There is a little known fact that USDA can (and will) seek deficiency against a borrower even is USDA proceeds non-judicially (foreclosed) against the debtor in Washington State. The rules for FHA, FANNIE, FREDDIE, and VA do not apply to USDA mortgages. Continue reading →
GREAT NEWS!!! The mortgage debt forgiveness act has been extended!
The bad news? It’s only extended until the end of this month (December 31, 2014).
In the past, congress has extended the mortgage debt forgiveness act a few times already. This law allows sellers who were completing short sales or foreclosures to eliminate any need to pay tax on the amounts of debt being forgiven by the lender (or lenders). This has been a very favorable law since 2007.
It has previously expired in 2013.. while the details are still being worked out, it appears that congress will extend this bill for debt forgiven between January 1st and December 31st, 2014.
We had hoped for an extension through the end of 2015, but that does not appear to be on the horizon at present.
But, this is great news for sellers who had (or will) complete their short sale or foreclosure during 2014. While many had anticipated a tax implication, that may now have disappeared!
If you’re facing some tough times and need to discuss the options available, give me a call at (206) 293-1005 or send an email to: Jen@HudsonCREG.com. Our discussions and your information is always kept confidential… forever.
We all hate preparing profit and loss statements, but they are necessary in the course of business. The following information is courtesy Richard J. Welt, Attorney at Law with McFerran & Burns, P.S.,Practicing Real Estate Law in Western Washington since 1986. Contact: (253) 284-3811 or www.mbs-law.com. While this article was tailored to fit with their bankruptcy series, it is also great advice and what you’ll need to prepare to apply for a loan as well.
This information is courtesy Richard J. Welt, Attorney at Law with McFerran & Burns, P.S., Practicing Real Estate Law in Western Washington since 1986. Contact: (253) 284-3811 or www.mbs-law.com
Bankruptcy for Small Business Owners
Filing bankruptcy if you have an interest in a corporation or a Limited Liability Company requires some extra work for you and your bankruptcy lawyer. Preparing an accurate balance sheet listing the company’s assets and debts is a critically important part of this process.
Keep in mind that just because you file bankruptcy doesn’t mean that your Limited Liability Company or corporation should file bankruptcy. You are not the company, and the company is not you. Your Limited Liability Company or corporation is a separate entity under the law. Continue reading →