Andrew Coppo has not received any gifts yet
Posted on February 14, 2012 at 8:30am 1 Comment 2 Likes
Getting a short sale approved is no easy task. Buyers can, and do, walk away if they feel the transaction is taking too long. Mortgage insurance companies frequently demand unreasonably high contributions from the seller, thus killing the deal. Servicing rights can be transferred to a new lender mid- transaction. The foreclosure auction occurs despite the lender repeatedly…
Posted on February 13, 2012 at 3:30pm 0 Comments 0 Likes
As tax season approaches, and more importantly, the expiration of the Mortgage Debt Relief Act of 2007, it is important to review the tax consequences following a short sale. In general, the IRS will treat any canceled debt, such as forgiveness of a mortgage loan, as…
Posted on December 15, 2011 at 11:00am 4 Comments 1 Like
According to a recent report by California based RealtyTrac, distressed properties accounted for one third of all US housing sales in the second quarter of 2011. The glut of inventory is only going to increase as lenders slowly bounce back from the robosigning crisis and foreclosure filings begin to pick up around the country. A large portion of distressed sales are…
Posted on April 6, 2011 at 10:20am 0 Comments 0 Likes
As we approach the tax filing deadline, the Internal Revenue Service is reminding taxpayers that any canceled debt following a short sale, foreclosure or restructuring of a mortgage must be treated as taxable income unless you qualify for an exemption. In general, when a creditor cancels debt, such as unpaid balances on student loans or credit cards, the forgiven…
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