How does a short sale affect my taxes? The two answers to your question

Posted by Owen McGab Enaohwo on Aug 10, 2010 | View Comments

This is a question that I am frequently asked when discussing a possible short sale with a homeowner and I have decided to use this blog post as a means to share my answer with everyone. Please note that I’m not a CPA and for more clarification on this subject, I urge you to consult with a tax professional. Now that I am done with my disclaimer, let’s dive in!

The IRS’s perspective

When you are absolved of your responsibility to an unpaid debt, according to the IRS, this is income. For instance, let’s say that you still owe $100,000 on the home. The lender agrees to a $50,000 payoff as the terms of a short sale. This means that the lender is cancelling $50,000 of the debt. According to the IRS, this $50,000 is extra money in your pocket, and is therefore income.

Is a Short Sale Right for You? Read and then Decide!

Posted by Owen McGab Enaohwo on Jul 27, 2010 | View Comments

Real Estate is totally different today than it was just ten years ago, especially because of the “Great Recession”. One thing that has changed is that, more than ever, the term “Short Sale” is now a hot topic that almost anyone paying attention to the news media must have heard. Many sellers who have determined that they can’t sell their home for the amount they owe are now considering doing a short sale instead of allowing the lender to foreclose. But is it always a good thing? How can you tell whether a short sale is right for you? Let’s take a look at some guidelines that will help you decide.

How to Leverage your Self Directed IRA funds in Real Estate – The rules of the game.

Posted by Owen McGab Enaohwo on Jul 13, 2010 | View Comments

The Employment Retirement Income Securities Act (ERISA) made you responsible for your retirement savings, plain and simple! How you invest your funds that you have set aside for retirement is at your discretion. The law excludes only two types of investments under the ERISA and IRS Codes. These investments are: 1. Collectibles and 2. Life Insurance Contracts

A True Foreclosure Story – Note: the tale you are about to read might be yours!

Posted by Owen McGab Enaohwo on Jun 24, 2010 | View Comments

Painting the picture – You are a homeowner experiencing a financial hardship, you have lost your job and can’t keep up with your mortgage payments. You desperately need to find a solution to the problem because it’s weighing down heavily on you. You can barely function or think properly because it feels like your whole world is crumbling and you need to get you life back on track.

Townhouse For Sale Bowie Maryland Short Sale 11201 Westport Dr Home

Posted by Owen McGab Enaohwo on Apr 29, 2010 | View Comments

This is an announcement for a Townhouse I have listed For Sale in Bowie MD 20720 – Short Sale:

Submit AS IS offers for this Well maintained end unit townhouse, 3 Br / 2 Ba on main level. Its a beautiful home, Hard wood floors, and finished basement with wall to wall carpet and additional rooms.