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Short sale tax break on verge of being extended until 2017

    Short sale tax break on verge of being extended until 2017 Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that’s about to be signed into law by President Obama. The Mortgage Debt Forgiveness Act was set to expire […]

New Rules Could Help Distressed Homeowners

Some distressed homeowners will find it easier to get federal money to pay their mortgages from the state’s Keep Your Home California program under new rules that take effect Monday. The program has been criticized for not spending more of the $2 billion it got in 2010 from the U.S. Treasury Department to help struggling homeowners. As of Sept. […]

Avoiding Mortgage Relief Scams

The offers seem like answers to the prayers of a struggling homeowner: A promise of legal tactics to forestall foreclosure, reduce mortgage balances and interest rates, or restore credit.  But these so-called mass joinder lawsuits being advertising in mailings are fraudulent – sent out by companies purporting to be law firms, according to a consumer […]

Three senators introduced legislation to speed up the short sale process.

Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner sells the property for less than the unpaid balance with the lender’s approval. “There are neighborhoods across the country full […]

FTC WILL NOT ENFORCE MARS AGAINST REALTORS®

As another major victory for REALTORS®, the Federal Trade Commission (FTC) announced today that it will generally not enforce the Mortgage Assistance Relief Services (MARS) Rule against real estate brokers and agents engaged in short sales.  Real estate professionals must nevertheless comply with MARS prohibitions against misrepresentations and other laws prohibiting unfair and deceptive acts.  […]

IRS and CA Franchise Tax Board clarify mortgage debt

December 4, 2013 IRS and California Franchise Tax Board declare California distressed home sellers not liable for federal or state income tax on short sales LOS ANGELES (Dec. 4) – The CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) announced today it received a letter from the California Franchise Tax Board (FTB), obtained by Board of Equalization (BOE) […]

Fourth-Quarter Shadow Inventory Update: Drop In Liquidations, Stable Cure Rates Indicate Increased Foreclosure Timelines

Standard & Poors The volume of distressed nonagency residential mortgage properties in the U.S. continues to fall, but at an ever-slowing pace. Standard & Poor’s Ratings Services currently estimates that the principal balance of these distressed homes amounts to about $450 billion, representing nearly one-third of the nonagency residential mortgage-backed securities (RMBS) market currently outstanding. […]

HAFA

What is HAFA? HAFA is a government-subsidized Home Affordable Foreclosure Alternatives program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans. Under HAFA, a participating lender will pre-approve the terms of a short sale and give the borrower at […]

What Does it Cost to do a Short Sale

Typically, a short sale should result in minimal cost to you the owner, if anything at all. Most of the costs will be absorbed by  the bank (real estate commissions, closing costs, etc.). However, we do suggest that you keep the property in  ‘showing condition’ with the utilities on, landscape tidy, and everything in working […]

Options Available to Aviod a Foreclosure

We have identified 8 available options to avoid a foreclosure. Here are the +’s and -‘s. 1. Mortgage Modification – The reduction of either the interest rate on the loan, the principal balance of the loan, the term of the loan, or all of the aforementioned. + Reduces the payment a homeowner is required to […]