Leading the Way…® in Real Estate Law NO MORE STATE TAX ON FORGIVEN DEBT “Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff […]
Category: How to Short Sale a Home
Short-Sale Incentives Start April 5th Potential buyers of short-sale homes might consider waiting until April 5th before making a formal offer. That’s the date the federal government will begin offering lenders financial incentives to hasten the process. Under the new rules, banks will seek a BPO before the property is listed for sale and let […]
Program Will Pay Homeowners to Sell at a Loss In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave. This latest program, which will allow owners to sell for less than […]
Another Foreclosure Alternative HOMEOWNERS on the verge of foreclosure will often seek a short sale as a graceful exit from an otherwise calamitous financial situation. Their homes are sold for less than the mortgage amount, and the remaining loan balance is usually forgiven by the lender. But with short sales beyond the reach […]
FORECLOSURE OR SHORT SALE? WHAT ARE MY OPTIONS? Our clients know what “foreclosure” means: bank takes your home and you leave. In short payoff (the correct term for “short sale”), a buyer is found for your home and your real estate pro negotiates with your lender (or lenders, plural!) until an agreement is reached to […]
Many economists view short sales as a way to address a problem that mortgage relief hasn’t fixed: properties that are “under water,” carrying more debt than the home is worth. Even though it may not be the first and favorable option for most, short sale is the best way to get out of foreclosure. There […]