4 Articles match "Equity","Homes","IRS"

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• Buying Bank-Owned REOs at the Auction - RealtyTrac
  
  The increased presence of lender-owned homes in the market — known in the banking industry as REOs, for "real estate owned" — is fallout from the recent real estate boom that marked the first half of this decade. At the Auction! When banks take back foreclosed-upon homes, they sometimes hire auction houses to unload properties. Buying Bank-Owned REOs at the Auction Search Properties | Free 7-Day Trial Thanks to a sharp rise in foreclosure filings nationwide, homebuyers and real estate investors are increasingly likely to encounter bank-owned properties that are for sale at real estate auctions.
  www.realtytrac.com - Tuesday, February 3, 2009
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• Missouri Foreclosure Laws
  
  Related: Foreclosure homes in Springfield, MO B. Notice to IRS According to Internal Revenue Code Section 7425 , notice of the foreclosure sale must be sent to the Internal Revenue Service if an IRS Notice of Lien on the real estate is filed more than 30 days before the date of the sale. This notice must be given by personal service or by registered or certified mail to the IRS District Director at least 25 days before the date of sale. Missouri Foreclosure Laws In Missouri, foreclosures are handled both in and out of court. The typical foreclosure process takes
  www.realtytrac.com - Tuesday, February 3, 2009
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• New Tax Law Spurs More Short Sales, Expert Says
  
  For real estate investors looking for pre-foreclosure bargains, a new federal law could unleash a torrent of short sales as struggling borrowers facing foreclosure unload their over-mortgaged homes to avoid huge tax bills on capital gains. HR 3648 , or the Mortgage Forgiveness Debt Relief Act, signed by President George W. 20, helps people whose homes are in foreclosure by canceling taxes on any mortgage debt that has been forgiven by their lender. Bush on Dec. The government previously viewed the difference between the debt and the value of the home as taxable “income.”
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Bush Foreclosure Solution Just Adds Water
  
  At present, under the Tax Code a homeowner who loses a home to foreclosure has to pay income taxes on any portion of the mortgage debt the lender may decide to forgive. The IRS currently considers such forgiven debt to be additional gross (and taxable) income for the year. Given such reasoning, amending the legislation’s core concept may indeed be justified because in the free market system under which this It wasn’t very long ago that President George W. Bush came out with a public policy statement negating any possibility of either a homeowner, or a lender bailout, given the
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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