Wells Realty and Law Groups | AZ Full Service Real Estate Representation

4avg.rating 1 votes.

Home Foreclosure News

HELOC Liability After Foreclosure or Short Sale
4avg.rating 7 votes. Groups preying on distressed homeowners have found another angle for exploiting those who have lost their home. As if there was not enough already for distressed homeowners to concern themselves over, now those who have been through...
Continue
Life After Foreclosure – Excess Proceeds
5avg.rating 6 votes. Life after foreclosure does exist, and there may even be an opportunity to get some money back into your pocket. While not available in all cases, a homeowner that has equity in their house at the time...
Continue
Mortgage Forgiveness Debt Relief Act May Get an Encore
5avg.rating 6 votes. In less than four months one of the clearest safeguards for Arizona’s distressed homeowners attempting a short sale is set to expire. The Mortgage Forgiveness Debt Relief Act of 2007 (“Act”) has made the choice between short...
Continue
Cash For Short Selling A House Under New Bank Of America Incentive Program
4avg.rating 3 votes. Bank of America recently announced on its website that it will be considering homeowners that are attempting short sales for seller incentives of up to $30,000. The incentive program is now being released nationwide after a successful...
Continue

I received a 1099-C or a 1098…Now What? (VIDEO)
4avg.rating 10 votes. When a mortgage lender cancels or forgives a debt, as is often the case with a short sale or foreclosure, the “forgiven” amount of that loan is reported on a Form 1099-C which is sent to the...
Continue
Self-Directed IRA and Real Estate Investments
5avg.rating 7 votes. With the increase in tax rates and the uncertainty in the stock market, many individuals with substantial amounts of cash in IRAs mutual funds, stocks, 401(k)s, and other investment vehicles are in an excellent position to...
Continue
Insolvency Not Bankruptcy Protects Debt Forgiveness
4avg.rating 8 votes. As we all know by now, when an individual owes a debt to another person or entity and the debt is forgiven, the canceled debt may be taxable. In the past, this general rule has applied to...
Continue
Mortgage Forgiveness Debt Relief Act and the Fiscal Cliff (VIDEO)
5avg.rating 10 votes. Many credit the Mortgage Forgiveness Debt Relief Act for much of the housing industry’s recovery in Arizona and throughout the country. Under the IRS Tax Code, debt cancellation or debt forgiveness, such as mortgage forgiveness in a short sale,...
Continue

Insolvency Not Bankruptcy Protects Debt Forgiveness
4avg.rating 8 votes. As we all know by now, when an individual owes a debt to another person or entity and the debt is forgiven, the canceled debt may be taxable. In the past, this general rule has applied to...
Continue
Mortgage Forgiveness Debt Relief Act and the Fiscal Cliff (VIDEO)
5avg.rating 10 votes. Many credit the Mortgage Forgiveness Debt Relief Act for much of the housing industry’s recovery in Arizona and throughout the country. Under the IRS Tax Code, debt cancellation or debt forgiveness, such as mortgage forgiveness in a short sale,...
Continue
Life After Foreclosure – Excess Proceeds
5avg.rating 6 votes. Life after foreclosure does exist, and there may even be an opportunity to get some money back into your pocket. While not available in all cases, a homeowner that has equity in their house at the time...
Continue
Mortgage Forgiveness Debt Relief Act May Get an Encore
5avg.rating 6 votes. In less than four months one of the clearest safeguards for Arizona’s distressed homeowners attempting a short sale is set to expire. The Mortgage Forgiveness Debt Relief Act of 2007 (“Act”) has made the choice between short...
Continue