Comments on: Short sales back in the news http://njrereport.com/index.php/2007/02/19/short-sales-back-in-the-news/ Real Estate, Economics, and Politics Thu, 09 Feb 2012 05:47:16 +0000 hourly 1 http://wordpress.org/?v=3.0 By: LevinBraunz3 http://njrereport.com/index.php/2007/02/19/short-sales-back-in-the-news/#comment-80150 LevinBraunz3 Mon, 19 Feb 2007 22:26:06 +0000 http://njrereport.com/index.php/2007/02/19/short-sales-back-in-the-news/#comment-80150 hellojojo hellojojo

]]> By: RentinginNJ http://njrereport.com/index.php/2007/02/19/short-sales-back-in-the-news/#comment-79990 RentinginNJ Mon, 19 Feb 2007 14:59:33 +0000 http://njrereport.com/index.php/2007/02/19/short-sales-back-in-the-news/#comment-79990 <i>First, you must prove that you really can’t pay your loans — and that the reason is new, not something that you concealed from your lenders when you originally applied for the loan.</i> So what happens to everyone with a liar's loan (stated income/stated FICO/no docs etc.)? Will anyone actually be prosecuted for fraud? First, you must prove that you really can’t pay your loans — and that the reason is new, not something that you concealed from your lenders when you originally applied for the loan.

So what happens to everyone with a liar’s loan (stated income/stated FICO/no docs etc.)? Will anyone actually be prosecuted for fraud?

]]> By: BC Bob http://njrereport.com/index.php/2007/02/19/short-sales-back-in-the-news/#comment-79988 BC Bob Mon, 19 Feb 2007 14:55:43 +0000 http://njrereport.com/index.php/2007/02/19/short-sales-back-in-the-news/#comment-79988 "Uncle Sam won’t. “Forgiven” debt is considered taxable income." Can you imagine negotiating a short sale, you lose X amount on the house and then the IRS comes after you for the amount of the forgiven debt?? Then the hummer/mercedes also goes. Very sobering thoughts?? “Uncle Sam won’t. “Forgiven” debt is considered taxable income.”

Can you imagine negotiating a short sale, you lose X amount on the house and then the IRS comes after you for the amount of the forgiven debt?? Then the hummer/mercedes also goes. Very sobering thoughts??

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