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Tag: Tucson

What You Need to Know About the 2012 Short Sale Tax Changes and the Mortgage Debt Forgiveness Act

December 20, 2011

Hi, this is Shawn Polston with 520shortsale.com where we are Tucson’s leading short sale team. I wanted to talk to you about something that I’ve been getting a lot of questions about lately. That is an eminent change to the tax code in the way forgiveness of debt is going to be handled with both short sales and foreclosures. After you complete a short sale, the lender is required by the IRS to issue a 1099 for the amount of debt forgiven. One common misconception is letting a house go to foreclosure changes that. It actually doesn’t. Instead it increases the amount of the 1099 typically. Typically the lenders have more costs associated foreclosures they also sell the properties for less than what we sell them for in the short sale. Back in 2007 President Bush put into place the Mortgage Debt Forgiveness act which covers you in certain situations. This can cover people from any tax liability on that 1099. In 2010 it was renewed by President Obama and it’s scheduled to go away at the end of 2012. The reason this is important is my typical short sale process takes from 3 to 6 months to complete. Sometimes it takes more or less time.

If you’re in a situation where you’re trying to decide if you should walk away from that house or you do a short sale, it’s taking the average lender 12 to 15 months to foreclose. One of the reasons I’m bringing this up is that by just simply walking away from the house you could miss out on the enormous tax savings that you’d have and get a 1099 for the foreclosure that you’re going to have significant tax implications on. I can’t tell you for sure if you would have tax implications, because a CPA has to look at your situation. The mortgage debt forgiveness act is pretty straight forward and you can read about it at IRS.gov. I’ll put a link to it on my website as well.

I’m sure you have other questions so don’t hesitate to call me or fill out the short sale request form. I really look forward to speaking with you and helping you out. Again, this is Shawn Polston with 520shortsale.com where we are Tucson’s leading short sale team.

New Short Sale Program With Chase Will Pay You To Sell Home

November 1, 2011

Hi there everybody this is Shawn Polston with 502 Short Sale, Tucson’s leading short sale agent, thank you for your time today. My team and I specialize in short sales in Tucson and I blog every week to keep distressed property owners informed and aware of their options for avoiding foreclosure. If my blog today is helpful please visit my website or give me a call to discuss your options.

For my blog today I wanted to talk about a new short sale program from Chase Bank that seems too good to be true. Recently I have had a number of clients come to me with a letter from Chase Bank offering to pay them between five thousand and thirty thousand dollars to complete a short sale on their home. These letters are the real deal please do not mistake them for a scam. I have already completed a number of short sales through this Chase Short Sale Outreach Program and the process was quick and easy with a big surprise at the end. The amount of money that Chase Bank will offer all depends on the value of the home, the number of loans involved, and other information specific to your mortgage. At closings already I have had clients walk away with ten thousand dollars and have a closing in a few days where a client may walk away with thirty thousand dollars. Once you walk away from your property Chase will cancel the mortgage and waive any deficiencies to free you from any debt owed on the property. So if you have received a letter like this recently don’t throw it away but instead give me a call. Thank you for your time today and I look forward to hearing from you soon.

A Judgment Or Lien Does Not Mean We Cannot Get A Short Sale Approval On Your Home

September 6, 2011

Hello everyone Shawn Polston here with Tucson Short Sale, thank you for joining me today. I work with Keller Williams Realty in the Tucson area and use my blog to keep local homeowners educated on avoiding foreclosure and what their options may be. For today’s topic I wanted to discuss how a pending judgment or lien against your property may effect doing a short sale. I got the idea for this topic after receiving a referral from a fellow agent who had a client that needed to sell their property but had a judgment against them. I am glad they called me for help because often times an agent will tell a potential client they cannot do a short sale if they have a judgment. This is simply not true. When there is a judgment associated with a short sale it can be more difficult but it is certainly not a deal breaker. In my experiences with this situation we simply have had to show there are no proceeds from the sale in order to get the property released. I have even helped people with IRS tax liens get their judgments released and their properties sold. In fact, the IRS has a simple document on their website that is made specifically for this type of situation. So before you make a decision on your property please contact me or visit my website to get more information. My team of short sale experts has the experience and education that cannot be found anywhere else in the Tucson area. Thank you for checking out Tucson Short Sales today, I look forward to hearing from you soon.

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About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

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