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So, have you been wondering if it is a good time to do a strategic short sale? A short sale is when you sell your house for less than what is owed on the mortgage...quite a common thing nowdays. A "strategic" short sale is when you can afford to keep making your mortgage payments but you are so upside down on your loan that it makes more sense to just let the house go and start over. 2012 may be the time for you to make your move. In 2013 the amount short on the mortgage will become taxable. Currently if you sell your home and the proceeds are $100,000 less than the mortgage you can usually have the bank forgive the amount short and there are no tax ramifications (there are conditions that have to be met and every case is a little different). In 2013 due to changes, if you are $100,000 short and you are in the 25% tax bracket...you will owe $25,000 in Federal Taxes. To avoid the tax, you must sell your house in 2012 and you must have documentation of the bank forgiving the deficiency...
I was visiting with a client for whom I had helped buy a gulf front condo recently. He lives up north where at this time of year there's snow on the ground. It was a beautiful day as usual here in Panama City Beach. The sky was clear and blue without a trace of clouds. The sun was bright and warm but not too hot. We were having lunch at one of my favorite gulf front restaurants, Hook'd Bar and Grill. Sitting there looking out over the sugar white sand at the emerald green waters of the gulf and eating the best smoked tuna dip on the planet, my client said something that stunned me. He said, "Good thing that oil spill happened." At first I thought he was being facetious but after a moment or two I realized he was being serious. Not only was I shocked, I was borderline offended. How could one of the worst industrial disasters in history possibly be good? It claimed 11 lives, massac...
I am reading a most incredible book given to me by a most incredible woman with a heart overflowing with love. The book that I am just getting into is by River Jordan, Praying for Strangers. Funny thing about it is that through the years I have done this on a much smaller scale and not sure why I was doing it. My heart just led me that way and I followed. Many times when I am going down a street or Pier Park or running... anywhere there are other of God's children I will offer up a quick prayer for the people I see. It makes you feel so uplifted and because I believe the prayers and thoughts are not in vain....there is power amazing power in that moment. This spirit packed author made a Resolution to pray for a total stranger each day and the results of that are in small but SOUL LIFTING stories filled with compassion and great love. I am already touched in the first few chapters and can hardly wait for the impact that the completion of the book will bring. I suspect it will be one m...
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