Tag Archives: foreclosures

Congress Considering Tax Issue With Foreclosure Settlement

USA Foreclosures 101

If you’ve been following the news regarding the foreclosure crisis you’re probably familiar with the settlement between five of the nation’s largest mortgage lenders and 49 state attorneys general. The $25 billion settlement was reached as a means of preventing further litigation against the banks for alleged “illegal” foreclosures. Interestingly enough, the thousands of homeowners expected to receive cash from the settlement will also be subject to income tax on that money. That is, unless … Continue reading →

Foreclosures Hurting Sales Of New Homes

USA Foreclosures 101

There have been several reports over the last couple of weeks suggesting the number of foreclosed homes being put back on the market will increase significantly heading into the summer months. Some of those reports indicate real estate values will fall as the number of properties available to buyers grows. If so, what does it mean for new home sales heading in the future? The Wall Street Journal’s Smart Money says the rise in foreclosures being … Continue reading →

Income Gained From Sale Of Foreclosed Homes Up For Taxation

USA Foreclosures 101

The Mortgage Forgiveness Debt Relief Act expires on the 31st of December 2012, and since short sales take a minimum of six months to complete, the income gained from the selling of a foreclosed home could be, once again, eligible for taxation. Millions of homeowners are now facing this grim reality because previously the income gained from the sale of a house undergoing foreclosure was tax-free, but after this year this won’t be the case … Continue reading →

The Government’s Continued Culpability In Foreclosure Mess

USA Foreclosures 101

Check your favorite news feed about stories on foreclosures in the US and you will most likely see the vast majority focusing on bank practices and illegal foreclosure proceedings. That’s likely to be fueled even more by the HUD report released yesterday indicating alleged widespread fraudulent activity among many of the nation’s largest mortgage lenders. That report is suspect to begin with, but even so, we still are not hearing a whole lot about the … Continue reading →

Foreclosures On The Rise Among Wealthy

USA Foreclosures 101

During the last few months of 2011 we were treated to nightly reports about the Occupy Wall Street movement and its offspring around the country. One of the chief complaints coming from the occupiers is their perception that the wealthy keep getting wealthier off the backs of the poor. The “One Percenters,” the occupiers allege, are making life miserable for the rest of the country by stealing all the wealth. If you sympathize with the … Continue reading →

Foreclosure Sales Slow, But Not For Long

USA Foreclosures 101

Foreclosure listing company RealtyTrac Inc. has released new data showing that the number of foreclosure properties sold in 2011 was the lowest since 2008. They reported a little more than 907,000 such sales including homes that were already foreclosed upon and others in-process. That number represents more than 23% of all sales for the year. By way of comparison, US foreclosure sales reached their highest point in 2009 at a rate of about 37% of … Continue reading →