Is a Short Sale better than a Foreclosure and why? – Part I
I continue to be amazed at the number of potential clients, with whom I have the privilege of meeting, who tell me their accountant advised them to just let the house go. Others tell me they know somebody, have a good friend, or a coworker who has provided their opinion (gained through naive experience I guess) on this topic. Read the rest of this entry
Do you really know what a “Short Sale” means?
The term “Short Sale” has become increasingly too familiar in today’s modern vocabulary due to the down turn we have experienced in the real estate market. Dictionary.com defines Short Sale as a noun: “an act or instance of selling short”. Read the rest of this entry
DEED-IN-LIEU: Freddie’s Plan to Help Jump Start the Residential Real Estate Market
The Federal Housing Finance Agency, will be implementing new procedures to help with the ongoing housing crisis. Planning on increasing servicers incentives for completing a deed-in-lieu of foreclosure, they have created a Single-Family Seller Servicer Guide. Read the rest of this entry
MORTGAGE DEBT FORGIVENESS RELIEF – PROPOSED EXTENSION
HAPPY NEW YEAR!!!! In the early morning hours on January 1st, 2013, an extension of the Mortgage Debt Relief Act of 2007 was passed by the Senate and many are hopeful will also be passed in the House by today. The legislation dealt with many issues, but relevant here is the amendment they made to the 2007 Act by striking the expiration date of “January 1, 2013” and inserting “January 1, 2014”. Without this extension, any debt forgiven by a lender due to a short sale, modification, or deficiency waiver would be considered taxable. Read the rest of this entry