It seems that the ultimate “insult-to-injury” scenario would be to lose your personal residence to foreclosure or a short sale, then find out that you owe taxes on the “income” you “received” as a result. But that is exactly what could happen to millions of homeowners who will face foreclosure or be forced into a short sale on their personal home after December 31, 2012.
How Long Till Foreclosure Victims Can Buy Again?
February 27, 2012 by
With the unprecedented housing crisis over the last six years resulting in more than four million homes lost to foreclosure, many of these homeowners are now beginning to wonder: When will they be able to buy again?
Banks Step Up Short Sale Incentives
February 13, 2012 by
Banks are stepping up their efforts to persuade struggling homeowners to accept a short sale instead of going through a costly foreclosure, according to new reports, with some banks prepared to offer borrowers up to $35,000 to ‘get out of jail’ earlier.
How To Pick A Real Estate Investing Strategy That Will Work
February 10, 2012 by
I often get email’s from investors asking me how they can tell which real estate investing strategy is ideal in their city. From the perspective of a new investor it can be difficult to decide what particular strategy you should use in a given area.
R. Kelly Lists Chicago Mansion as Short Sale
December 16, 2011 by
R&B singer R. Kelly has listed his 22,000 sq ft. Chicago mansion on the market as a $1.595 million short sale. According to a report in the Chicago Tribune, Kelly had originally taken out a $3.5 million loan on the home, back in 1999. R. Kelly’s home troubles began back in the summer, when he […]
Short Sales Activity Shows Dramatic Increase
August 26, 2011 by
Realty Trac has released a new report indicating that banks are finally becoming more willing to discount pre-foreclosure properties, and short sell them, rather than continue with the foreclosure process. Prior to the housing market crisis, short sales were a relatively rare item. Most folks had never heard of them. They were rarely agreed to […]
Short Sale Incentives For Cash-Strapped Homeowners
June 29, 2011 by
Two of the nation’s biggest lenders are giving away cash rewards to struggling Florida homeowners who agree to stave off foreclosure by doing a short sale instead, according to reports in the Florida Sun-Sentinel. Wells Fargo and JP Morgan Chase haven’t made any official announcements about the initiative, but indebted homeowners have reported that […]
How Soon Can You Buy After Foreclosure?
June 27, 2011 by
What with the millions of former homeowners sitting around twiddling their thumbs following foreclosure or a short sale, many of them might be wondering how soon they will be able to get back into the real estate business. One article that recently caught our attention in the New York Times attempted to answer that question, […]
Home Value Projections for 2011
January 4, 2011 by
The US housing market is till in stagnation even with government initiatives to relieve foreclosures and short sales. Until the job market improves, there is little chance for a full recovery even in the long term. However, price incentives do prop up the market for 2011. It’s a buyer’s housing market, but just how many people have the money to buy?
