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What are the credit implications of foreclosure and for how long? We live in Hawaii and our mortgage has become unmanageable. We just found out our house is worth 64k less than we owe. We have good credit though are overextended because of mortgage. No defaults and one 30 day late pay. We want to sell but do not have the credit left to get a 64k loan to pay off the rest of the loan. We desperately do not want to go into foreclosure. Any options anyone is aware of? ... (Asked by Annie P)
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Please contact your lender to discuss this issue. Do it before your property forecloses. If you don't already belong, join a credit union, their home loan dept. may have some innovative ideas. Whatever the case, please contact your lender ASAP. There are all kinds of creative refinancing ideas out there. Explore all of your options. Besides talking to your lender, check around. Read this article: The Impact of Short Sales / Foreclosures on Credit Reports Sellers may wonder whether a letting a property go into foreclosure would be easier and smarter than going through a short sale. With a foreclosure, and depending on ...(Answered by Prickle's Back!)

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What is the procedure and implications of changing the name on a deed of a house? I have a house that I inherited from my parents, which I now rent, and the name on the deed belongs to my father. I would like the deed to be put in my name. I believe I need a real estate lawyer, but I am curious to know of possible fees and tax implications for such a transaction. Thanks. I hope I am worrying about nothing and I just want to be prepared as what to expect. ... (Asked by Captain Trips)
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IF your father is in agreement, (which he had to have been if you inhereted )you both can just do a quick deed claim. You can find the paperwork at any staples or office depot. You don't need a lawyer if everyone is in agreement. Just fill out the quick deed and file it. You are done. If he has passed and you inherited it, it should change over automatically when you got the home. If it hasn't then you need to contact his lawyer that drew up his will and/or the tilte company ...(Answered by Barbara C)

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Can someone advice on the implication of signing of on blank piece of paper with my plot and block number on? My contractor finished the basement and asked me to sign off on about 8-9 pages of blank papers- stating that he will draw the diagram of the basement and submit them to the township- Like a FOOL i signed those blank papers with my plot and block # on it. Now i am concern what he will do? Should i remove my name from the house title? please advice constructively ... (Asked by curious mom)
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Send a certified return receipt letter immediately stating what ahppened and that you are rescinding your signature based on legal advice. Ak for the documents back when complete so you can approve....(Answered by Carlotta)

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Can a foreigner buy a residential property in UK? What is the tax implication on the residential property? My husband and I are thinking of retiring in UK and we are thinking of buying a residential property. Are we allowed to purchase? If so will what is the tax implication if any? ... (Asked by wagdycelinawiawi)
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There are no restrictions on foreigners buying property in the UK, although you would need to look into the immigration issues around living here permanently. All properties are subject to local taxes called Council Tax which is paid to the Local Authority and is based on the value of the house. Water rates are also payable, either based on the value of the house, or on a meter if one is fitted in the property. As Uk residents you would be liable to UK Income Tax on your worldwide income with credit given for any overseas tax paid on that income. There is ...(Answered by fengirl2)

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What are the tax implications of leasing a house for less then the mortgage payment if any? I would love to sell the house, but don't think it is doable with current market. Also, 1 house has been on sale for 6 months with only 1 interested person. There are 4 houses that are lease houses, not sure the $$ for each to lease. I was going to lease to my mother-in-law to be for smaller amount than what mortgage is currently. ... (Asked by David W)
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Find out what the market rent is for the type of real estate you own. Charge that rate. You should be able to shelter all the income with the cost of the mortgage, insurance, maintenance, and depreciation. The mortgage does not affect the rental rate. If you rent the property for more than three years (at that point you do not qualify for the primary residence exclusion), you could perform an 1031 exchange if you have capital gains to defer....(Answered by William H)

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What are the implications of buying a foreclosed house? I'm a young adult, and just recently found how cheap it is to get a foreclosed home... It almost seems to good to be true.... What's the catch? What's the process? ... (Asked by ashleythequestionasker)
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The catch is the condition. Your first step should be to find a buyer’s agent to represent you. A buyer’s agent in your area can explain how it works in your market. My agent insures that the seller’s side fulfills all of their responsibilities and that I had the option to get out of the contract if anything on the inspections was more than I wanted to fix. He also helped me come up with a price that is fair, reflects market conditions and takes into account that this house will need several things done to it ...(Answered by Dizzy_Lizzy)

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What are the implications of a foreclosure? I've just read an article that even after foreclosure the loan company can still sue you for non payment even if you lost the house. Plus the IRS can tax you on the difference if the loan happens to be a "recourse" loan. I've never heard of a recourse loan. And is it true about going after you for non payment ... (Asked by astronutz1)
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Yes, the lender can and probably will sue to cover any losses. And the IRS can tax you for the amount of the loan that is not collected. Recourse loan definition: A debt instrument wherein the lender can legally require repayment of a loan from personal funds if the collateral is not sufficient to repay the note. As opposed to a NON-RECOURSE LOAN where the lender can only obtain compensation from the collateral. Check your mortgage note. It will tell you if it is recourse or non-recourse. Most are recourse, though....(Answered by bostonianinmo)

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how do I transfer my property's(house) title to my parents (both over 55), and what is the tax implication? I am thinking about transferring the title on the house to my parents, since they were the one actually bought it and somehow there was a mix-up in my last refinancing, and my name ended up on the deed. Now I am ready to correct it. I don't know how exactly I should go about doing it, and how that will impact the property tax, or the income tax on me and my parents. My parents and I all lived in this house for more than 5 years and I have just recently moved out to my own place. Your ... (Asked by ctscsq)
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You would need to contact a title office and do what is called a dollar deed. You can't just give a property to anyone for free so you have to technically sell it for a dollar. As far as the income tax, I am not sure if you would pay a capital gain on it or not... Check with your accountant....(Answered by mychelleb25)

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What are the tax implications of taking a lender-approved loss on my home? We recently moved for family and employment reasons from Phoenix, AZ, to San Antonio, TX. We have only owned our home in Phoenix for two years, and in that time, it's value has decreased by at least $80k. We have been offered the option of a "short sale" by our lender, but I don't know what the tax implications of that are. What would we end up paying in taxes if we had a "debt forgiveness" of $50k from our lender? ... (Asked by MightyMoose)
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You simply have to pay the income tax for your state and the IRS for that amount. They give you a 1099...(Answered by Elsa D)

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What are the implications of getting a new roommate? My current roommate is moving out at the end of our lease, but I would like to stay in my apartment. So, can someone explain a few legal implications of this? First of all, I will most likely be rooming w a new person I do not know. All my friends already have stable residences. If this person turns out to be unreliable for paying rent or impossible to live with, can I kick them out if they haven't signed the lease? I am obviously somewhat nervous about living w a person I don't know. It ... (Asked by CocoaBean316)
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Most landlords will want to know about the roommate and have them submit an application to rent and go through a screening process like you did. That's protection for them and allows you to be comfortable that the person is in the habit of meeting their obligations such as rent. Second, the landlord (if he's smart) will want the new roommate on the lease since doing so gives them the rights of a tenant and the landlord recourse if necessary. Bring them in without being approved by the landlord or signing the lease will likely get YOU in trouble ...(Answered by njc_flhtc)

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