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A Strategy For Making Tax Preparation Less Painful

=> Make sure that you are going through all the guidelines. Borrowers need to be first time home buyers to get qualified for the federal government’s tax credit. But this is not necessary in the case of the state program.

CTEC approved provider Another thing I found out, which prior to this point I did not know, was the tax implications you incur after a foreclosure because of something called Cancellation of Debt Income. That one really shocked me when I learned about it. And to just put the cherry on top, there’s something called a Deficiency Judgment and it is not good for the borrower. This legal process allows your bank to sue you for the unpaid balance of your mortgage, EVEN AFTER THEY AGREE TO DO A SHORT SALE. I could not believe this when it happened to me and it affected my decision to cancel a short sale I had been working on for five months with Bank of America Home Loans. It was a long and tedious education process that I hope I never have to repeat again.

The tax credit can not be part of the 3.5% needed in funds to close . Interest rates have been rising. Whether or not they will tone down again remains to be seen.

CTEC classes 2) When writing up a purchase contract, you will need proof of funds (bank statement, letter from a lender etc.) that covers your down payment as well as earnest money (roughly 3% of the purchase price). Your Realtor will then provide you with the paperwork that is needed to write the offer.

Another thing I found out, which prior to this point I did not know, was the tax implications you incur after a foreclosure because of something called Cancellation of Debt Income. That one really shocked me when I learned about it. And to just put the cherry on top, there’s something called a Deficiency Judgment and it is not good for the borrower. This legal process allows your bank to sue you for the unpaid balance of your mortgage, EVEN AFTER THEY AGREE TO DO A SHORT SALE. I could not believe this when it happened to me and it affected my decision to cancel a short sale I had been working on for five months with Bank of America Home Loans. It was a long and tedious education process that I hope I never have to repeat again.

CTEC courses Again, please note that all extensions are made for paperwork only. You must have a payment to the IRS by April 15 or June 15, or make arrangements to pay before those deadlines. Otherwise, you will be charged interest and penalties for unpaid tax.

The outstanding balance on my mortgage for my home in Kingman, AZ was approx. $188,500. BAC Home Loans Servicing, LP, which is a unit of Bank of America, foreclosed on my home and item335334513 then immediately sold it to Freddie Mac on May 13, 2010, for $167,458.72.

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