Tax Overage Refunds
Well took my first trip to the local Tax Assessors office. I found what I was looking for, but after going through the 2007 tax sale, discovered that most were redeemed. I guess I might as well get prepared to spend the next week at the tax assessors. Anyone else having any luck?
You will probably find that 2-3 percent are not redeemed for 2007, however, with the economy I expect that number to double. What are you looking for?
Trying to create a system where I can show other investors how to make money even in a down economy. I have been doing research on the process and for me the best way is trial and error.
Actually make a great return in an up market and even more in a down economy...
Heard the same, banks are not paying taxes and letting properties go... Looks like may be the same here as I have more tax liens than usual that have not paid and will be able to redeem them very soon!
Quote:
On 2011-04-08 11:13, oroper wrote:
Trying to create a system where I can show other investors how to make money even in a down economy. I have been doing research on the process and for me the best way is trial and error.
Yes, you are right and making money at the time of down economy is something very necessary and required to be done properly so that, every single person will understand everything accordingly.
Was 243,000.00 they balance on the mortgage when the short sale was done (include legal fees)
From 212.500.00, 243K seems high.
I dont think that there is certain loss of capital after foreclosure as, if we are putting our house for foreclosure then in that case we need to look where we are putting and what will be the consequences after that.
i am guessing you have a taxable gain on the sale. You bought the property for $212500 and held it for investment use for several years. If we assume this was a residential rental dwelling, you took (or will be deemed to have taken) a depreciation expense each year.
If you held the property 10 years and were allowed $6000 in depreciation each year, your adjusted cost basis is now $152500 ($212500 - $60000). Since your adjusted cost basis is less than your selling price, you have a taxable gain on the sale (foreclosure is treated as a sele).
In this example, all the gain is due to depreciation and will be taxed at 25%.
Quote:
On 2011-04-07 06:26, savana wrote:
I dont think that there is certain loss of capital after foreclosure as, if we are putting our house for foreclosure then in that case we need to look where we are putting and what will be the consequences after that.
I have seen that consequences are not good after that and it is really necessary to think before making deals in foreclosure so that, it will be worth beneficial.
Bargain King,
After more and more research I am thinking that this is the way it works here in NC too. Definately have to keep this in mind for future homes.
I am actually forward for working on all the formalities that are necessary and required for 2nd mortgage. And here I got some very necessary update that will be really very helpful.
Someone told me that refinancing is like opting second mortgage and it is more beneficial. But would like to what else can be done to get good deals.