Foreclosures Help Information

Archive for April, 2007

Foreclosed Va Homes

Question: If you are in the military and you have a VA loan on your house and you have to foreclose what will happen?

Will they throw you in jail or what? We just can't seem to keep up now that the military has moved us and our other home hasn't sold!

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Answer: You lose your eligibility for another VA loan in the future... unless you pay the losses back to the VA.

$259,900 - Herndon VA Real Estate Foreclosure listing preview

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Foreclosure Attorneys Nc

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There are a million ways to get money but the Gold Mine System is the most innovative, and gets you more money - thousands - faster.

Finder deal?? NOPE. Unclaimed money finds are limited to a percentage cut of the money and have to be qualified by the State.This Program can get you way more money than a finder.
If you're thinking this is unclaimed or lost money, you're wrong. With unclaimed money, you're looking at forgotten bank accounts, etc.
Way better - we're addressing excess proceeds or surplus funds. The cash originates from foreclosure sales.
As homes sell at foreclosure, there is often excess funds from the sale, above and beyond the amount owed to satisfy the debt, and the bank can't keep that. As this happens, excess proceeds are sent by the bank to the county clerk to hold. The money goes to the clerk because the money may have judgements and liens against it that have to be satisfied. The substitute trustee does title work, but judgements and liens are the responsibility of the county. Don't forget that the bank or their attorney doesn't want to take responsibility for giving the excess to the right parties - not their problem.
Once the court gets the money, they are supposed to contact everyone that could have a claim to the money.
This notification is done by the clerk at the address they have on file. The addresses are hardly ever updated by the holders of the liens or judgements. Judgement and lien holders don't upate their addresses because they don't expect to ever be paid. The last known address for the exowner is the home they've been evicted from.
The clerk waits a few months and then puts the money into an interested bearing bank account. Counties can not spend this money, but they can keep the interest as payment for keeping it for the owner. Does that create a sense of urgency for the clerk to pay the money out?
After some years - it varies dramatically - the money is then escheated (sent to) the State treasurer. At that point the State invests the funds and keeps the interest - I'm sure they'll want to give that back too, right?For some odd reason the State doesn't post this money on their unclaimed money site. Further, if you call the State, and ask if there are funds in your name from your foreclosure, they'll say no. For some odd reason the state identifies the surplus by case number instead of owners name.
Seriously, answer me this:
If you had someone's complete records from when they lived in a certain location including their social security number, phone number, old address, complete name and often also their utility info, dmv records, wedding records, birth records, etc, could you find them? Folks, with $50, an online connection and a social, I can probably tell you when these guys had their last bowel movement.
The money stays there - its been put into the state's coffers for decades.
NC boasts approx 100 counties and each county has 4+ decades of records on file. Super low estimate - 4 times each year each county has a foreclosure with surplus = 400 foreclosed properties with surplus per year = sixteen thousand foreclosure surplus funds accounts over 40 years. With a $10K excess fund average deposit, we're looking at $160,000,000. Low interest rate of three point five percent gets the State $5.6 Million.
Our program shows you how to find the money, delineate the amount left, and get it All in Your Name. No Sxxt!
The system even shows you how to get around judgements and liens. You can only get the system through us.
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Wisconsin Foreclosed Homes

Question: Selling home in 1 year, how do you calculate tax penalty?

I have purchased a foreclosed home for $80,000. I would like to sale it for 110,000. Would I have any tax penalty if I sell it in 1 year? I live in the state of Wisconsin.

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Answer: It depends if you keep it more or less than a full year. If less than a year, you would be taxed as though that $30,000 gain (less selling expenses) was added on top of your other income.

If you keep it more than a year, the gain would be taxed at the lower capital gains rate. Check WI Dept of Revenue website for specifics about state income tax for capital gains. I did look into that when considering selling WI property that I own, but am foggy on details (have not lived in WI since 1975).

You would actually have to live in it for 2 years for up to $250,000 ($500,000 if married filing jointly) of gain to be excluded from federal income tax.

Foreclosed Homes Targeted For Copper