Archive for the ‘Orlando Area’ Category

Will I Owe The Bank Funds Once A Short Sale Is Completed

Saturday, March 31st, 2012

Hello there everybody my name is Mark Alan Adams and I’m a licensed real estate agent right here within the state of Florida. My team and I specialize in short sales with within the Orlando area and I blog freqeuntly to offer relevant content to householders seeking to avoid foreclosure. We’re the authority on short sales within the Orlando area and want to help educate you on your real estate options. If my blog is useful right now, or if you are looking for more information, feel free to browse my library of videos or contact me directly to discuss your options.

For my weblog matter immediately I wanted to talk about whether you will owe your bank any money after finishing a short sale. This could be a difficult question as a result of the answer could be very far from black and white. :k1: is a recourse, or deficiency, state which means a lender has the right to sue you for any money owed after the sale of your property for the remaining balance on your mortgage. Having stated that are team has been able to get lenders to waive their right to a deficiency judgement in nearly ninety percent of all short sales we have closed. Occasionally a lender will desire a small contribution at closing from the seller however it is typically a small proportion of what’s truly owed. If your lender is prepared to forgive a hundred thousand {dollars} it is certainly worth it to hand over a number of thousand {dollars} to protect yourself within the future.

Getting these deficiencies waived is a part of what makes our workforce the authority on short sales in Central Florida. We wish to show you how to make the best real estate decision for you so pleace contact me as we speak to set up a free consultation. Thank you for your time and I look forward to hearing from you soon.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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Tax Responsibility With Short Sales

Saturday, March 19th, 2011

Hello. Thanks for stopping to view our video. I am Mark Alan Adams, owner of the Mark Alan Adams team. We are Orlando’s premier short sale team. Today we wanted to offer you some data regarding taxes and short sales. Before we go to far, let me tell you that we are not CPA’s or certified to offer tax guidance in any way. Thus, please remember that as we chat with you today.

One of the main questions we receive from Orlando potential clients is about tax responsibility with a Orlando short sale. Orlando area homeowners want to know if they are going to get taxed on the difference between what the house sells for and what they owe the lender. The straightforward answer is yes. You will be given a 1099 tax form from your bank. A lot of potential short sale clients believe that they should simply let the property go to foreclosure so that they don’t get taxed for it. This is incorrect information. You will receive a 1099 either way. There are 2 diverse kinds of 1099 forms.

There is a 1099a, which is meant for abandonment and a 1099c which is used for cancellation of debit. Either way you will be given a 1099. When you get a 1099, the first thing you need to do is take it to your accountant or tax pro. They will be familiar with what to do with it.

As far as paying the taxes, there are two alternatives to get around tax liability. The first tactic is with the Debt Relief Forgiveness Act of 2007. This undertaking relieves the majority of potential short sale clients from any tax liability. Remember that you do have to qualify for it. The second means is through insolvency. You can qualify for insolvency by going to the IRS website search for form 982. Download that form and fill it out. If you meet the criteria you will be relieved of any tax liability.

If you are now screening this video on our website,, you can download our free of charge short sale package. Even if you choose not to hire us to help with your Orlando short sale it has tons of excellent details regarding short sales and it’s free! Hopefully, we’ll be in touch shortly.

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