Sentences with phrase «residence as a short sale»

If you are selling your primary residence as a short sale, The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt.

Not exact matches

Many people forego a hard money loan if they are buying their primary residence, have great credit, good income reports, and no poor history such as short sale or foreclosure.

We do hold out hope that this will end up with a successful short sale, as we only have one mortgage, and it has always been a primary residence.

And it is my understanding that you also now (for your primary residence) don't have to report the difference between loan balance and short sale price as income.

Hello BP community, I am in process to purchase a short - sale property to be used as my primary residence and am looking into financing options.

I myself own a property in Racine which was my primary residence for a short time until I divorced my wife and moved to Chicago... I had it built (stupid, I know but it was what the lady wanted) and ultimately couldn't sell it when I moved as it is in a new subdivision and there are a lot of nicer, bigger, slightly older homes for sale in the area for less than what I owed on my loan, plus there are more than a few foreclosures / vacancies in this neighborhood.

This was the federal law that allowed Florida home owners as well as home owners across the country to legally exclude from their income taxes any amount that was forgiven by the bank (on principal residences) after a mortgage loan modification, short sale, or from a foreclosure.

Note: Borrowers are not eligible for a new FHA - insured mortgage if they pursued a short - sale agreement on their principal residence simply to take advantage of declining market conditions to purchase a similar or superior property within a reasonable commuting distance at a reduced price, as compared with current market value.