It’s no secret the real estate market is in the toilet. Borrowers are facing foreclosure. They’re being bombarded with ads by real estate agents and brokers urging them to sell their homes (or investment properties) “short”, as in for less than what is owed on the property.
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What happens when my house goes into foreclosure, or I short sale my home, and then the IRS sends me a 1099 at the end of the year? This is a common question that is asked of attorney’s and accountants often. The IRS has given us a way to get around this common problem. Read [...]
To short-sale? To declare bankruptcy? To do both? Knowing the consequences of each scenario and understanding the timing of the processes is critical for ending up in the best position possible.
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Sales of new homes in U.S. plummet 11 per cent to lowest on record
WASHINGTON – Sales of new homes in the United Stats plunged to a record low in January, underscoring the formidable challenges facing the U.S. housing industry as it tries to recover from the worst slump in decades.
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Air America Files for Chapter 7 Liquidation After Sales Drop
Feb. 4 (Bloomberg) — Air America Media , the radio station with liberal-leaning programming, filed for bankruptcy to liquidate after a drop in advertising sales.
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