tax foreclosure

Foreclosure: Are There Tax Consequences?

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

Reverse Mortgage Foreclosure

How Should You Handle a Foreclosure on a Reverse Mortgage?

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

Deed in Lieu of Foreclosure

Understanding a Deed in Lieu of Foreclosure

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

Second Mortgage Foreclosure

Will My Second Mortgage Lender File Foreclosure?

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

Foreclosure Impact on Credit Score

Will Foreclosure Affect My Credit Score?

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

How to Stop Foreclosure Massachusetts Homeowners Fear

A dreaded nightmare is buying your own property and waiting around doing nothing as it eventually gets foreclosed right before your eyes. If you are facing financial difficulties and wish to sell your property prior to being foreclosed, you should strongly consider getting in touch with a reputable home buyer. Home buyers would help you … Continued