Real Estate Update in Palo Alto & Los Altos

Mortgage bankers are eagerly going back to basics before Congress makes them.
At the annual convention of the Mortgage Bankers Association, or MBA, the most oft-spoken phrase was “back to basics.” No matter what you were doing — walking past a shoeshine stand, staring mutely at your shoes in an elevator or waiting in line for […]

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With the soaring number of U.S. homes in some stage of the foreclosure process, many individuals and families are wondering just what the process of foreclosure entails.

At the same time, few homeowners would welcome the prospect of discussing their situation with their banker or lender.
“Especially if they’re in foreclosure, talking with a lender can be […]

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As borrowers fall behind in their payments, they can expect lenders to react in specific ways at specific times. Here’s a look at the time line from late payment to foreclosure.
Day 1
It’s the first of the month, and the mortgage payment is due. The borrower misses the payment.
Day 16 to day 30
A late charge is […]

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So yes, you could indeed pay tax on the money that was used to pay back the mortgage even though you don’t get any of it.
Let’s assume the example homeowner mentioned earlier has nonrecourse mortgage debt of $110,000 and an adjusted basis of $20,000 in the home, which has a fair market value of $100,000. […]

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If you thought a bank foreclosure ended the financial miseries associated with your former home, think again. You could soon be hearing from the IRS about taxes due in connection with the residence you no longer own.
“You can walk away from the big house payment, but not from the potential tax implications,” says John W. […]

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