Atlanta Bankruptcy Law Blog

Pending tax break expiration is driving Georgia short sales

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, December 11, 2012.

Unless federal lawmakers take action to extend it, the Mortgage Debt Forgiveness Act is scheduled to expire on December 31 of this year. This means that, in a few short weeks, homeowners who sell their homes in a short sale will be forced to pay income tax on the portion of their mortgage debt that is forgiven by the bank. This could amount to several thousand dollars in additional debt for these already-struggling homeowners.

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Tags: foreclosure, foreclosure sales, income tax debt, short sale, taxes

Despite national five-year low, Atlanta foreclosures increase (2)

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, June 8, 2012.

Earlier this week, we wrote about the new report which stated that the national foreclosure rate has dropped to a five-year low. As previously discussed, that initial report of a falling foreclosure rate does not paint a complete picture of the situation in states like Georgia, where foreclosures have increased year-over-year.

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Tags: Georgia, foreclosure, foreclosure rates, short sale

Mortgage Lenders Prefer Foreclosure to Short Sales

On behalf of Gingold & Gingold LLC posted in Foreclosure on Monday, October 25, 2010.

When a home goes into foreclosure, the homeowner is not the only party that loses money. The mortgage lender also takes a financial hit, albeit one that is much less damaging. A short sale, in which an owner sells his home for less than what he owes on it, could lessen the blow to lenders by several thousands of dollars. Historically, however, banks are highly resistant to such sales.

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Tags: foreclosure, mortgage lenders, mortgage modification, short sale, short sale fraud