InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Arizona - Looking for Advice on Voluntary Foreclosure Situation Posted by mm on May 16, 2008 at 10:49 AM In Reply to: Re: Arizona - Looking for Advice on Voluntary Foreclosure Situation posted by CC in OC on May 12, 2008 at 2:46 PM The 2.5 acres comes from AZ statue 33-814 section G that states "If trust property of two and one-half acres or less which is limited to and utilized for either a single one-family or a single two-family dwelling is sold pursuant to the trustee's power of sale, no action may be maintained to recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses." Az statues can be found at this address: http://www.azleg.state.az.us/ars/33/00814.htm And as far as the tax consequences of the foreclosure and the debt forgiveness, the President signed HR 3648- The Mortgage Forgiveness Debt Relief Act of 2007. It prevents any forgiven debt from from being reported as income. However, in my own research, I have only seen that this applies to short sales. I have not been able to confirm that foreclosure sales fall under this same protection. Hope this helps though! The official page for this info is: http://www.whitehouse.gov/news/releases/2007/12/20071220-6.html but I have not been able to find a place where I can read the actual bill. I am in a similar situation in Phoenix and that's how I know this. Bought a house in 2005 for 225K on an 80/20 ARM that is about to adjust. Can't refi because house is now only worth 165K. I'm still researching! Follow Ups: Re: Arizona - Looking for Advice on Voluntary Foreclosure Situation Kev. 7:56 AM, 05/24/08 (0) Re: Arizona - Looking for Advice on Voluntary Foreclosure Situation Jane lee 0:44 AM, 05/23/08 (0) Re: Arizona - Looking for Advice on Voluntary Foreclosure Situation CC in OC 4:47 AM, 05/20/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : The 2.5 acres comes from AZ statue 33-814 section G that states "If trust property of two and one-half acres or less which is limited to and utilized for either a single one-family or a single two-family dwelling is sold pursuant to the trustee's power of sale, no action may be maintained to recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses." Az statues can be found at this address: http://www.azleg.state.az.us/ars/33/00814.htm : : And as far as the tax consequences of the foreclosure and the debt forgiveness, the President signed HR 3648- The Mortgage Forgiveness Debt Relief Act of 2007. It prevents any forgiven debt from from being reported as income. However, in my own research, I have only seen that this applies to short sales. I have not been able to confirm that foreclosure sales fall under this same protection. Hope this helps though! The official page for this info is: http://www.whitehouse.gov/news/releases/2007/12/20071220-6.html but I have not been able to find a place where I can read the actual bill. : I am in a similar situation in Phoenix and that's how I know this. Bought a house in 2005 for 225K on an 80/20 ARM that is about to adjust. Can't refi because house is now only worth 165K. I'm still researching! [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2008, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455