This Month in Real Estate June 2010 is here! The number of foreclosures was down last month, with the thought that sellers are looking to short sales to prevent foreclosure. Buyers are seeing short sales as a way to buy a house at a less expensive price -- and enjoy the low interest rates at [...]
The Maryland Taxation of Forgiven Debt in Short Sales bill was signed by Mayor O'Malley on May 20, 2010. This is great news because it PREVENTS the tax of the debt forgiven. A few counties in Maryland -- Anne Arundel, Prince George's, and Montgomery had begun charging recordation and transfer taxes based on what was [...]
Many people do not understand what a short sale is or the process or the implications on a person's credit and/or taxes following a short sale. Below, I put together a few short sale questions and answers to help in understanding. 1. What is a Short Sale? A short sale is when a seller of [...]
Starting immediately, Montgomery County and Anne Arundel County in Maryland will be collecting transfer taxes on the UNPAID BALANCE OF THE MORTGAGE on short sale properties INSTEAD OF the sales price. Derek Massey, President of Mid-Atlantic Settlement Services, reported this information on his company's blog yesterday. This could mean a difference of a lot of [...]