Suzy explains the past tax consequenses of a short sale and how the new “Mortgage Forgiveness Debt Relief Act of 2007 HR 3648″ helps people trying to complete a short sale More information at: sccrealestateuncensored.com/2007/mortgage-forgiveness-debt-relief-act-2007/ micasamidinero.com/2007/mortgage-forgiveness-debt-relief-act-2007/
Video Rating: 4 / 5
so after three years you owe them the taxes and the penalties LOL
what they don’t tell you is that when you short sale a property. The loss will be considered income. They send you a 1099 misc income statement. Then you will owe the taxes to the federal government. Taxes can not be discharged in a bankruptcy. Meaning you will owe them those taxes for the rest of your life. It is all one more scam
what they don’t tell you is that when you short sale a property. The loss will be considered income. They send you a 1099 misc income statement. Then you will owe the taxes to the federal government. Taxes can not be discharged in a bankruptcy. Meaning you will owe them those taxes for the rest of your life. It is all one more scam
what they don’t tell you is that when you short sale a property. The loss will be considered income. They send you a 1099 misc income statement. Then you will owe the taxes to the federal government. Taxes can not be discharged in a bankruptcy. Meaning you will owe them those taxes for the rest of your life. It is all one more scam
@demolitionbarbiedoll
The value on a property is established by the able and willing buyers who have recently purchased the properties in the same area. An appraisal is simply an estimation of what a willing and able buyer would pay. A listing price by a broker is simply what is considered would be a good selling price. I suggest you work with a qualified REALTOR from the area where you are planning to buy
Sorry folks, you have been had, peed on, scammed and lied to.
WallStreet is rigged and bailouts a fraud, market manipulations,
high freqency trading, flash orders, naked short selling, on and on
Goldman and Gov’t are in bed, they set the rules to benefit the few.
Jobs been exported, your labor de-valued to Zero and screw you into debt.
Walk away from your CC cards and (underwater) mortgage.
FICO scores are a scam to enslave you and keep you in debt.
Don’t be a sheeple. Protect Yourself
CUT THE PRINCIPLES ACROSS THE BOARD, and send $25,000 to each homeowner who doesn’t have a mortgage. That will halt foreclosures in their tracks, underpin current home values, and begin to ease the pain the $10 TRILLION dollars in damage banks did to peoples savings and retirement resources. THEN STOP ELECTING LAWYERS TO PUBLIC OFFICE!
Ms. Ortman is not completely correct regarding the debt relief tax on a primary residence. The law only affects an amount up to the original purchase loan or loans used to improve the property. If the property was refinanced and money taken out for other purposes, there can still be a tax for amounts in excess of those numbers. One must also be aware of the tax ramifications within the state, such as California, that has not passed an exclusion for 2009 and beyond at this time.
My financial planner says to only listen to Orman to find out what NOT to do. HE believes she’s criminally incompetent and is hurting a lot of people.
This particular video SEEMS fairly harmless, though. I’d always verify any of this information with a professional before proceeding.
the goverment understands that more and more people will face foreclosure….. and mortgage relief act for the difference has been extended till 12/31/2012 via the $700 billion bail out pkg
Jeff
something like short sales or short pay is not the norm… thats why
VERY GOOD VIDEO!!!
This clip provides very good information. But at the same times proves that the entire Real Estate industry is a game that does not concern itself with morals. One after another, hidden, hard to find, cascades of rule and regulations backed by whimsical laws, every matter of trickery to fool and rob the consumer.