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  • Government Intervention in Foreclosure (38)
    • tj: I would like free healthcare for everyone, free college and state or government sponsored daycare and old age homes. Yes, I would be prepared to pay for it,...
    • Kary L. Krismer: Jillayne emailed me the letter regarding the excise tax issue. I’ve only spent about 10 minutes on this, but here are my initial impressions:...
    • Kary L. Krismer: Actually, cram-down means forcing a plan on a dissenting group of creditors. In practice though it’s come to mean what Jillayne indicated....
    • ARDELL: Any news on not taxing people on the shortfall?
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    • Tim: Funny you post this. Lynlee just grabbed my daughter and headed out the door to head down to the Snohomish bridge in downtown Snohomish to check out the river....
    • Kary L. Krismer: We had a reappraisal last year (I think) on some property on 10th Ave at the north end of Broadway in Seattle. Not anywhere near a river. The one...
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    • ARDELL: That’s a little steep. Maybe buy an FHA down to the conventional rate and the conventional rate down to 4.5%?
    • Rhonda Porter: Ardell, ballpark–around 2.75% points based on a quick glance on some rate sheets from this afternoon. (Tomorrow morning, when markets reopen, this...
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    • leanne finlay: This sounds like a big, expensive, backwards step to me. I think lenders do want assurance that the appraiser is qualified, and having a clearing house...
  • Start 2009 by recognizing the unrecognized (11)
    • Jillayne Schlicke: by doing lots of research on the L.O. before selecting them. Just a simple friends/family blind referral isn’t good enough because the...

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Tag: The-Mortgage-Foregiveness-Act-of-2007

An Early Holiday Present

Yesterday, The Mortgage Foregiveness Act of 2007 was passed effectively getting rid of the question, “will I be taxed on a short sale?”
Prior to this action, the forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure was potentially taxable to the borrower. As agents we always have had to warn our clients [...]

Posted: December 22nd, 2007 under General Real Estate.
Tags: , , , , ,
Comments: 16