Short sale tax break on verge of being extended until 2017 #reverse #mortgage #lenders


#mortgage relief act

#

Short sale tax break on verge of being extended until 2017

Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that s about to be signed into law by President Obama.

The Mortgage Debt Forgiveness Act was set to expire at the end of 2015, and without an extension, any mortgage forgiveness achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage during 2015.

But an extension to the Mortgage Debt Forgiveness Act was included in the fiscal 2016 federal appropriations and tax relief bill, which passed both the House of Representatives and the Senate on Friday.

The bill is now awaiting the signature of President Obama, who reportedly will sign the bill into law on Friday, meaning that borrowers who had short sales in 2015 are about to be able to breath a little easier.

This is not the first year that the extension of the short sale tax break has come right down to the wire. Last year, President Obama signed the 2014 version of the short sale tax break on Dec. 29.

But what s different in this year s version of the short sale tax break applies not only to short sales that took place in 2015, but it also extends the short sale tax break to cover any short sales that take place in 2016 as well.

Previous extensions of the short sale tax break only covered short sales during the previous year, leaving many homeowners wondering if they were going to get stuck with a massive tax bill.

While last year s short sale tax break was in Congressional limbo, a report from RealtyTrac estimated that in the first three quarters of 2014, there were more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total.

The average short sale has a mortgage forgiveness of about $75,000, which if the tax break expired would be counted as income.

RealtyTrac also estimated that the potential taxes on the average short sale to be $22,114, which would have brought the total tax liability to $2.7 billion.

But that didn t happen last year, and it s now one step away from not happening in 2015 or 2016.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Short sale tax break on verge of being extended until 2017 #tila #mortgage


#mortgage relief act

#

Short sale tax break on verge of being extended until 2017

Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that s about to be signed into law by President Obama.

The Mortgage Debt Forgiveness Act was set to expire at the end of 2015, and without an extension, any mortgage forgiveness achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage during 2015.

But an extension to the Mortgage Debt Forgiveness Act was included in the fiscal 2016 federal appropriations and tax relief bill, which passed both the House of Representatives and the Senate on Friday.

The bill is now awaiting the signature of President Obama, who reportedly will sign the bill into law on Friday, meaning that borrowers who had short sales in 2015 are about to be able to breath a little easier.

This is not the first year that the extension of the short sale tax break has come right down to the wire. Last year, President Obama signed the 2014 version of the short sale tax break on Dec. 29.

But what s different in this year s version of the short sale tax break applies not only to short sales that took place in 2015, but it also extends the short sale tax break to cover any short sales that take place in 2016 as well.

Previous extensions of the short sale tax break only covered short sales during the previous year, leaving many homeowners wondering if they were going to get stuck with a massive tax bill.

While last year s short sale tax break was in Congressional limbo, a report from RealtyTrac estimated that in the first three quarters of 2014, there were more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total.

The average short sale has a mortgage forgiveness of about $75,000, which if the tax break expired would be counted as income.

RealtyTrac also estimated that the potential taxes on the average short sale to be $22,114, which would have brought the total tax liability to $2.7 billion.

But that didn t happen last year, and it s now one step away from not happening in 2015 or 2016.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Loneliness and the Fear of Being Alone, being a psychologist.#Being #a #psychologist


#

Loneliness

Being a psychologist

Loneliness should not be equated with a fear of being alone. Everyone has times when they are alone for situational reasons, or because they have chosen to be alone. Being alone can be experienced as positive, pleasurable, and emotionally refreshing if it is under the individual’s control. Solitude is the state of being alone and secluded from other people, and often implies having made a conscious choice to be alone. Loneliness is therefore unwilling solitude.

Understanding Loneliness

Loneliness is an emotional state in which a person experiences a powerful feeling of emptiness and isolation. Loneliness is more than just the feeling of wanting company or wanting to do something with another person. Loneliness is a feeling of being cut off, disconnected, and/or alienated from other people, so that it feels difficult or even impossible to have any form of meaningful human contact. Lonely people often feel empty or hollow inside.

Being alone and lonely, and even just the fear of being alone, make many people insecure, anxious and depressed. If you fear being alone you may become over needy of other people and feel as if you must be around people at all times. While we all, to varying degrees, need people in our life, if you feel you must have people around all the time then this need is controlling you.

What is meant by being alone means different things to different people. It is critical to evaluate what makes up your fear and to what degree this fear controls you and your behavior. For example, it is important to note if there are any social elements to the fear, is the fear related to personal violence concerns, and is the focus on one particular person or type of person rather than on the need to have another human being in close proximity.

Clinical and research evidence supports the fact that all too often one of the main reasons that both men and women get into a relationship, and then often stay in a relationship, is related to a fear of being alone. And as any good counselor knows, a relationship that is based on fear is destined to be a very unhappy and unfulfilling relationship. Until a person can learn to enjoy their own company, they may constantly find themselves lonely or getting into relationships that are, or end up, based on fear. All too often, people who are not comfortable with themselves unknowingly stop themselves from not only being the best person they can be but from experiencing deep levels of intimacy with others as well.

At the extreme, the fear of being alone is known by a number of names – Autophobia, Isolaphobia, and Monophobia. This fear of being alone often significantly impacts on a person’s quality of life. It can cause panic attacks, keep people apart from loved ones and business associates, and play total havoc with a person’s life. Symptoms typically include shortness of breath, rapid breathing, irregular heartbeat, sweating, nausea, and overall feelings of dread, although everyone experiences being alone fear in their own way and may have different symptoms.

Effects of Loneliness

The effects of loneliness and the fear of being alone can lead to anxiety, panic attacks, phobias, depression, suicide, drug addiction, alcohol addiction, and acute and chronic illness. Chronic loneliness (as opposed to the normal loneliness everyone feels from time to time) can be a serious condition and has been associated with an increased risk of death from cancer as well as stroke and cardiovascular disease. People who are socially isolated also report poor sleep quality and thus have diminished restorative processes.

What causes of loneliness and a fear of being alone?

People can experience loneliness for many reasons, and many life events are related to loneliness. Loneliness is a very common response to divorce or the breakup/loss of any important long-term relationship. In these cases it may stem both from the loss of a specific person, as well as from the withdrawal from social circles caused by the event or the associated sadness.

Loneliness can be a response to a specific situation or event, such as the death or extended absence of a loved one. Loneliness may also occur after the birth of a child, after marriage or after any minor or major life event. Loneliness can occur in marriages or similar close relationships where there is anger/resentment or a lack of loving communication.

The fear of being alone can be caused by by many different things. Maybe you were, or felt, abandoned at some time in life and came to associate being alone with being unloved or neglected. A fear of being alone can be directly related to lack of self-confidence and to the belief that activities cannot be enjoyed or even attempted if you are alone.

Or maybe you just never learned to be comfortable while alone. Like anything in life, what has been learned can be altered. You can learn to be better at being alone without being lonely so that you have the choice of whether to be with others or not. And when you overcome the fear of being alone, you instantly become more independent and confident as a result. In fact, there are many advantages to overcoming fear of loneliness. When you are alone you have time to think calmly and there is a special kind of peace you can experience only when alone. Time spent alone sometimes can also make time spent with others even more enjoyable. Remember that being alone doesn’t have to mean being lonely.

Treatment of Loneliness

The alternative to viewing loneliness and the fear of being alone as a defect or as an unalterable personality characteristic is to recognize that loneliness is something that can be changed. It is also important to know that loneliness and the fear of being alone are common experiences. According to a recent national survey, 25% of all adults experience painful loneliness at least every few weeks, and the incidence among adolescents and college students is even higher. Loneliness is neither a permanent state nor bad in itself. Instead it should be viewed more accurately as a signal or indicator of important needs that are going unmet.

The first step is to admit that you have a problem with being alone and that you would like to feel and behave differently. Remember, we all have strengths and weakness and hiding your weaknesses takes up more energy than it does to work to overcome them or learn to live with them.

The most frequently used form of therapy is cognitive behavioral therapy (CBT), reality therapy and behavioral therapy. Working with an experienced psychologist, therapist, or counselor you can learn new behavioral approaches, new relationship and communication skills, and specific techniques to help you deal with anxiety and depression.

Relaxation and stress relief techniques are frequently an accompaniment to other therapeutic approaches. Relaxation techniques may include things like specific ways of breathing, muscle relaxation training, guided mental imagery, or soothing self-talk. Associating these relaxation techniques with being alone can help you deal with, and overcome, feelings of loneliness, depression and anxiety.

Medication can also be used. While they do not cure the fears of being alone, they can temporarily suppress the symptoms through chemical interaction.

Additional Information

For more information about loneliness, the fear of being alone, and other mental health issues, please click on the linked websites listed below.


Alcohol and other drugs #alcohol, #drinking, #drinks, #wine, #beer, #parties, #friends, #alcoholism, #drop #out #of


#

Alcohol

Getting the Right Message

“Hey, who wants a drink?”

“Oh, come on, just one drink won’t hurt you. It’s fun.”

“It’s cool. Everybody drinks, right?”

Drinking alcohol is dangerous for kids and teens and sometimes for adults, too. Alcohol is a drug, and it is the drug most abused by teens. Many kids have their first drink at an early age, as young as 10 or 11 or even younger.

It’s easy for kids to get the wrong message about alcohol. They might see their parents drink or watch TV commercials that make drinking look like a lot of fun. You might see people drinking and watching sports together or having a big party.

But alcohol is actually a depressant. That means it’s a drug that slows down or depresses the brain. Like many drugs, alcohol changes a person’s ability to think, speak, and see things as they really are. A person might lose his or her balance and have trouble walking properly. The person might feel relaxed and happy and later start crying or get in an argument.

What Happens When People Drink?

When people drink too much, they might do or say things they don’t mean. They might hurt themselves or other people, especially if they drive a car. Someone who drinks too much also might throw up and could wake up the next day feeling awful that’s called a hangover.

Drinking too much alcohol can lead to alcohol poisoning, which can kill a person. Over time, people who abuse alcohol can do serious damage to their bodies. The liver, which removes poisons from the blood, is especially at risk.

Because alcohol can cause such problems, the citizens and government leaders in the United States decided that kids shouldn’t be allowed to buy or use alcohol. By setting the drinking age at 21, they hope older people will be able to make good decisions about alcohol. For instance, they don’t want people to drink alcohol and drive cars because that’s how many accidents occur.

What Is Alcoholism?

What can be confusing about alcohol is that some grown-ups seem to be able to enjoy it occasionally with no problems. Other people, though, can develop a problem with it. Sometimes, that’s called alcoholism (say: al-kuh-HOL ism) or being an alcoholic (say: al-kuh-HOL ik). Someone who has alcoholism craves alcohol. The person has little control over his or her drinking and can’t stop without help. A person who starts drinking alcohol at a young age is more likely to develop alcoholism.

Alcoholism is chronic, which means it continues over time. It often gets worse, too, because the person may start experiencing health problems related to drinking. In addition to causing liver problems, long-term drinking can damage the pancreas, heart, and brain.

Say No

It can be tempting to try alcohol. It’s normal to be curious about new things, especially if it seems like everyone is doing it. But everyone is not drinking alcohol. Don’t believe it if someone says you’re immature for not drinking. You’re actually more mature (which means grown up) because you’re being strong and smart.

Still, it can be hard if you feel unpopular because of your decision. Good friends won’t stop being your friend just because you don’t want to drink alcohol. If you feel this kind of pressure, talk to someone you trust.

And if you’re concerned about a friend who’s drinking, you should tell one of your parents, a school counselor. or another trusted adult. That way, someone can talk with your friend before the alcohol causes a big problem. Unfortunately, some kids who drink may also drop out of school, get in car accidents, start fights, or join in crimes.

But with help, anyone who has a problem with alcohol can be successful at stopping. And if you’re still a kid, help yourself by not starting in the first place!

Date reviewed: September 2016


Short sale tax break on verge of being extended until 2017 #refinance #home #mortgage


#mortgage relief act

#

Short sale tax break on verge of being extended until 2017

Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that s about to be signed into law by President Obama.

The Mortgage Debt Forgiveness Act was set to expire at the end of 2015, and without an extension, any mortgage forgiveness achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage during 2015.

But an extension to the Mortgage Debt Forgiveness Act was included in the fiscal 2016 federal appropriations and tax relief bill, which passed both the House of Representatives and the Senate on Friday.

The bill is now awaiting the signature of President Obama, who reportedly will sign the bill into law on Friday, meaning that borrowers who had short sales in 2015 are about to be able to breath a little easier.

This is not the first year that the extension of the short sale tax break has come right down to the wire. Last year, President Obama signed the 2014 version of the short sale tax break on Dec. 29.

But what s different in this year s version of the short sale tax break applies not only to short sales that took place in 2015, but it also extends the short sale tax break to cover any short sales that take place in 2016 as well.

Previous extensions of the short sale tax break only covered short sales during the previous year, leaving many homeowners wondering if they were going to get stuck with a massive tax bill.

While last year s short sale tax break was in Congressional limbo, a report from RealtyTrac estimated that in the first three quarters of 2014, there were more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total.

The average short sale has a mortgage forgiveness of about $75,000, which if the tax break expired would be counted as income.

RealtyTrac also estimated that the potential taxes on the average short sale to be $22,114, which would have brought the total tax liability to $2.7 billion.

But that didn t happen last year, and it s now one step away from not happening in 2015 or 2016.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Short sale tax break on verge of being extended until 2017 #tila #mortgage


#mortgage relief act

#

Short sale tax break on verge of being extended until 2017

Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that s about to be signed into law by President Obama.

The Mortgage Debt Forgiveness Act was set to expire at the end of 2015, and without an extension, any mortgage forgiveness achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage during 2015.

But an extension to the Mortgage Debt Forgiveness Act was included in the fiscal 2016 federal appropriations and tax relief bill, which passed both the House of Representatives and the Senate on Friday.

The bill is now awaiting the signature of President Obama, who reportedly will sign the bill into law on Friday, meaning that borrowers who had short sales in 2015 are about to be able to breath a little easier.

This is not the first year that the extension of the short sale tax break has come right down to the wire. Last year, President Obama signed the 2014 version of the short sale tax break on Dec. 29.

But what s different in this year s version of the short sale tax break applies not only to short sales that took place in 2015, but it also extends the short sale tax break to cover any short sales that take place in 2016 as well.

Previous extensions of the short sale tax break only covered short sales during the previous year, leaving many homeowners wondering if they were going to get stuck with a massive tax bill.

While last year s short sale tax break was in Congressional limbo, a report from RealtyTrac estimated that in the first three quarters of 2014, there were more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total.

The average short sale has a mortgage forgiveness of about $75,000, which if the tax break expired would be counted as income.

RealtyTrac also estimated that the potential taxes on the average short sale to be $22,114, which would have brought the total tax liability to $2.7 billion.

But that didn t happen last year, and it s now one step away from not happening in 2015 or 2016.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Short sale tax break on verge of being extended until 2017 #30 #year #mortgage #rate


#mortgage relief act

#

Short sale tax break on verge of being extended until 2017

Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that s about to be signed into law by President Obama.

The Mortgage Debt Forgiveness Act was set to expire at the end of 2015, and without an extension, any mortgage forgiveness achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage during 2015.

But an extension to the Mortgage Debt Forgiveness Act was included in the fiscal 2016 federal appropriations and tax relief bill, which passed both the House of Representatives and the Senate on Friday.

The bill is now awaiting the signature of President Obama, who reportedly will sign the bill into law on Friday, meaning that borrowers who had short sales in 2015 are about to be able to breath a little easier.

This is not the first year that the extension of the short sale tax break has come right down to the wire. Last year, President Obama signed the 2014 version of the short sale tax break on Dec. 29.

But what s different in this year s version of the short sale tax break applies not only to short sales that took place in 2015, but it also extends the short sale tax break to cover any short sales that take place in 2016 as well.

Previous extensions of the short sale tax break only covered short sales during the previous year, leaving many homeowners wondering if they were going to get stuck with a massive tax bill.

While last year s short sale tax break was in Congressional limbo, a report from RealtyTrac estimated that in the first three quarters of 2014, there were more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total.

The average short sale has a mortgage forgiveness of about $75,000, which if the tax break expired would be counted as income.

RealtyTrac also estimated that the potential taxes on the average short sale to be $22,114, which would have brought the total tax liability to $2.7 billion.

But that didn t happen last year, and it s now one step away from not happening in 2015 or 2016.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Short sale tax break on verge of being extended until 2017 #remortgage


#mortgage relief act

#

Short sale tax break on verge of being extended until 2017

Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that s about to be signed into law by President Obama.

The Mortgage Debt Forgiveness Act was set to expire at the end of 2015, and without an extension, any mortgage forgiveness achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage during 2015.

But an extension to the Mortgage Debt Forgiveness Act was included in the fiscal 2016 federal appropriations and tax relief bill, which passed both the House of Representatives and the Senate on Friday.

The bill is now awaiting the signature of President Obama, who reportedly will sign the bill into law on Friday, meaning that borrowers who had short sales in 2015 are about to be able to breath a little easier.

This is not the first year that the extension of the short sale tax break has come right down to the wire. Last year, President Obama signed the 2014 version of the short sale tax break on Dec. 29.

But what s different in this year s version of the short sale tax break applies not only to short sales that took place in 2015, but it also extends the short sale tax break to cover any short sales that take place in 2016 as well.

Previous extensions of the short sale tax break only covered short sales during the previous year, leaving many homeowners wondering if they were going to get stuck with a massive tax bill.

While last year s short sale tax break was in Congressional limbo, a report from RealtyTrac estimated that in the first three quarters of 2014, there were more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total.

The average short sale has a mortgage forgiveness of about $75,000, which if the tax break expired would be counted as income.

RealtyTrac also estimated that the potential taxes on the average short sale to be $22,114, which would have brought the total tax liability to $2.7 billion.

But that didn t happen last year, and it s now one step away from not happening in 2015 or 2016.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Short sale tax break on verge of being extended until 2017 #mortgage #calculators


#mortgage relief act

#

Short sale tax break on verge of being extended until 2017

Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that s about to be signed into law by President Obama.

The Mortgage Debt Forgiveness Act was set to expire at the end of 2015, and without an extension, any mortgage forgiveness achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage during 2015.

But an extension to the Mortgage Debt Forgiveness Act was included in the fiscal 2016 federal appropriations and tax relief bill, which passed both the House of Representatives and the Senate on Friday.

The bill is now awaiting the signature of President Obama, who reportedly will sign the bill into law on Friday, meaning that borrowers who had short sales in 2015 are about to be able to breath a little easier.

This is not the first year that the extension of the short sale tax break has come right down to the wire. Last year, President Obama signed the 2014 version of the short sale tax break on Dec. 29.

But what s different in this year s version of the short sale tax break applies not only to short sales that took place in 2015, but it also extends the short sale tax break to cover any short sales that take place in 2016 as well.

Previous extensions of the short sale tax break only covered short sales during the previous year, leaving many homeowners wondering if they were going to get stuck with a massive tax bill.

While last year s short sale tax break was in Congressional limbo, a report from RealtyTrac estimated that in the first three quarters of 2014, there were more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total.

The average short sale has a mortgage forgiveness of about $75,000, which if the tax break expired would be counted as income.

RealtyTrac also estimated that the potential taxes on the average short sale to be $22,114, which would have brought the total tax liability to $2.7 billion.

But that didn t happen last year, and it s now one step away from not happening in 2015 or 2016.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Short sale tax break on verge of being extended until 2017 #nfcu #mortgage #rates


#mortgage relief act

#

Short sale tax break on verge of being extended until 2017

Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that s about to be signed into law by President Obama.

The Mortgage Debt Forgiveness Act was set to expire at the end of 2015, and without an extension, any mortgage forgiveness achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage during 2015.

But an extension to the Mortgage Debt Forgiveness Act was included in the fiscal 2016 federal appropriations and tax relief bill, which passed both the House of Representatives and the Senate on Friday.

The bill is now awaiting the signature of President Obama, who reportedly will sign the bill into law on Friday, meaning that borrowers who had short sales in 2015 are about to be able to breath a little easier.

This is not the first year that the extension of the short sale tax break has come right down to the wire. Last year, President Obama signed the 2014 version of the short sale tax break on Dec. 29.

But what s different in this year s version of the short sale tax break applies not only to short sales that took place in 2015, but it also extends the short sale tax break to cover any short sales that take place in 2016 as well.

Previous extensions of the short sale tax break only covered short sales during the previous year, leaving many homeowners wondering if they were going to get stuck with a massive tax bill.

While last year s short sale tax break was in Congressional limbo, a report from RealtyTrac estimated that in the first three quarters of 2014, there were more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total.

The average short sale has a mortgage forgiveness of about $75,000, which if the tax break expired would be counted as income.

RealtyTrac also estimated that the potential taxes on the average short sale to be $22,114, which would have brought the total tax liability to $2.7 billion.

But that didn t happen last year, and it s now one step away from not happening in 2015 or 2016.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

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