IRS
What Happens When They Come For YOU
February 17, 2010 by Financemyhome · Leave a Comment
While this posts title is just a play on the TV show COPS, it is possible that if you sell a home short or have a foreclosure that results in a loss, that the lender could pursue a deficiency judgement. In MN, they are doing this more often. The LAST thing I am giving anyone is tax or legal advice. Just be aware of the fact in MN, lenders can choose how they foreclosure. A judicial foreclosure can result in pursuing a deficiency vs a foreclosure by advertisement. There are resources like http://www.HOCM.org which provide Minnesota consumers with information and possibly assistance with trying to figure out options and repercussions. Research the Mortgage Tax Forgiveness Act of 2007, extended in 2009 until the end of 2012. Also call the IRS at 1800-829-1040 or visit them online at IRS.gov
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IRS
Items Necessary to Submit a Short Sale Package
February 17, 2010 by Financemyhome · Leave a Comment
Just because you owe more than your home is worth does not mean that you will be eligible to do a short sale. The key is being able to show that you qualify based on a acceptable hardship. The lender needs you to explain your situation in a hardship letter. With that, there are items they will need. These items include the following: A financial statement showing what your current assets are and what your expenses happen to be, A couple of recent paystubs if you are employed that show your year to date income, all pages of your bank statements, your two most recent signed tax returns, asset statements like 401K & IRA’s, and a list of any other liens that encumber the property title such as back real estate taxes, second mortgages, third mortgages, and IRS tax liens that are recorded against title.
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