5 Things to Do Before You Go Into Foreclosure
If you’re having trouble keeping up with your mortgage payments and think you might be headed for foreclosure, there are still some things you can do to ameliorate the situation. Millions of U.S. homeowners have had their properties repossessed in recent years, so if you’re on the verge of losing your home or have received […]
How to Pay Zero Taxes on Mortgage Debt Forgiveness After Foreclosure or a Short Sale
Did you go through foreclosure, modify your mortgage, or do a short sale last year and sell your home for less than what was owed to your mortgage lender? If so, you probably got a 1099-C, a Cancellation of Debt, from your lender and you now need to know how to account for that transaction […]
Should I Do a Short Sale, Deed In Lieu of Foreclosure, or File Bankruptcy?
Question: I live in las vegas. I owe $300,000 on a house that is valued at $150,000 and dropping. What would be the best alternative for me? Should I do a short sale, deed in lieu of foreclosure, or file bankruptcy? At present I am unemployed and can not afford the payments and HOA fees. […]
Advice if Your Home is Underwater
Q: My husband and I are underwater on our lovely historic 1930 era home, which we hoped to grow old in. We paid $783,000 for it back in 2005, when we had a six figure income as a couple and could afford it. Our home is now worth about $500,000. What should we do? A: […]