Property Records - Get A Filing Cabinet

You may need to get a filing cabinet if you hold property for an extended period of time. For example, assume that you purchased a home in 1980 for $100,000 and made $50,000 in improvements over years. You need to keep purchase records, mortgage statements and receipts that relate to improvements. When you sell home, you will need records to determine tax consequences of sale, to wit, your basis (original cost plus improvements) and profit. If IRS decides to take a closer look at reported profit, you will need to provide your tax records to support your claims. Once you actually sell property, it is recommended that you keep all of tax records for an additional six years.

Divorce

Make sure you keep copies of all of your financial documents, tax returns and supporting documents if you get divorced. You should also keep copies of all divorce agreements and court orders that cover property and financial issues. When couples divorce, tax and credit consequences can be nightmarish. If you don’t keep records, you will have to ask your ex-spouse for them. Get records now to avoid doubling your misery!

Hopefully, you will never need to show your tax records to IRS. If you are one of unlucky few that is audited, your tax records should keep your feet out of fire.

Sell your home – The problem with selling home is that if you list it with and agent, and it still is not sold lenders does not care, you are still on foreclosure clock. The best way to go about selling home in this situation is to contact a real estate agent that is familiar with foreclosure investing. They may be able to put you in contact with investors that will be happy to but your home. Preventing foreclosure proceedings can be as easy as getting in contact with a foreclosure investor.

Deed in lieu if foreclosure – This is when you would voluntarily give house back to lender. The lender is not obligated to accept it. You should discuss with lender how they will report it back to proper agencies. Should lender choose to refuse deed they are required to file a Notice of non acceptance with county recorder.

Nothing – We mention this because many homeowners will ignore lender and do nothing. Don’t fall into this trap. You have options when in foreclosure, you just need to talk to someone and find out what best options for your situation are. Visit www.foreclosure-helper.com for a free no obligation consultation of your situation. One of our experienced foreclosure specialists will contact you with a personalized situation analysis.