Jay has been involved with real estate since 1992. During that time, he has had the opportunity to learn about all aspects of real estate. With the decline in market values and changes in the mortgage industry, Jay knew it was time to learn more about helping clients with short sales. Jay completed special instructional courses in the short sale process so that he could help his clients make good decisions about their financial futures.
The process is very complicated, and if not handled exactly as required, a short sale can be held up for months. That's where Jay's loss mitigation team, detailed checklists and systems come into play. Jay and his team know all the right people at the various lending institutions to work with to complete a short sale.
The services of a real estate professional who has experience dealing with short sales can be an indispensable tool that you should take advantage of. Jay Otlewski knows all the details required to successfully buy or sell a short sale property. You will receive valuable advice to protect your interests during your short sale process
Call or fill out the form today to get started. 800.610.2384
The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
This provision applies to debt forgiven in 2007, 2008 or 2009.Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
The amount excluded reduces the taxpayer’s cost basis in the home."
Source - IRS website on Home Foreclosure and Debt Cancellation |
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