Foreclosures Help Information

Posts Tagged ‘realestate’

Foreclosed Homes For Rent In Nc

Question: real estate advice, renting a pre foreclosed upon home?

I need help... We are in the state of Florida and have been served with pre foreclosure papers as John and Jane Doe, tenants. Our landlord has given us a song and dance and has told us that he will hold us to the end of our lease, being July 1, and he feels there "should" be enough time. I have a high school Jr. and Sr. I would like to move out. What are my rights? We have been relocated due to a military move and really need to stay in the area. We have spoken with the bank as well as the attorney for the bank and were told that the landlord did not reply within the twenty days. They were up last month. The bank said they are simply waiting on a court date. I honestly can not live like this and find it hard to believe that the landlord has so many rights. I have always paid my rent, I just want out of this situation. I own a home in NC with tenants and could not imagine placing them in this situation.

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Answer: Yes, the landlord can hold you to the original rental agreement as long as he is the owner of the house. I know it's tough, but you should stay as long as you can. Make sure you give the correct notice to the landlord that you will be moving out the first day the lease expires. Then about two months prior, start looking for a new place. You should be able to sign an agreement one month early for a move-in date of July 1. So really, you just have to wait until 1 April to start looking and planning your next move. If necessary, try to find an apartment in the area so your kids can stay at their school. Hang in there! The banks take lots of time to go through all their paperwork, so you should be okay.

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Foreclosed Autos

Question: what income is used to figure earned income credit?

I recieved income from work last year, but not very much that is documented. I made money from self employment, but it was all cash transactions for painting, as I am not a licensed contractor. Also, I recieved 2 other sources of income in lump sums. A small settlement from an auto accident, which was around $3000, and the house I was renting foreclosed, and I was paid $1900 to turn in the keys. What can I use towards EIC? I have 2 qualifying children and a spouse that does not work. Also, should I file head of household, or married filing joint, as she recieves child support?

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Answer: If you are married and lived with your spouse at ANY time during the last half of 2008 you can NOT file as Head of Household. And if you file Married Filing Separately you lose the EIC so your only option is Married Filing Jointly.

Only earned income counts towards the EIC. Your wages and the self-employment income both qualify; the 2 settlements do not, nor are they taxable income as they both only made you whole again.

The self-employment income and expenses go on Schedule C or C-EZ. If he net profit is $400 or more, attach Schedule SE to calculate the self-employment tax.

Self employment income is a high fraud potential item when combined with the EIC so there's a good chance that the IRS will want to see full documentation of your SE income and expenses before the EIC is paid.

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Va Foreclosed Houses

Question: If i foreclose on a va loan in california, will the government sue me for the deficiency?

I bought a condo in 2007 for $270k with a zero down VA loan. My condo is currently underwater and i have been having a hard time making payments on my loan. Now, my company is relocating to Texas and i can not afford to keep the home even if rent it while paying for housing in Texas. If i foreclose on my home will the government come after my other assets to pay off the loan amount?

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Answer: No.....In California they can't go after you if this is the original loan. If you refinanced the property and took money out in the refi then they could but even that is extremely rare. It would take a judicial foreclosure which is very costly and takes a year to do, vs. a Trustee Sale foreclosure that doesn't cost that much and can be done in 5 months.

Other than destroying your credit and not being able to get another real estate loan for 4 years you should be ok.

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