Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

William asks…

Where can I find monthly data by MSA, for Mortgage Loan Defaults, Mortgage Foreclosures & Existing Home Sales?

I’m looking to compile this data for comparative purposes to determine the potential housing trends in my city and other cities in my region (NC and SC). I’m willing to pay a subscription for the data, but have not found any good sources on the web.

Your Questions About Foreclosures

The Expert answers:

Try here:
http://www.greatercharlottebiz.com/
http://charlotte.bizjournals.com/charlotte/
http://triad.bizjournals.com/triad/
http://triangle.bizjournals.com/triangle/

Your Questions About Foreclosures

Susan asks…

what website can i go to to look at hud homes/ foreclosures/ homes for sale for free?

Your Questions About Foreclosures

The Expert answers:

For hud homes hudpemco.com. I can’t tell you for foreclosures. Maybe you should work with a real estate agent.

Which state do reside.

Msrealestateagent@yahoo.com

Your Questions About Foreclosures

Paul asks…

Where to get free listing for foreclosure homes?

I want totally free listing for home that are
foreclosure
-short sales
-bank owned

I am especially interesting in California Bay Areas (San Francisco, Oakalnd, Emeryville, etc)

Thanks very much for any one who can help on this!

Your Questions About Foreclosures

The Expert answers:

If you are looking for national foreclosures listings website, check out this site

http://foreclosure-listings-national.com/

Here you can get access to all foreclosures in usa.

Your Questions About Foreclosures

Chris asks…

Can I evict a tenant if I am facing foreclosure on the home?

If I have a tenant / lease agreement in place for another 6 months and I am going to lose the home, can I evict them in lieu of the foreclosure? I want to “Short Sale” the home to control the damage but the tenants are not cooperating with showings.

Your Questions About Foreclosures

The Expert answers:

No you can’t…the lease will survive the short sale. You can, however notify the tenants that you will sue them if they impede on sale of the property. Or you can give them a 30 day notice to vacate for violating state law by not allowing you your right to entry with proper notice.

All states allow a landlord to show their properties for sale/rent with proper notice.

Your Questions About Foreclosures

Maria asks…

Can I claim foreclosure loss on 1040-D?

Basically a situation was created where there was absolutely no income coming into my household. I immediately contacted my mortgage lender and spent the next 5 months trying to restructure my loan so there might be a possibility to continue making payments. Long story short they said no and I lost the home via foreclosure.
I’ve looked at Schd-D and the instructions and even though it address home sales/exchanges/etc as a capital gains/loss issue it does not address foreclosure. However, since the foreclosure has directly effected my credit and is viewed as a ‘debt’ it seems logical to treat it as a ‘capital loss’. Does this seem the correct way to deal with this tax-wise or is there a more appropriate form?
If you choose to reply please have some tax or real estate experience. I’ve done taxes for over 25 years and was a real estate agent for a few years as well and this has even me wondering.
*More info: the residence was in AZ, a state where lenders cannot pursue individuals for foreclosure losses.
** Thx for the replies: Both merit acknowledgment. However… Even prior to my brief RE career the tax laws stated (at that time) there was only a one time exemption for capital gains from the sale of your home. Last time it effected me I believe the rule was changed to you only had to claim a capital gains from the sale of your home only if the gain exceeded $250k. Still… I am not referring to a “sale“, that was covered in the 1040-D instructions. A “foreclosure” on the other hand was not.
So at this point contacting a tax professional is probably in my best interest.

Your Questions About Foreclosures

The Expert answers:

Funny,

You are 180 degrees turned around on the issue. No, there is no write off and in fact you will receive a 1099 for the banks loss, which MAY BE taxable as income.

It’s time to talk with a lawyer cowboy.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures