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Results For Tag: short sale

Cancellation of Mortgage Debt

March 14, 2012 |  Article By :   | 

These days with so many homeowners owing more on their mortgage than their home is worth there has been a lot of cancellation of mortgage debt.  There are several events that can trigger this cancellation, a short sale, a foreclosure or an agreement worked out with the bank so a homeowner can stay in their home but the bank reduces the amount of the mortgage.  The big question that people in these situations have is whether or not the forgiven debt is taxable.  For advice specific to your situation you should always consult a tax professional but for a quick overview the following article sums it all up pretty well.  Click here for the article.

What is a Short Sale

March 8, 2012 |  Article By :   | 

What is a short sale?  Do you know the difference between a short sale and foreclosure?  Do you know what to do to avoid being foreclosed on?  Do you know what programs are available to possibly help you avoid a short sale/foreclosure?  Many homeowners are underwater, meaning they own more on their home than what it is worth, they can no longer afford their mortgage payments for a variety of reasons and do not know where to turn.  This video gives a quick overview of the process.  I am a CDPE and have helped many homeowners avoid foreclosure by selling their home in a short sale.  If you or someone you know is in need of help, take a look at the short sale tab on my website for more information or contact me for a free, no obligation, confidential consultation.

Banks Are Looking To Avoid Foreclosure

February 15, 2012 |  Article By :   | 

It seems that it is no longer just the homeowners that want to avoid foreclosure, but the banks are looking to avoid foreclosure as well!  A lot of this new strategy will depend on where you live and your individual circumstances but banks are mailing out offers to upside down homeowners offering up to $35,000 for them to short sell their home and move on.  We all know the banks have not been the quickest to understand the housing situation and most of their solutions are coming too late but this plan may be a good thing.  It seems that the banks are realizing that foreclosures are very expensive and extremely time consuming so by offering a decent settlement to the homeowner to get out quickly by doing a short sale they come out way ahead of going through the entire foreclosure process.  Most people that stop paying their mortgages also stop maintaining their homes so by the time the bank gets the home back, which can be a year or more, the value of the house is significantly decreased and the homes are in a state of disrepair.  There are plenty of pitfalls to this new plan such as second mortgages that won’t go along with the first lien and people that don’t qualify but for some it may be an ideal solution!  Information from CNN.

Are Investors Good For Real Estate

February 6, 2012 |  Article By :   | 

It is pretty clear that we need to get the short sales and foreclosures off the market in order for real estate to rebound.  The question is:  are investors good for real estate?  The past few months investors have purchased about 23% of the homes on the market.  At first glance this is a good thing but the problem is that they are making more and more cash offers, actually about 74% are cash deals.  Still wondering where the problem lies?  The banks negotiating the short sales and foreclosures prefer the cash transactions over financed ones as they are a sure thing and quicker to close with financed buyers needing 30+ days to close.  The cash buyers are also offering 10-20% less on the properties and the banks are still taking these cash offers over financed offers.  What it all comes down to is that the cash investors are driving the low prices down even further and taking properties away from traditional financed buyers.  You be the judge, is this a good or bad thing for the real estate market?  Statistics from USA Today.