When a person falls behind on their mortgage, there are options available to the borrower. Options include Loan Modifications, Reorganization of debt through Bankruptcy Protection, Short-Sales, Deed-in-Lieu of Foreclosure, or an outright sale of your property. Naturally more options are available to the person who seeks immediate legal advice. Here are a few options available […]
Tag: Short Sale
Loan Modification Denied—Now What? New Short Sale Guidelines Under HAFA (Home Affordable Foreclosure Alternatives) Program Because so many million homeowners across the United States are struggling to make their mortgage payments and facing foreclosure, the US Treasury Department under Making Home Affordable implemented the Home Affordable Foreclosure Alternatives Program (HAFA). Effective April 5, 2010, HAFA […]
DataQuick: Foreclosures moving to mid-to-high end As a followup to the previous post, here is some more data from DataQuick: “We are seeing signs that the worst may be over in the hard-hit entry-level markets, while problems are slowly spreading to more expensive neighborhoods. We’re also seeing some lenders become more accommodating to work-outs or […]
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 […]
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 […]
New Foreclosure Prevention Plan Announced President Obama is announcing an expansion of foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers. The bulk of the responsibility for carrying out the new program will be assigned to the Federal Housing Administration, which will insure lenders against part of the losses. […]