How to Buy a Distressed Condo (Part 1)

Buying a Condo in Chicago's Hot Foreclosure Market
Takes Time and Expertise

The Home Front by Don DeBat

Realtors are happy that existing home sales in Chicago and Illinois are on the rise, but the reality is resale prices are still falling and many of the deals are short sales and foreclosures, experts say.

The Illiinois Association of Realtors (IAR) recently reported that statewide single-family and condominium sales in December, 2009 rose 20.1 percent when a total of 8,197 homes were sold compared to 6,823 homes sold in December, 2008.

Phone Scam Uses BBB Name

By Rosalind Scott, Executive Director, Better Business Bureau of Vancouver Island, British Columbia

Though this particular story comes from Canada, MSNBC.com has reported that the same type of scam is going on in the U.S. It doesn't matter where you are in the world - a dedicated scammer will find his or her target. Where there's a will, there's a way.

Be aware of a new scam hitting consumers and businesses in which the BBB's name is being used in order to collect consumer and business information. We believe these scam calls are likely to result in you receiving further telemarketing calls or potentially having your personal or business identity stolen.

Newsbytes

The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude from income the amount of debt forgiven related to their principle residence. If the debt was reduced through mortgage restructuring or the debt was forgiven connected to a foreclosure, then it qualifies under the Act and the taxpayer does not need to report it as income. The exclusion only applies if the debt was incurred to buy, build or substantially improve a principal residence. Further, the debt must be secured by the home. If the debt is forgiven, it must be reported on Form 982 and attached to the taxpayer's tax return. The act only applies to debts forgiven anytime in 2007 through 2012. The maximum a taxpayer can exclude is $2 million, or $1 million (if married filing separately).