Join the 9 million people who found a smarter way to get Expert help

Recent Foreclosure questions

The IRS has informed me that I will not get my refund of

The IRS has informed me that I will not get my refund of $950 because I filed my 2012 taxes late in Dec. 2016. They say that I have to right to appeal.QUESTIONS:1. I filed my 2000 and 2001 taxes in 2005 and was given my refund so why are they denying me now?2. I had been told by an IRS agent, years ago, that I could file late as long as I knew I did not owe and based upon filing late and getting my refunds in the past, I had no reason to think that I would not be refunded and now I am being told not to say this in my appeal; why?3. Another year the IRS sent me a letter because I had not filed my taxes and telling me that I owed an estimated tax ; I filed late and they owed me a refund of about $2,000 that they paid so why have they not sent me a notice since then to inform me that I owed? Can I not ask that question and give that as a reason also as to why I have filed late because they had not sent me notification as they had in the past.4. I have always filed late and asked for an extinsion and have always gotten a refund, so why now after what they have done in the past?5. My reasons for filing late is because I knew I did not owe taxes; I have been under a lot of stress: foreclosure notice on my house in 2012; bankruptcy; taking care of my 95 year old father; surgery on my eye. I need this money to pay for medicine that Medicare and my insurance will not cover. It is $208 out of pocket that I have to pay for one prescription and $115 for another. Can this be given in my appeal?

Read more


Vocational, Technical or Trade School

24,980 satisfied customers
I am working to downsize my home. I will put my home up for

I am working to downsize my home. I will put my home up for sale in April. I'm looking at the HUD website for auctions. I am over 55 and working. I have 2 401Ks. I was thinking that If I can pick up a HUD foreclosure, I could take a withdrawal from the smaller 401K and use the cash to buy the home. Then once everything goes through I can remortgage and put the money in with the larger 401K. I have about $33,000 in my smaller 401K, and that would be enough to bid on a couple of properties that I'm looking at.

Read more

ABC Accounting Group

Bachelor's Degree

1,310 satisfied customers
What is the best option for dealing with my house and the

What is the best option for dealing with my house and the ramifications to purchasing another house and the hit to my credit for the below scenarios? I currently own a home that I purchased in August and am current on payments. I have since had to take another job in a different city making $20,000 less making it close to impossible to afford this house anymore and definitely unable to keep this one and rent/buy in the new city. It turns out that there was a lot of hidden issues with the house that were "quick fixed" after inspection but have since broken again. None of it is house falling apart serious but it's enough that it would cost me $10-$15 thousand dollars to fix. I have tried going back to the contractors and long story short after talking to an attorney and realtor, it would cost me a lot to try and sue and still may not win but at the end of the day we know there is stuff wrong that needs to be fixed. Next issue is value. We already know about the above mentioned problem which would appear on an inspection but in addition to that, an appraiser came out from my lender a couple of weeks ago and appraised the house for $40k less than I paid for it and that was with no inspection type of work from him. The reason he came out is because I have inquired to my lender about a deed in lieu of foreclosure or a short sale and so of course they got an appraisal done. In addition to this housing situation I have other debt. Some credit card, some medical bills, and some student loans. So I have 4 options here.1. Bankruptcy and rid myself of the house and a good deal of debt minus my student loans.2. Continue to make the payments on the house and do a short sale though it may take a while, I will continue putting money in, and I will be spending additional money to live where my new job is just accruing more debt.3. Do a deed in lieu of foreclosure, stop paying for the house, and hand it back to the lender.4. Rent the house BUT will still be paying about $500 a month because that's as close to the mortgage as I would be able to get in rent. However, it would probably be a good rental property since I am in a military town and there is a lot of turnover.I would like to buy another house at some point but I know all of these things are going to affect that happening. I'm not trying to rush into this by the way as clearly I have already gotten myself in a bind but long term I want to know this. So, my question is:1. What would the effects on my credit score be for the first 3 options and time frame for me to purchase another home after it's done on average.2. If I keep the house and rent it, does that count as extra income and would lessen my debt to equity ratio for another house.3. I think the second appraiser went REALLY low with his appraisal but either way, I don't have enough money to not only cover fixes but also closing costs to sell it and pay off the mortgage. I had it on the market for $5,000 less than I paid for it for 3 months and it didn't sell but keep it on the market and hope for this price?Help.

Read more

39,608 satisfied customers
I have a 1099-C that I received as a result of a deed in

I have a 1099-C that I received as a result of a deed in lieu of foreclosure for which I'll be able to exclude from paying tax on since the canceled debt is less than $2 million and it was for my primary home. However, I'm unsure if I'm also suppose to report this information on my taxes as a "home sale" of some sort, as in the case of an actual foreclosure. What forms besides the 982 must I include to declare all the appropriate info as well as to make sure that I'll be excluded from having to pay taxes on the cancellation of this debt?

Read more

Megan C

Master's Degree

30,026 satisfied customers
I have a father in law that is 97 years old and owns a home.

Hi I have a father in law that is 97 years old and owns a home. He is using his savings that he has for his live in care. He is depleting his account quickly and would like to know what is his best option? He owns a home worth $300,000. Should he try to get a Reverse Mortgage on the property in order to continue paying for his care or should he take out aHome Equity Loan on his home to pay for his care? Which is easier for him to get being that he is 97 years old and only gets a fixed income from his social security check monthly?

Read more

Mark Taylor

Certified Public Accountant


3,376 satisfied customers
I have another question for you which is about the Debt

Hi, I have another question for you which is a follow up about the Debt reduction I had on the mortgage I have on my primary residence. I got a letter from NY dept of taxation which said it shows as income. You advised me to call, tell them it was my primary residence and file a fed and state return claiming the exception. I called the State and they said they were cancelling the audit. You advised to still file the returns. My question now is - I called my mortgage company and they said the reduction was NOT part of HAMP and was a private modification program by Citibank. Does that still fit the IRS rule for an exception even though it was not through the federal program? Thanks again!

Read more



Doctoral Degree

21,570 satisfied customers
Real Estate Property Renevation and Conversion, I have

Real EstateProperty Renevation and Conversion,I have started looking into Renevationg properties in California.I was wondering if there is any website which can help my to do some studies about it in terms of the location, financing, expected profit, capital requirement etcI look forward to hearing from you.

Read more

My friend owned a condo that he took out and unsecured loan

My friend owned a condo that he took out and unsecured loan ($17K) for the deposit on. He paid on it for 3 years (basically interest), but then ran into financial problems. His condo forclosed, sold for the amount owed, but he still owes on the unsecured loan. He then became unemployed, and that debt is still out there. The Bank it was out of said he could write a letter of hardship. He put it on the back burner, became employed again, and now pays rent + other things. He reapproached the bank and they offered for him to write the hardship letter, include his taxes from last year, and 3 recent months of bank statements.He is wanting to address this, but is also engaged to be married (she wasn't a cosigner, wasn't with him when he bought it), and paying for the wedding himself (large family, catholic).I know he can afford to pay about $75 a month until August of 2017, then increase it. Are there any tips you can offer for the letter, or is there a better option than the hardship letter?Also, The fiance may be wanting to look at purchasing a home, how will this affect her/both of them after marriage?

Read more

Emilee Weaver


Masters of Professional Accounting

104 satisfied customers
Real Estate Question: I owe more money on my house than it

Real Estate Question: I owe more money on my house than it is worth. I have also experienced certain hardships via medical expenses and loss of job/income. I would like to know how to negotiate the principle on my home down. Currently I owe approximately $470k. The appraised value is approximatley $360. I would like to reduce the principle to $350 and then pay it off in cash. How do I go about doing this?

Read more



Master's Degree

7,914 satisfied customers
View more finance questions
In The News