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.
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 […]
Fairfax VA – I recently saw an amusing video about loan modifications. In it the guy called Wells Fargo “Hells Fargo.” Evidently, it can sometimes be difficult to get a loan modification because they’ll often lose your paperwork. You have to talk to people in other countries where English IS NOT their first language. The […]
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 -Debt collectors have a tendency to get pretty mean when someone gets behind on their payments. The constant barrage of threats, demands, and phone calls can become really overwhelming – leading many people to simply give up. Debt collectors have a difficult job, which is probably why they’re so mean. Still, I have […]
Fairfax VA – Here is a little known secret when it comes to foreclosures: Many lenders will reject their borrower’s loan modification application and then foreclosure on the house, selling it to the bank. What they don’t realize is that they lose more money in doing so than if they would have just excepted the […]