What you need to know BEFORE walking away from your underwater property

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Information about What you need to know BEFORE walking away from your underwater property
Finance

Published on February 24, 2014

Author: ReturnTheDeed

Source: slideshare.net

Description

If you own property valued at less than the amount you owe on it, you are 'underwater' or 'upside down' Get the knowledge you need before just walking away.

WHAT YOU NEED TO KNOW Law Office of Hilton M. Wiener BEFORE Walking Away From Underwater Property

UNDERWATER OR UPSIDE DOWN PROPERT Y DEFINITION: When the mortgage balance is greater than the value of the property Law Office of Hilton M. Wiener

ARE YOU IN A “NO-DEFICIENCY” STATE?  There are many different rules state by state  If not in a no-deficiency state, you remain personally liable for the loan balance  Will the lender pursue that claim? Law Office of Hilton M. Wiener

REALTORS SAY… “A short sale is far preferable to simply walking away” Law Office of Hilton M. Wiener

TRUE: IF THE AGREEMENT CONTAINS AN EXPRESS WAIVER OF DEFICIENCY If not… the only parties BENEFITTING from the short sale are the realtor and the buyer Law Office of Hilton M. Wiener

GET A QUALIFIED AND KNOWLEGEABLE ATTORNEY an attorney who fails to negotiate a deficiency waiver in a foreclosure settlement… is just as remiss as the realtor who fails to insist on its inclusion in a short sale Law Office of Hilton M. Wiener

OBLIGATIONS THAT LINGER AFTER THE OWNER LEAVES  Thinking your problems are over... Think again about those obligations that linger  HOA dues  Club dues  second mortgage or HELOC  tax liability for forgiveness of indebtedness upon receipt of a 1099-C  Thankfully, real estate taxes are rarely a personal obligation Law Office of Hilton M. Wiener

A SHORT SALE DONE PROPERLY TIES UP THE LOOSE ENDS Tax liability can be much more complicated (especially for real estate investors) Law Office of Hilton M. Wiener

MORTGAGE FORGIVENESS DEBT RELIEF ACT  Provides that the cancelled debt is not taxable for the owner of a primary residence  there is no such exclusion for owners of second homes or investment property Law Office of Hilton M. Wiener

THERE IS AN INSOLVENCY EXCLUSION  It requires the filing of Form 982 Law Office of Hilton M. Wiener

IF YOU ARE NOT INSOLVENT relief from the 1099 income is still possible Law Office of Hilton M. Wiener

CPA and Tax Attorney Get more information on how we might help you save money on an investment gone wrong… CALL 561-750-6672 NOW for a complimentary consultation Law Office of Hilton M. Wiener

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