Question: I lost my Arizona home in a foreclosure. The lender reported the discharge of indebtedness to the Internal Revenue Service and sent me an IRS form 1099-C (Cancellation of Debt) for $100,000, the amount unpaid on the loan after the foreclosure. The lender is now threatening to sue me if I do [...]
Phoenix Business Journal: “The Arizona real estate market will recover slowly and approach modest levels of normalcy — but not until 2014. That was the assessment of a group of experts who gathered Friday morning for “Gloom to Zoom,” a seminar sponsored by Rose Law Group and held at the Arizona Biltmore Resort & Hotel.
I consult with property owners several times each week concerning their risks, protections and obligations under Arizona’s foreclosure laws, as well as the legal, tax and practical implications of alternatives to foreclosure, such as short sales, deeds in lieu of foreclosure or loan modifications. One recurring issue that I address has to do [...]
Phoenix Business Journal: “Cutbacks and closings by big-box stores such as Circuit City, Mervyn’s, Bashas’ and Costco Home have hit Phoenix retail real estate hard accounting for more about half of all vacancies at the end of the third quarter. Overall vacancies for the metro have risen to 10.9 percent, up from 6.9 [...]
Arizona Republic: “Home-foreclosure activity has spilled across every geographic and socioeconomic border this year, proving that no community was too cautious, clever or well-funded to remain unscathed. Subprime lending gave the home-foreclosure crisis its initial push, but the problem could not have reached existing proportions without feeding on a host of broader economic [...]
Arizona Republic: “High-volume home sales made a welcome return to the Valley housing market earlier this year, with real-estate investors leading the way, followed by first-time home buyers. But the sales boost has been almost exclusively at the low end of the price spectrum, leaving sellers of high-end luxury homes in a posh [...]