Foreclosures Help Information

Austin Texas Foreclosed Homes

Question: Foreclosed Homes In Austin Texas?

My fiancee and I are looking to buy a foreclosed home in Austin Texas within the next few months. We have little-to-no credit and we make less than $40,000 a year (combined). Our apartment's lease will end in April and we need to have a home lined up by that time. Is this even possible? We have NO idea where to start! Please help us!

Answer: If your credit is poor or non-existent, you will need to apply for a FHA loan in order to obtain any financing whatsoever. Contact a lender to find out what amount of money you will be able to borrow to purchase a house. Then contact a qualified real estate buyer agent to assist you in your house search. Don't limit yourselves to only foreclosed houses. They aren't the fantastic deals which many make them out to be. Any lender selling a foreclosure will seek to get as close to market value as is possible.

Good luck.

Austin Tx Hud Properties Home buying Process

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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

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