Sounds like someone in the loss mitigation dept. needed a fire lit under them.I'm curious, if you know, what did the bank have it listed for and what did it sell for at auction?

The department is called loss mitigation not loss recovery.

I have verbal short sales accepted all the time and have not had one problem with the mitigator changing their word.I have evened signed contracts with other investors after only getting a verbal with short sales.

I meant to say that CPA's can mitigate the impact and sometimes even turn the 1099 into a positive for the (former) homeowner.in my experience the bank will issue a 1099 75% of the time.

Loss Mitigation?

Glad to see it go the next step in evolution.I am learning to enhance my RE skills beyond appraisals with loss mitigation, short sales, and wholesaling, in the meantime I see so many good properties, that I would love to share with any interested parties and learn by working with you.

They say they hire former loss mitigation folks from banks (pay commission for their work) and their hope is to do the short sale negotiating, paperwork etc.

So, I thought it might be a good idea, rather than getting "fat and happy" to mitigate my risk and hunt for additional opportunities.

The bank said they would accept after repeatedly calling to make sure that loss mitigation had it.

In the realm of tax savings strategies and methodologies that are approved by the IRS, why would anyone who owes AND pays income taxes NOT do whatever they can to LEGALLY mitigate them?