If your home is foreclosed, sold at a short sale, or if you give the home back to your lender in satisfaction of your debt, IRS Tax Fact 10 tells us to watch for a 1099-C or 1099-A statement in the mail during the next calendar year.  Lenders are required to send the 1099 forms [...]

What do you do when you get a mortgage foreclosure notice?  More and more people every day are experiencing one of the most unsettling things that can happen in your financial life.  People who never expected to have to deal with such a thing are faced with a new reality.  So, what do you do?
1.  [...]

One of the most common topics that I am asked about on a daily basis is the short sale:  Can I short sale my property? Doesn’t it look better on my credit report to short sale the property?  Can I short sell the property to a relative?  What is the difference between a short sale [...]

The foreclosure is day after tomorrow:  I have to file Chapter 7 now, the client insisted. Since I knew she didn’t intend to keep the house, I was baffled.  What drove the perceived need to stop the foreclosure?
The client thought that filing bankruptcy first  was an alternative way to transferring title to the house to [...]

With foreclosures skyrocketing, many people are looking for ways out of their mortgages. Deeds in lieu of foreclosure are often used to avoid foreclosure. They do avoid foreclosure. But do they really benefit you, the homeowner? In many cases, they can leave you and your credit worse off than filing for bankruptcy.
Here’s the inside scoop [...]

In my opinion, you should attempt a short sale, even if you are filing bankruptcy. Here’s why:
A typical scenario in my office these days involves debtors behind in their mortgage(s) with no desire to keep their home. The reason for this is typically because there is negative equity in the house and the mortgage payments [...]