Category Archives: Short Sales

Browse all short sale related blog posts.

Mortgage Forgiveness Tax Relief Act Passed Gas in St George Utah

Don’t be fooled folks. Here in St George Utah and everywhere else in this country the government has failed us again. The federal tax code treats forgiven debt as ordinary income to the borrower, taxable at regular rates. But under an exception that took effect in 2007, qualified home mortgage debt that is canceled by a lender as part of a short sale, loan modification or foreclosure is treated as non-taxable. However, that exception expired last Dec. 31 and its renewal has been in doubt all year — leaving short-sellers unsure whether they would be facing crushing taxes in 2015. Continue reading

Short Sale Sellers: Changed Deficiency Judgement Laws in Utah!

April of 2012 brought a major change for all short sales in St. George Utah and the entire state of Utah. This change brings Utah short sales sellers into a new comfort zone.  Realtor’s in the state of Utah fought and won in our state legislature a huge victory for not only St. George Short Sale Seller’s but all Utah Short Sale Sellers. Continue reading

Foreclosure or Short Sale? Buyer vs. Old Tenant.. Beware!

Just wrapped up a two day Red Rock Education Retreat located at the spectacular Desert Hills High School out in the Hidden Valley area. We spent 6 hours with the UAR attorney as well as a title company attorney going over all the key issues in our short sale and foreclosure market. This topic alone is really an ongoing ever changing learning process. I loved what James E Seaman, attorney for Inwest Title said about buying properties on the courtroom steps “better be wearing your big boy pants.” Funny and true. Continue reading