short sales
Mortgage Payments Too High? Here is What You Need to Do
Believe it or not, there are MANY homeowners who are underwater, still, years after the mortgage meltdown. According to Core Logic, 6.1% – 3.1 millions homes – of all mortgaged CA homes have negative equity, as of the first quarter of 2017. Short sales are also increasing recently as many variable mortgages that were obtained…
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Are Short Sales Still Great “Deals?”
Here we go again…short sales seem to be hitting the market once again, due to rates resetting on adjustable interest rate loans. Back in the heyday of the housing market meltdown these types of properties were often times great buys, so long as a buyer had the patience to wait. For those not familiar with…
Read MoreNew Supreme Court Ruling May Impact Short Sales
The latest case on the Supreme Court docket could affect the number and difficulty of future short sales, so if you are short selling, purchasing/planning to purchase a short sale, or if you are an agent who may be selling one, please read on. In Bank of America v. Caulkett, the Supreme Court will soon…
Read MoreHappy Ending to a Horrible Short Sale
I used to love short sales…all it took was great organizational skills, persistence, a thick skin and a big mouth, and it was more or less simple to get a short sale closed. But after what my poor buyers just went through it makes me want to stay away from short sales for a while!…
Read MoreAre Short Sales Still Good Deals?
Short sales have received much stigma as of late, and more buyers have been steering clear of them. But for those who are willing to wait them out, can short sales still save you money? In order to answer to this question it is important to dissect the short sale and look at it’s components…
Read MoreShort Sales and HOA Fees: What You Should Know
Someone called me the other day with a question about short sales and HOA fees. She wanted to know whether a homeowner should continue to pay HOA fees if they are involved in short selling their home, and are awaiting lender approval. The answer is YES. Unlike other fees which short sale lenders typically agree…
Read MoreCongress Extends Mortgage Forgiveness Debt Relief Act
As expected, Congress has extended the Mortgage Forgiveness Debt Relief Act for one more year. This extension assures that homeowners who short sell their homes, obtain loan modifications or are subject to foreclosures, will not be liable for the taxation on mortgage debt that is forgiven by the lender(s). Homeowners who currently have a short…
Read MoreCan New Short Sale Program Help YOU?
Short sales have become part of the real estate landscape, and as one in four homeowners are underwater nationwide, they will likely continue to stay there for some time. Lenders have finally accepted this and have been trying to implement new programs to make them a better choice than foreclosures. For the most part, they…
Read MoreBank of America Issues Notice that May Affect Short Sales
Bank of America issued a notice recently to agents about the possibility of selling off loans in the middle of a short sale, which could drastically affect your short sale (and even cancel it last minute). It is very important that both homeowners and their agents understand what is happening, before listing a property for…
Read MoreWill the Short Sale Tax Break Be Extended?
It is almost here: the dreaded end of the federal short sale tax breaks, also known as the Mortgage Forgiveness Debt Relief Act. Come December 31, sellers who have not yet closed escrow on their short sales will no longer escape the capital gains tax on the difference between the sales price (of their home…
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