Tag Archives: short sales

Short Sales Update: What U.S. Relocation Managers Should Know

As if short sales weren’t difficult enough, there’s a new wrinkle: as of now, sellers faced with the prospect of a short sale may also face an added burden. That burden comes in the form of an income tax liability to the IRS on the forgiven mortgage debt when selling a property as a short sale. This is because the Mortgage Forgiveness Debt Relief Act expired as of December 31, 2013, and an extension, or reauthorization, of the act is stuck in Washington, D.C.—a situation that could impact transferring employees in short sale situations.
First enacted in 2007, the Mortgage Forgiveness [...] Read More

2012 Tax & Legal Update For Relocation | Cartus Insights

As we begin 2013, it’s a good time to take a look back at the tax and legal landscape as it relates to relocation in 2012, and how relocation programs may be impacted moving into 2013. Cartus’ latest issue of Mobility Insights–2012 Tax & Legal Update reviews issues that have been discussed before, new issues that are cropping up, and what we see around the corner.
Old issues that still bear attention include:
• Short sales, which don’t appear to be going away any time soon
• The potential continued impact of the Homebuyer’s Tax Credit
• A refresher on the meaning of the [...] Read More

Short Sales for Transferring Employees | Issues in U.S. Home Sale by Cartus Consulting

Cartus Consulting guides organizations of all sizes to the best solutions in global mobility and mobile workforce development. In this, the second post in a four-part series, Cartus Consulting Services looks at the top issues in U.S. Home Sale.
Would a short sale help a transferring employee who owes more than his or her house is worth get out from under a departure home?
A short sale is one of the tools that may be available to help your employee. There are a number of factors to consider when determining your organization’s policy on short sales:
1) Talent management–how badly do you need [...] Read More

A Bruce Cover: Cartus General Counsel Discusses Short Sales in MOBILITY

One of our own, Bruce Perlman, senior vice president and general counsel, recently scored the cover story of the July issue of MOBILITY magazine. His topic? The amusingly titled article is called “Short Sales and Clawbacks and Lies—Oh My!,” and that is the magazine’s clever way of drawing readers to a serious subject: the plight of potential transferees who are upside-down on their mortgages.
Bruce presents several scenarios that might yield an “out” to a transferred employee who has mortgage difficulties, but he focuses primarily on the ins and outs of short sales. He highlights terminologies such as no-flips and clawbacks—provisions [...] Read More