Short Sale PA Homes

Always Make Debt Your Last Option

Don't be surprised if your short sale turns into a sale where you have equity. Call 215-962-4326 for all your real estate needs

Don't be surprised if your short sale turns into a sale where you have equity. Call 215-962-4326 for all your real estate needs

Foreclosure Is Never The Answer. We Can Help www.shortsalepahomes.com

Just showed this Wells Fargo bank owned property in Morrisville, PA. Oddly I see that the homeowner never tried to short sale the house. Foreclosure is financial apocalypse while a short sale gives a person a second chance. I wish there was some better way to communicate the better choice to homeowners.

Is Cancellation of Debt income always taxable? Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.... Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets. Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income. Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.

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Short sellers normally have to wait at least two years after closing the short sale to qualify for a mortgage. But the time frame and requirements vary depending on the type of the loan and the down payment. The minimum wait period and down payment requirements to get a conventional loan after a short sale are: Two-year wait with a 20 percent down payment.... Four-year wait with a 10 percent down payment. Seven-year wait with less than 10 percent down payment. For Federal Housing Administration loans, there's a three-year waiting period from the short sale closing date, and home buyers can get a mortgage with as little as 3.5 percent down. Those who qualify for a Veterans Affairs loan have to wait two years and are not required to make a down payment. See more