Real Estate Marketing ? Taxes on Short Sale, Loan Modification and ...

realestatemarketingthisweek.com ? Real Estate Marketing ? Arizona is not a recourse state, so chances are you will not owe 1099 C Income ? Produced by Dan Havey of Real Estate Marketing This Week Part 6 ? In Arizona, typically its not a recourse state, so if they are telling you that theyre going to garnish your wages because you didnt pay back your entire mortgage, there is a local bank ,that was threatening a very good colleague of ours about a small second mortgage that person had taken out. Threatening to send it to collections and garnish her wages. It simply isn?t going to happen. But nevertheless, there is still the tax implications that apply, if you need to navigate through this maze. There is a lot to it, you need to protect yourself. You talked about bankruptcy is one of those exclusions, right? One of the problems with bankruptcy is people dont understand the bankruptcy laws. They are so tight now and your feet are really held to the fire from the federal government right now. It?s not like you just didn?t make your mortgage payment, so you go file bankruptcy, it?s just not realistic. Assuming bankruptcy is the last resort option for everybody. And we certainly want to avoid that, it would not be sound financial advice from any credible source that I can think of. Let?s walk through a case scenario, somebody who is listening to this broadcast, their head is spinning right now, they?re thinking, oh my gosh. I should have known about the tax implications, a ?
John Walraven,
www.theozarkshomesource.com

Let me help you make one of the most important decisions of your life! Buying or selling a home can be stressful or fun which ever you decide it to be. I am here to help guide you through the process of both. I can be of great assistance to you with my hard working attitude and some really great tools. With a Bachelors Degree in Business Administration I?m a business man and know that time is money. As a newer agent in the industry, I'm not one of those agents who just wait for the phone to ring, I?m motivated and determined to succeed. I have joined up with one of the most successful, fastest growing and exciting companies in the Real Estate Today, Keller Williams Realty, in order to give you the best service that you deserve. This also gives me many great tools, contacts, and the ability to aggressively pursue YOUR needs and wants. In short, I'm not like the rest! Let me show you the difference between a typical Real Estate Agent, and a Keller Williams Realtor that is aggressive for your interests. Give me a Call, Text, Or Email: Office: 417-883-4900 Cell: 417-761-0142 E-mail: johnwalraven@theozarksrealtysource.com Web: www.theozarksrealtysource.com This entry was posted in Uncategorized. Bookmark the permalink.

Source: http://johnwalraven.com/2011/08/11/real-estate-marketing-taxes-on-short-sale-loan-modification-and-foreclosure-part-6/

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