About: kennyklaus

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USA Today: Lenders Embrace More Short Sales

Lenders are allowing more short sales by financially strapped homeowners and a few people are even getting cash to complete the sale. Short sales are when lenders allow borrowers to sell homes for less than their unpaid mortgages. They are an alternative to foreclosures. Short sales have been increasing for months, but...
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What is a Short Sale?

A great place to start is to define what a Short Sale is. A Short Sale is an agreement with a lender where a home is sold for less than what is owed. The bank or lender agrees to accept the short sale based on hardships, which are outlined in...
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How Does A Short Sale or Foreclosure Affect My Taxes?

I am often asked how a short sale or foreclosure affects taxes. In general, the difference between the mortgage balance and the sale price is reported to the IRS, and is taxable. In some cased, the Mortgage Forgiveness Debt Relief Act of 2007 provides relief. It has been extended to...
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