Articles Tagged with ''Short sale''

CoreLogic: Distressed sales keep falling

Drop in most states, including the oil markets
A new report shows that distressed sales continued to decline in all but seven states. At this rate of decline, the market is on track to see pre-crisis distressed sales numbers by the middle of 2017.
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Distressed property sales continue to drop

February REOs lowest since 2007
Distressed sales continue to drop across the U.S. Only nine states did not report a decrease in distressed sales for February, according to CoreLogic. In fact, one state’s distressed sales have decreased 59.8% since the peak in 2009.
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Virginia woman gets five years in prison for short sale scams

Hard time coming for Charise Stone
A Virginia woman will spend the next five years in federal prison after being convicted of 13 counts of mortgage fraud, passing fictitious financial instruments and tax fraud. According to the Department of Justice’s Tax Division, Charise Stone, 46, of Ashburn, Virginia, targeted distressed homeowners in a series of short sale scams.
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Senate should pass bill to give relief to underwater homeowners

Short sale extension would also help communities and investors
Short sales allow the borrower and the lender to walk away from a transaction that has failed for both parties with far less damage than foreclosure or defaulted loan modifications. Unfortunately, short sale transactions declined dramatically in 2014 because Congress did not pass this crucial tax extension until December.
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Short sale tax break signed into law

President Obama makes it official
Homeowners who had short sales in 2014 can now breathe a giant sigh of relief, as the Mortgage Debt Forgiveness Act was signed into law by President Barack Obama. The short sale tax break lives on, for now, at least.
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Senate approves short sale tax break

Allows tax relief on 2014 short sales
Homeowners who had short sales in 2014 were facing massive tax bills unless Congress extended short sale tax breaks. The House of Representatives did its part two weeks ago, and now the Senate has followed suit.
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Short sale tax break passes in House

Now on to the Senate
According to a recent estimate from RealtyTrac, there have been more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total in the first three quarters of 2014 alone. All those borrowers will be facing massive tax bills if the bill doesn't pass in the Senate as well.
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