Less than 5% of loan modifications ever get approved after months of arduous paperwork. Within 90 days 38% default and within 12 months 70% of the 5% that got approved default. Alexis Bellino’s Newport Beach mansion just sold for 3 million on a short sale. The Bellino’s had a JP Morgan Chase loan for 4,677,635… Read More
Strategic Short Sale/Default Orange County Housewives Alexis Bellino Avoids Foreclosure
May 18, 2011 By Leave a Comment
Short Sale In San Diego Are There Tax Consequences? Is Debt Forgiven?
February 23, 2011 By Leave a Comment
In California our state tax law requires homeowners to report debt forgiven during a short sale because it is considered income. Adding this amount to your other sources of income then will increase your tax liability. Therefore you could be required to pay more in income taxes when a short sale occurred. California Gov. Arnold… Read More
Federal Mortgage Forgiveness Debt Relief Act and Debt Cancellation In San Diego
February 23, 2011 By Leave a Comment
This is applicable to foreclosures and short sales Under the Mortgage Forgiveness Debt Relief Act of 2007, property owners do not have to report forgiven mortgage amounts as income because the amount of the loan the lender cancels isn’t subject to income tax for discharges of qualified principal residence indebtedness incurred on or after January… Read More
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