https://www.nolo.com/legal-updates/mortgage-forgiveness-tax-break-extended-through-2020.html For homeowners who experienced the mixed blessing of completing a short sale in 2020, and had mortgage debt forgiven, the need not include the cancelled debt amount in the income for federal tax purposes. Please read the fine print in an article by Attorney Amy Loftsgordon entitled: Mortgage Forgiveness Tax Break Extended Through 2020….
Given the paranoia over Russian meddling in US elections, and now revelations that there may be cyberbombs ready to explode in our softwares that run our public utilities . . . and now the N. Y. Times makes the treasonous revelation that the U. S. has taken to counter-terrorism against Russian utilities! Where will it…
Imelda Marcos has nothing on me when it comes to shoe fetishes. My compulsion is to constantly replace my tennis shoes. Nike, Adidas, New Balance, Head, Wilson, Babolat . . . they must invest huge sums in the technology to expedite the breakdown of the cushioning in the sole of the shoe. But I digress….
The big news in the last few years has been that many 20 and 30 somethings have a different priority and value system when it comes to home ownership than their parents had. Low and Behold, home ownership has moved up the Millennial priority list! There is a shift of attitude happening statistically and the…
So you know you need to sell your home. The reasons are many. The alibis for procrastination are also many. Sometimes procrastination works in your favor. Low priority things that you ignore long enough may eventually become altogether unnecessary. How high a priority is it to sell your home? Once you find the motivation and…
For years, creative defaulting homeowners and their attorneys have thrown up a phalanx of new and old defenses to slow down the foreclosure process. The best defense has always been to live in a “judicial foreclosure” state where the court system must be invoked by the lender in order to take back a property for…
So you need to sell but you don’t have the equity to cover a 6% real estate commission, or you WON’T pay a commission. For many home owners, the choice may be Short Sale with an agent or FSBO. In any event keep in mind a few important nuances of selling without an agent, “FSBO”,…
Ever since the knee jerk reaction to the crash of Oh Eight, self-employed borrowers have often been intimidated away from the mortgage application process. Despite self-employed (the “gig economy”) vocations growing as a market segment, Fear and trepidation have caused a significant 10 year drop off of self-employed applications for home loans. Dodd-Frank, the 900…
One of the novel questions we received in the new year concerns short selling a property held by a Trust. Many a well intended realtor has done their job only to miss the pay day (and reimbursement of advertising fees) when attempting to sell a property when they find that the person for whom they…
Today’s blog is both a resignation to our recently shattered rainfall records and a shout out to a former Associate of our Firm who opened his own firm in Virginia Beach and Williamsburg, Virginia, as an Estate Planning Specialist. John S. Burton, Esq., wrote the following pithy newsletter to educate consumers on the need for…
