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Phoenix Real Estate and Homes for Sale | Jonathan Dalton, Realty ONE Group – (602) 502-9693

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Big Short Sale News from B of A

Today in the inbox was a new message from Bank of America about its Short Sale Relocation Assistance Program. The long and short of it is qualifying sellers can apply to get their short sale through B of A pre-approved. If they go through the program and satisfy all the requirements, they could receive anywhere from $5,000 to $30,000 at the close (though these monies could be used to satisfy a second loan rather than going directly to the seller, depending on circumstances.) This program works similarly to the Home Affordable Foreclosure Alternative program; in fact, the up to $3,000 […]

Timing Your Short Sale – How Much Do You Trust Congress?

That simple question should scare the hell out of anyone facing the possibility of foreclosure and have been mulling whether to sell theirhome via a short sale. Once upon a time, a short sale of a home was a taxable event. The difference between what the homeowner owed and the sales price of the home would appear on a 1099 as taxable income, adding IRS insult to financial and credit injury. Then the Mortgage Forgiveness Relief Act was paid in 2007 and, for most homeowners who are short selling their primary residence that write-off was no longer taxable. (There remain […]