As you know, there is not State Income tax in Nevada. Yay!
If this was your principal residence for 2 of the last 5yrs, you're protected under the Mortgage Debt Forgiveness Act of 2007, talk to your CPA, you will still need to file IRS form 987 with your tax returns for the year your home was foreclosed on.
If this was an investment property, you're not protected under this act & the IRS will charge you at YOUR tax rate X the amount of NEGATIVE debt you had. Again, talk to your CPA about how you're going to arrive at what this figure is. Even if the property was an investment property (non owner occupied) you may still be able to file that form 987 & make your claim or case to the IRS that you can't pay due to extreme financial hardship.
Shoot me an email directly if you want to talk about this some more, I don't look back on this same Trulia thread for answers posted after mine.
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
Also with Elite Realty Inc. in Las Vegas... more
Red Carpet Realtor Mixer EventMark you calendars, this is one event you do not want to miss! Hosted by Jonathon Villaescusa and Frank Amador; we will be bring the biggest Red Carpet Event to the Real Estate
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Hi Mirna,
Your contract specifies when you get occupancy. Escrow will let you know when they have confirmation of the title change (as Emily says) and then you own the home. If you have an agent, ask him/her about this....they normally meet you and give you keys once the home has had it's title transferred.
Karen... more
Great question:
1- get yourself approved for a loan.
2-get yourself approved for a loan.
3-get yourself approved for a loan.
4- Find a hard working agent.
5- get it done.
Hi Maira,
There are many currently available properties in Bell Gardens right now, ranging in price from the high $100,000's to the mid $300,000's. Have you spoken to a lender and been pre-qualified for a loan yet? Once you are able to do this it will give you a better idea of your purchasing power & what you would be comfortable with as far as monthly mortgage payments. Feel free to contact me if I can assist you in any way.
Thanks, have a good day.
John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: http://twitter.com/RealtorJB
Web Reference: http://www.jbknowsthevalley.com... more
There are some good-but-quirky tradesmen who exhibit the following traits. Think twice about hiring them unless every other indicator looks terrific.He drives a rusted-out jalopy. A bucket of bolts that
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Jill, let a professional investigate your ability to buy. contact a mortgage broker and get pre-approved. As far as buying, this is your first step (not a pre-qualification, see:. http://www.Steven-Anthony.com/default.aspx?pp=39377 for the difference between the two) so you can be ready to act when you need to, or be aware of any issues that may prevent you from buying when you want to.
FHA is the best deal in town right now. The 3.5% minimum down payment provides you many options not available with other programs out there. FHA also allows you an extra $8K in loan (that does not affect your debt-to-income ratio), provided it’s used for energy efficient upgrades on the house you buy.
Best, -Steve... more