Short Sale and Foreclosure Tax Consequences

This is one of the big questions always asked by clients in these tough situations.  There is a lot of mis-information on this subject which leads to fear.  Fear of the unknown, just compounds these tough situations.  So, I have enclosed a link that should shed more light on the tax consequences of short sales and foreclosures.  This should help clear up confusion and hopefully some of the agony with respect to this “fear of the unknown.”   Hopefully this information will aid you in a most trying time.

Link to tax article: Go >>>>

Important:  Always consult a licensed professional if you are not sure about your situation.  Remember, a Realtor is not a CPA or an attorney.  So unless they are, always direct your technical question to a licensed professional.

New Conforming Loan Limit Calculator by Zip Code.

This article is outdated..  For the NEW 2009 Conforming and Jumbo Loan limits please CLICK HERE

We are now getting a glimpse of how investors(mortgage providers) will be treating the new Fannie Mae/Freddie Mac conforming loan limits which were part of the national stimulus package. The first of many investors are coming out with general underwriting guidelines. It appears they are moving cautiously. This may speak volumes on their attitudes on the subject of increased loan amounts. Moreover it appears that they will be categorizing these loans in a different conforming product bucket. (Conforming Jumbo Loans)Below is a conforming loan limit calculator as well as some highlights of the guidelines.

Calculate your new mortgage loan limit by Zip Code. Click Here

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