There are a lot of factors surrounding each situation of foreclosure. These factors determine the tax consequences. The most important factor to consider when trying to figure out the federal income tax consequences of a foreclosure on a principal residence is: What is the value of the property and how does that value compare what … Continued
When it comes to retirement, one thing many soon to be retirees consider is downsizing to a smaller home that will better suit their needs. They may look at a variety of retirement communities, a location with warmer weather or a location that is closer to family during the downsizing process. However, making the actual … Continued
Selling you home can feel like an overwhelming task that comes with a lot of steps. From putting your home on the market to open houses and showings, and after all this hard work, you worry you won’t get a fair price for your home. If you want to get a fair price for your … Continued
When you find yourself having difficulty paying your mortgage payment on time, the first thing you need to do is contact your lender. Staying in contact with your lender throughout your hardship is essential to working with the lender to come to a resolution. There are numerous government-sponsored programs that are available to homeowners that … Continued
You never know when an opportunity or circumstance will present itself! Perhaps your dream job has come along, but now you need to relocate. You need to sell your home fast, move into a new home and do it all quickly. Selling your home quickly and moving out quickly can get quite stressful. Not only … Continued
Selling your deceased parents’ home is no easy task. You are in the grieving process and have so much on your plate all at one time. You and your siblings are now left with a home to maintain and sell. When it comes to selling a deceased parents’ home there are lots of avenues to … Continued
When a loved one passes away leaving a house behind, the heirs left with the home may be surprised to find out there is a reverse mortgage lien on the property. When Elizabeth Erickson’s mother passed away in 2012, she left a family home full of memories behind. The plan was to sell the home … Continued
In order to sell your house, it must be free of all liens so you can present clear title to the purchaser. If you owe taxes on your property, such as back taxes to the IRS, the sale of your house could be potentially held up. An IRS tax lien is a statutory lien and … Continued
Selling your home can be a long process with lots of stress along the way. First, you need to find a real estate agent, then you need to have the home listed for sale, and so many more tasks to be added on your to-do list. There are a lot of important decisions to make … Continued
It is easy for anyone to find themselves in financial distress which results in a lot of stress. Various factors contribute to a financial crisis including medical debt, loss of a job, death, divorce, or a necessary and rushed relocation. Unfortunately, when you own a home, financial distress can include the possibility of finding yourself … Continued
It’s not unusual, at one time or another, for a homeowner to wonder if they should sell their home or not. It is a common question on a lot of people’s minds and there are a multitude of reasons as to why it may be time to sell your home in Massachusetts. We have compiled … Continued
First, Let’s Define a Second Mortgage A second mortgage is a lien on your home. Just as the first mortgage holds a lien, a second mortgagor will do the same. Often, buyers will take out two mortgages simultaneously to purchase real estate. A second mortgage is a loan just like your first mortgage. They essential … Continued
Of course, the best idea is to avoid foreclosure, however, if foreclosure is where you are headed, you may be wondering how it will affect your credit score. Unfortunately, we don’t have the greatest news for you. When you are ready to move on and purchase another home, your foreclosure will show up on your … Continued
Whether you have a new home or an older home, renovations can be costly and take a lot of time. But, of course, with the internet, there are so many exciting ideas to explore creating excitement for renovating your home right away! But, it is important to remember, it may be beautiful and exciting, remodeling … Continued
It may not always be optimal to sell your home the traditional way by using a real estate agent. Some cases hiring a real estate agent may get in the way of your desired outcome. There are many instances in which selling your home without a realtor is an excellent choice. Just as any big … Continued
