Even if you have a property lost due to foreclosure or short sale and you might feel relief from being out from under your mortgage obligation, the cancelled amount must be included in your income tax reporting depending on circumstances.
It is no longer unusual to meet someone in your area who has had a foreclosure, short sale or bankruptcy. The recession has taken a toll on home owners across the country, as well as owners of Northern Virginia real estate. The big question on these people’s minds is, “When will I be able to qualify for a mortgage loan again?” The answer varies, because it depends on the financial route that has been chosen.
Fairfax VA -Individuals facing foreclosure might wonder if it’s best to do a deed-in-lieu of foreclosure and just give their home back to their lender. A deed-in-lieu does have its benefits – for the lender that is. Lenders like them because it speeds up the foreclosure process. After all, a deed-in-lieu is basically like pleading […]
Thinking about a short sale, but can’t pay your homeowner’s association dues? Fairfax VA – Many people think that if they have any unpaid homeowner’s association dues, they are ineligible for a Fairfax short sale. This is not true. Typically, when you short sell your home, your lender will pay the association dues for you. […]
Fairfax VA – Short sales have a reputation for being frustrating and complicated. Here is a story that illustrates why short sales have earned this reputation. Let’s say you are negotiating a short sale with a lender. You call them and get transferred to a call center in another country. They are helpful and give […]
Fairfax VA – Wells Fargo is the second biggest short sale lender with whom we work. As one of the largest lenders in the country, Wells Fargo has a Loss Mitigation Department that is much better than a lender’s loss mitigation department. This national bank has two loss mitigation departments. One is located in Fort […]