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.
Having low mortgage interest rates can be a drawback if the total interest and property taxes paid are below the amount paid for a standard deduction. If you plan a little you may be able to improve your situation at least every other year. Anyone that keeps tabs on their taxes knows that you can […]
Thoughts and choices If you are trying to decide to take standard tax deduction or itemize when filing your income tax return, you need to look at what gives you the highest return. Most people that make over $75,000 a year itemize their deductions, but with lower interest rates is this wise? For […]
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 – A recent article in the Sun Sentinel described a situation in which Bank of America foreclosed on a paid off home. Here’s an excerpt: When Jason Grodensky bought his modest Fort Lauderdale home in December, he paid cash. But seven months later, he was surprised to learn that Bank of America had […]
Fairfax VA – It’s possible to get your life back on track after a Fairfax VA short sale. The first step you’ll want to take is to start repairing your credit. But what about those pesky collections that never seem to go away? I’ll show you a couple of techniques here. This will help you […]
Fairfax VA -It can be overwhelming to face an upside down mortgage. You might just be tempted to walk away, mail your keys to the lender and move out. But before you give up, I have some important information to give you: You should stay in your Fairfax VA house for as long as possible. […]
Fairfax VA – Many agents run into issues when trying to complete a short sale on a home with more than one mortgage. We recently experienced this when we had a short sale with a first mortgage, a second mortgage, and a third lien. The third lien was an old credit card judgment, which had […]
Fairfax VA -It can be stressful to be a Fairfax Va home owner who is facing foreclosure. You don’t know what is going to happen, how much longer you have in your house before the bank kicks you out on the street or how much money you’re going to owe your lender after all is […]
Fairfax VA – If you’ve ever tried to get a loan modification, you know how difficult it can be. Why? Because the lender tries to squeeze as much money out of you as possible. They feel like they are entitled to every penny you have until you have paid them back in full. A lot […]
