Reno Real Estate Logic

Tips for Taxpayers

“Short sale” is when the lending institution is willing to accept the sale of the property at a sales price which is less than the outstanding debt on the property.  The debt that is forgiven is considered cancellation of debt (COD) and has been historically taxable income to the taxpayer.  You will [...]

An amazing new piece of legislature on Nevada Foreclosures which will go into effect July 1st and will truly help people stay in their primary residences. This is Assembly Bill No. 149 which specifies that when a Notice of Default is sent by the lender, they must also send a certified notice of mediation that [...]

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT    WASHINGTON, DC 20410-8000

ASSISTANT SECRETARY FOR HOUSING  FEDERAL HOUSING COMMISSIONER

www.hud.gov espanol.hud.gov
May 29, 2009
 
SUBJECT: Using First-Time Homebuyer Tax Credits
The American Recovery and Reinvestment Act of 2009 (Recovery Act) provides for as much as an
$8000 tax credit to qualified first-time homebuyers. FHA supports this important initiative to
promote homeownership. This mortgagee letter [...]

Here’s a few details for the week. The market is heating up and this is obvious with the interest rates increasing. If you were thinking of waiting for the bottom of the market to hit before you purchased that dream home for half the cost of construction, you may want to jump now.
There are instant [...]

Thanks to an attorney in California and here’s his contact information you may want to  be advised of your position in a short sale with Countrywide these days as well as knowing if your Realtor is giving you the correct information such as “see your attorney and CPA before signing the final docs at escrow.” [...]