There are some very popular programs available for first time home buyers that encourage the least possible amount of money out of pocket in order to buy a home. The problem with these programs is that they often place individuals who can't actually afford to buy a home in a home. The term ... » Learn More about Deferred Maintenance as Part Of Your Housing Budget
In short, if your short sale closes AFTER December 31st, 2012, you may owe taxes on the amount forgiven in the short sale. If you have been studying up on the implications of a short sale, you probably know about two very important points: When you settle a debt, the difference could be your ... » Learn More about Time is Running Out on Short Sale Tax Exemptions
(Please note that I am not a tax professional and you should seek the advice of a tax professional to answer tax questions.) Here's what I do know, and I learned this when I was a teenager working for tips at the local Pizza Hut. When you make money, you're responsible to report it to the IRS ... » Learn More about Will I Owe Taxes After a Short Sale?
You're thinking about selling your home, and you know it's worth less than the amount you owe. You've heard from many people who have done it that you can simply get out of your house free and clear with no repercussions or financial consequence. You're tempted to move forward, but you're just not ... » Learn More about Am I Liable for the Balance or Difference in a Short Sale?
My philosophy on money is strongly rooted in the laws of mathematics. I can form metaphors to help describe how I see money moving around in our lives, but the bottom line is this: one builds wealth by spending less than they make. It doesn't matter if you make $10.00/hour or $200.00/hour. If ... » Learn More about Right Of Passage: Why Don’t We Celebrate More?