Posted on

Mortgage Debt Forgiveness

Mortgage Debt Forgiveness

If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2013, you may be able to claim special tax relief and exclude the debt forgiveness income.

Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return. Continue reading “Mortgage Debt Forgiveness”
Posted on

Deficiency Judgments, Foreclosures & Short Sales

Here’s one of the more recent questions from the Washington Association of REALTORS® legal hotline.  The deficiency judgment seems to be a hot topic again lately.. and another reason why you should seek an experienced agent for your short sale situation. QUESTION:
When can a lender take a deficiency judgment against a seller and, conversely, when is a lender prohibited from taking a deficiency judgment? Continue reading “Deficiency Judgments, Foreclosures & Short Sales”
Posted on

Filing Bankruptcy & Selling your Home?

Filing Bankruptcy & Selling your Home?

Below is today’s opinion from Annie Fitzsimmons, the attorney who answers questions for the Washington Association of REALTORS® Legal Hotline.  If you or someone you know is facing a hardship with their property, please talk to an expert to determine the best way to proceed forward. For additional questions or information, please contact Jen at (206) 293-1005 or send me an email to jen@hudsoncreg.com.

Question:

Property is listed and the owner just filed for bankruptcy. Can listing agents continue to list the property and try to find a buyer? Continue reading “Filing Bankruptcy & Selling your Home?”
Posted on

Foreclosures, Mortgages & Boundary Line Adjustments.. oh my!

Foreclosures, Mortgages & Boundary Line Adjustments.. oh my!

Here is a perfect example of why you should ensure all parties are on board for any legal or real estate transaction. If you have any questions about what you’re trying to accomplish, talk to an expert.

Question:

Property owner owned two adjoining lots. Each lot was separately mortgaged. Owner completed a boundary line adjustment through the county, effecting an equal land trade between the two lots, but never notified either mortgage holder of the BLA. Subsequently, one mortgage holder foreclosed and took title to one of the lots. What was the effect of that foreclosure on the BLA? Continue reading “Foreclosures, Mortgages & Boundary Line Adjustments.. oh my!”