On this show I discuss several issues: I talk with Registered Tax Preparer Manuel Alvarez the tax consequences of a short sale and foreclosure. I also discuss the current real estate market conditions, some credit tips and more. I would also like to add that every situation is different and some people may not be able to take advantage of a tax free sale in a short sale or foreclosure. You have to take into consideration whether the existing loan is a recourse loan (loan that has been refinanced) or a non-recourse loan (loan that is the original purchase deed) as there are also different consequences for each. As always, consult with a qualified CPA prior to making your decision on whether a short sale or foreclosure is your best option. Hard to get everything in a show and many times there are things that I think to myself, “I forgot to say this or that!” By watching this episode hopefully you will get some good information from it if you are involved in a short sale as a homeowner or a real estate or mortgage practitioner.
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I would also like to add that every situation is different and some people may not be able to take advantage of a tax free sale in a short sale or foreclosure. You have to take into consideration whether the existing loan is a recourse loan (loan that has been refinanced) or a non-recourse loan (loan that is the original purchase deed) as there are also different consequences for each.
As always, consult with a qualified CPA prior to making your decision on whether a short sale or foreclosure is your best option.
Hard to get everything in a show and many times there are things that I think to myself, “I forgot to say this or that!”
Thanks for watching. Looking forward to your replies, comments and suggestions.
Robert Aldana www.LetsTalkRealEstate.com robert@letstalkrealestate.com
Duration : 0:10:0
On 09.15.05, Erma Frye borrowed $32,000 against her home in order to prevent it from being sold for delinquent taxes. The settlement company, Keystone Closing & Settlement Services, LLC, claimed the monies held for delinquent taxes were sent to Dauphin County Tax Claim Bureau in a timely manner. However, the tax claim bureau stated the checks were received on 10.04.05, twelve days after the property was sold by the bureau at tax sale for $2,810.27. The sale was upheld in Dauphin County Common Pleas Court on 03.10.06, and again by Commonwealth Court on 12.18.06. The sheriff sale of Frye’s property, scheduled for 01.11.07 was continued due to the court actions.