Lastest Short Sale News

General Counsel to NJAR Barry Goodman
Short Sale
Image by Eastern Bergen County Board of REALTORS
Presented by attorney Barry Goodman on March 23, 2010, topics discussed included:

* Handling short sales
* Protecting commissions
* Understanding attorney review
* Disclosing relevant information
* Complying with RESPA/CEPA/HVCC
* Paying rebates
* Dealing with lead-based paint renovations

Good news for California homeowners facing short sales
Under regular tax rules, when a lender forgives a debt — that is, relieves the borrower from having to pay it back — the amount of the debt is taxable income to the borrower. A homeowner who has $ 100,000 in mortgage debt forgiven through a short sale …
Read more on Inman.com

Family almost evicted in risky short sale of new Chesterfield home
Nathan and Toneka Cooper said the Senator's office was able to stop the auction from taking place. Last year the couple entered into a short sale agreement on the house with the seller and the lender. A short sale happens when a seller is looking to …
Read more on wtvr.com

Citrus Heights apartment complex part of short sale
In what might be one of the last short sale or REO transactions of a multifamily property in the region, a regional private investor has bought Cypress Greens Apartments in Citrus Heights for $ 4.175 million. Jason Parr, director of the multifamily …
Read more on Sacramento Business Journal

Distressed sellers not subject to taxes
California families who have lost their home in a short sale are not subject to state income tax liability on debt forgiveness "phantom income" they never received in a short sale. Following Sen. Barbara Boxer's request for clarification, the Internal …
Read more on San Jose Mercury News

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