Are you behind on your mortgage payments? As your mortagage rate adjusted and you can no longer make your payments? Are you facing foreclosures? Did you already receive a date for your home to be sold at a foreclosure sale? We can help. We have formed an alliance with mortgage banks to help you save your home and or avoid foreclosure. When foreclosure goes on your credit report it takes 7 years to come off, also to lose your home after you put so much money in it is not an easy task. Let us help you save your home and get your life back togetther. Some of our services includes Loan Modification, Short Sales, Loan Foreberances, and more. Give us a call today to discuss your specific needs and let us see how we can help you. We cover Orange , Rockland , Sullivan Counties and New York City . We also do the surrounding areas. Call 845 401 4345 
Tax Considerations >New 1031 Exchange Rules
One of the most popular "tax deferring" strategies for real estate owners who are selling one property and acquiring another is the use of Section 1031 of the Internal Revenue Code. It is an effective way to defer paying income tax on capital gain generated by the sale of a property when you intend to reinvest the proceeds in a similar, "like-kind" property. Almost any kind of real property is considered "like-kind" with any other real property.
A recently enacted law closes what was considered a loophole in the Section 1031 rules. In some cases, owners of investment real estate have used the 1031 Exchange to swap their investment property for real estate that could be readily converted to an owner-occupied residential property. After the exchange, they made the property into their principal residence, lived in it for a couple of years, then sold it. Now the American Job Creation Act of 2004 has ruled that properties converted from a 1031 exchange property into a residence must be held and used as a principal residence for at least five years to qualify for the tax exemption. Otherwise, the basic tax-deferring benefits of 1031 exchanges remain the same.
Consult your tax advisor for more detailed information.
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| Q |
Who is "Fannie Mae" and why is she a big name in real estate?
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| A |
"Fannie Mae" is the real estate industry nickname for FNMA, or Federal National Mortgage Association, the stockholder-owned corporation that purchases mortgages from mortgage lenders. |
 See More Real Estate Trivia > |
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