Are There Tax Liabilities With A Short Sale?

April 9, 2014 by

Are There Tax Liabilities With A Short Sale?

A short sale is an agreement between you and your mortgage lender that you are eligible to sell your home for less than you owe, it doesn’t mean you are 100% free from that balance. You could have a tax liability for it. Premier Real Estate NYC is one of the few real estate companies in New York City that helps homeowners understand their rights in a foreclosure.

Prior to the 2007 Mortgage Forgiveness Debt Relief Act and Debt Cancellation, the balance was normally taxed as ordinary income. This seems to have come just in time for the 2008 housing crisis. However, since this act, your debt could be forgiven. Here are the 6 steps to file your debt cancellation during tax time. [Read more...]

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Bringing Your Pets with You after a Foreclosure

April 8, 2014 by

Bringing Your Pets with You after a Foreclosure

Once the 2008 housing crisis hit, there were so many pets left behind to defend for themselves. It’s hard for families to leave their pets behind, yet they may have had no choice. Families were struggling with finances, feeding, clothing, and housing their families. An additional mouth, their pet, adds on to the stress. Many homeowners in foreclosure look towards a company like Premier Real Estate NYC to assist them with all of their troubles during a foreclosure. [Read more...]

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As Foreclosures Fall Nationwide, It’s Just the Beginning in New York City

April 7, 2014 by

As Foreclosures Fall Nationwide, It’s Just the Beginning in New York City

Since the 2008 housing crisis, 2012 has shown us a promising future. Foreclosures and short sales in NYC seemed to have been on the decline, as with the entire country. However, it seems that now, it’s not the case. [Read more...]

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