Will I Owe Income Tax after a Short Sale
Sunday, December 26
This is one of the first questions potential short sale sellers ask us. “I heard of something called “forgiveness of debt income and that it is taxable. How does that work?” they ask. The following article is my personal opinion only. I recommend that you consult with a competent legal or tax pr...
How GMAC Short Sales Work
Tuesday, December 21
GMAC, was the financing arm of General Motors. It was taken over by Uncle Sam and has been mostly privatized as Ally Financial. However, many people still have loans from the original GMAC. Some of these homeowners want to short sale, but are curious about how it works. Discover how other seller...
An Advanced Stategy To Stop harassing Debt Collector Calls
Monday, December 20
Many of the short sale sellers we help are selling their home to avoid foreclosure. In addition, they are receiving lots of harassing calls from debt collectors. These debt collectors seem to think that if you call someone with no extra money, then you can still get them to pay. Here is a little ...
How to Stop Harassing Debt Collector Phone Calls
Sunday, December 19
If you are facing financial hardship, then paying credit cards and other unsecured debts is your lowest priority. An unsecured debt is a debt where they can't take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of value. The most com...
What does letting a house go into foreclosure do to the neighborhood?
Friday, December 17
The Stop Foreclosure Institute recently received a question from Werner. “I am behind on my payments and thinking of just letting my home go into foreclosure. What does that do to the neighborhood?” he asked. Here is our answer to his question. It does hurt the neighborhood. But, it also hurts yo...
Renters trashed my house. What should I do?
Wednesday, December 15
The Stop Foreclosure Institute recently received a question from Richard. “I accepted a job transfer and had to move. Unfortunately we were upside down on the house. I decided to rent it out rather than short sale it. The renters just moved out. I just checked the house. They trashed it! I could...