Foreclosures Help Information

Archive for the ‘Foreclosed Homes’ Category

My House Is Being Foreclosed

Question: How to file taxes with a foreclosed house?

I live in Arizona, which is considered a non-recourse state. My house was sold at auction back in July of 2009. I plan on using turbotax online. Do I need to wait for a 1099C? Just want to make sure I'm covered.

Answer: I live in California. which is a trust deed state. The house was probably sold at the steps of the court house. If you receive a 1099C there is a cancellation of debt. The formula for this
Foreclosed Value
+ 1099C (liabilities give up)
- adjusted basis (purchase + capital improvements
__________________
= Gain will be ordinary if the amount is less than or equal to 1099C amount, This means that you will have to pay at you personal tax rate. You can avoid this if you filed Bankruptcy on the note and
then you can complete IRS form 928

If you get 1099A,, the formula will be:
1099A amount
- adjusted basis
__________________
= capital gain
- ( exclusion 250k or 500k)
this formula works if the house was your Primary Principal Residence But you cannot take a loss

Lakewood Ranch Florida Foreclosed Partially Constructed Hockey Arena Fail

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Foreclosed Lots For Sale

Question: Should I buy a shortsale property? What are the advantages and disadvantages?

A lot of properties that are up for sale are mostly short sale, foreclosed, or bank repo's, but it is a good idea to buy one these of properties?

Answer: There is a huge difference between a short sale and an REO property. An REO is a property that was foreclosed and is now owned by the lender. Buying an REO is not really any different from an "ordinary" sale. A short sale, on the other hand, involves a distressed owner trying to get his/her lender to agree to a sale for less than what they owe - a very difficult and protracted process.

Lots of Homes For Sale in Clearwater

Foreclosed Trailers

Question: How do you foreclose on a house?

We are currently buying a smaller trailer compared to our 3 floor House. We cant afford to keep paying for this house in the summer time. We were wondering what the consiquences were on foreclosure? We really need an Honest answer beucase it may affect where we live and if we will have a criminal record or not. Also, my mom has a credit score of 720 and weve already been approved. How will this affect her Credit???

Answer: Nothing 'life and death' about a foreclosure. You couldn't afford the payments so the bank took the house back. Happens all the time. Your credit score goes down. From 720 to 600 or less. You will not get approved to buy a new GM car on their current Zero % interest rate for qualified buyers.

Taking Woodstock 2009 HQ Official Movie Trailer