Anyone Use: REDC/USHomeAuction.com - REO Auction
REDC/ushomeauction.com is putting on a REO Auction in a couple weeks on some homes in the CA Bay area that look appealing. I was wondering if anyone has been involved with buying homes at this companies auctions before. Thanks.
The reserve is what worried me the most. Seems like the seller (aka bank) has many outs. One of which is the reserve and another is the fact that they can take the property out of the sale up until the point the auctioneer says "Sold". i.e. going once, going twice...and then prop. gets taken off by seller.
I would expect that so long as you have street address office, you can get this from the credit bureaus.
Please elaborate, how does having a street address office, qualify me as a potential reciever of this information? I do have an office, and I am a R.E Broker in N.J.
Thanks.
We can help with the 30-60-90 day list. Contact me through www.riverloon.com if you want details.
http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h.r.03648:
Mortgage Forgiveness Debt Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge, prior to January 1, 2010, of indebtedness incurred to acquire a principal residence. Limits to $2 million the excludable amount of such indebtedness. Reduces the basis of a principal residence by the amount of discharged indebtedness excluded from gross income. Disallows an exclusion for a discharge of indebtedness on account of services performed for the lender or any other factor not directly related to a decline in the value of the residence or to the financial condition of the taxpayer. Sets forth rules for determining the allowable amount of the exclusion for taxpayers with nonqualifying indebtedness and taxpayers who are insolvent.
indebtedness incurred to acquire a principal residence - Does that mean that LOC are not forgiven?
Disallows an exclusion for a discharge of indebtedness on account of services performed for the lender - What does this mean?
Short Sale Pro,
Thanks for your reply.
So the way I interpret your comment, is that if we were marketing to homeowners, we could tell them that they would qualify for Mortgage Debt Relief Act IF they did a SS.
However, if they just let the home go into foreclosure, they would NOT qualify for the Mortgage Debt Relief Act.
Is that a factual statement to make to a homeowner?
I have also read about the only debts be allowed in this program are purchase money loans, and NOT refis.
Can you confirm or deny this?
Thanks in advance,
[addsig]
Unless you have a good working knowledge of The Act, and all its meanings, I would recommend you not give any advice to distressed homeowners other than, "each scenario is different. Insolvency trumps tax consequences. Talk to your CPA."
The Act applies to acquisition indebtedness on a primary residence. Refis are included, up to the amount of acquisition indebtedness, not for cash out.
TheShortSellPRo - I think that if people let their house go to auction, that they can still qualify for the new debt forgiveness act.
I tell my clients that there has been a new debt relief act signed into law. And that it should let thier debt be forgiven, but that it is still rather new, has not yet been applied, and I am not a lawyer.
indebtedness incurred to acquire a principal residence - Does that mean that LOC are not forgiven?
Disallows an exclusion for a discharge of indebtedness on account of services performed for the lender - What does this mean?
I believe that if people let their house go to auction, that they can still qualify for the new debt forgiveness act. - Is that not true?