 and its instructions, available
now on IRS.gov.
Here Are Some Things You Should Know
- You may get absolutely nothing from a
foreclosure sale, even if you have equity. The bank holding
your mortgage only cares about getting back the money they
are owed.
- Beware of scams. Solutions that sound too simple or too
good to be true usually are. If you are selling your home
without professional guidance, beware of buyers who try to
rush you through the process.
- Your lender does not want your house.
Lenders Want To Deal With Experienced Professionals
All mortgage companies have very specific rules governing
short sales:
- USING AN INEXPERIANCED REAL ESTATE AGENT MAY COST YOU
DEARLY
- YOU MUST HAVE AN EXPERT NEGOTIATOR ON YOUR SIDE
- MORTGAGE COMPAINIES WILL REFUSE TO TALK TO A REAL ESTATE
AGENTS WITHOUT PROPER DOCUMENTATION
Is Your Clock Ticking?
Please do not hesitate to click on “Short Sale Help” or just
pick up the phone, 937-533-7406.
Timing is critical and we are here to help you.
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