Posts tagged as:

Short Sale

Short sale tax shortchanges ex-homeowners

by Moe Bedard

Tara Blackwell and her husband sold their Fairfield house in December for about half of its original $825,000 price as a short sale, in which the bank agrees to accept less than is owed on the mortgage.

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The short sale process is an absolute crapshoot

by Moe Bedard

Pricey distressed properties are just a slice of the overall housing market, but a growing one, according to national reports and local real estate agents. They say the pain just took longer to penetrate that sector.

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Government to push banks for more short sales

by Moe Bedard

The Treasury Department spent 2009 pushing banks to modify mortgage payments so that distressed homeowners would not be displaced. Next month, the government will start a program encouraging owners and banks to sell some of those same homes.

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Appraisers are whining because they are not in Obama’s short sale plan

by Moe Bedard

Real estate appraisers today announced their opposition to part of an Obama administration plan to pay homeowners in trouble to move if they agree to a short sale, saying the program will lead to mortgage fraud.
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Under the plan, which takes effect April 5, delinquent borrowers who couldn’t get a loan modification can get $1,500 to [...]

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Realtors want short sale answers now!

by Moe Bedard

CINCINNATI — A backlog of unprocessed deeds has frustrated buyers of foreclosed homes, and realtors stormed the Hamilton County commission meeting Wednesday to demand answers.
Jackie Sheridan hopes to buy a 4,000-square-foot home in Terrace Park, but it has stood empty for six months due to the county’s backlog.

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Are lenders stringing along homeowners?

by Moe Bedard

A bad economy has served up hard times for Alice Rivera. She lost her job three months ago. She lost her home this week.
“They’re just, ‘we’re taking your house away and that’s it,’” said Rivera.
 
Rivera tried to get help from Bank of America, who holds the note to her house.

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Chicago lawyers offer free foreclosure help

by Moe Bedard

Lawyers from the Lake County Bar Association will be offering free help to people who are on the brink of foreclosure on Saturday, March 6, in Grayslake.
The lawyers, who are specially trained and volunteering their assistance, will be at the University Center on the College of Lake County campus in Grayslake from 8 a.m. to [...]

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Year of the short sale

by Moe Bedard

But homeowners who are underwater and struggling to offload their homes through a short sale may get relief soon through Home Affordable Foreclosure Alternatives (HAFA). Part of the government’s Making Home Affordable program, HAFA is designed to incentivize borrowers and lenders to avoid foreclosure. It takes effect April 5, lasts through Dec. 31, 2012, and [...]

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FBI: Connecticut real estate agent admits to short sale fraud

by Moe Bedard

Nora R. Dannehy, United States Attorney for the District of Connecticut, announced that ANNA McELANEY, 38, a licensed real estate agent residing in Norwalk, pleaded guilty today before United States Magistrate Judge Holly B. Fitzsimmons in Bridgeport to one count of bank fraud stemming from her involvement in a “short sale” mortgage fraud scheme.
A short [...]

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Short Sales Increasing as an Alternative to Foreclosure

by Moe Bedard

In a short sale the lender lets a homeowner unload a house for less than what is owed on the mortgage. The transaction recognizes that the home isn’t worth what the owner paid for it after more than two years of falling real estate values.
Such deals are appealing to struggling homeowners because they escape

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Do Lenders Prefer Losing on Short Sales Than Saving Homes?

by Moe Bedard

“It’s really finally dawning on banks that they’re better off with a short sale,” said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles. “I think banks were in denial.”

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Why Loan Modifications Take So Long and What to Do

by Moe Bedard

Q: I went under contract to buy a house six months ago. This is a short sale, and I understand that multiple lenders are involved. But I have been more than patient. What can I do?
I can’t seem to get anyone to listen to me. Don’t the banks want this to work out?
A: I’m sure [...]

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Obama Administration Expands Loan Modification Plan

by Moe Bedard

“If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” Geithner said. “These are critical steps in stemming the foreclosure crisis and stabilizing the housing market.”
Homeowners  who do not qualify for a loan [...]

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America Underwater: Growing Number of Homeowners “Upside Down” on Mortgages

by Moe Bedard

With falling housing prices in nearly every market, the questions that homeowners are asking have shifted. Instead of asking “what is my home worth?” they are now asking “Is my home worth it?”
These problems are affecting the entire country, with nearly 1 in 6 homeowners owing more than their home is worth. For homeowners who [...]

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Real Estate Short Sales the Right Way with Loan Safe

by Moe Bedard

By Moe Bedard
If you find yourself in a difficult real estate situation where your home and loan is upside-down, don’t fret, a short sale might just be the answer to help cure your mortgage woes. In today’s market, it is imperative that you take a step back from all of the noise to reflect upon [...]

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IRS Tax Laws on Short Sales

by Moe Bedard

Disclaimer: I am not an accountant or an attorney. It is important to consult with a professional tax attorney or accountant when considering the implications of the law regarding your individual situation.
In order to avoid home foreclosures, which can be complicated and lengthy, banks often engage in negotiations with borrowers. A short sale occurs when [...]

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Safe Tools to Help You Through the Foreclosure Process From Loan Safe

by Moe Bedard

By Moe Bedard

The foreclosure process moves fast and in order to make it through this unforgiving time frame, you need to have a plan. The best mindset for anyone in this situation is to hope for the best and plan for the worst because there are no guarantees of success when attempting to negotiate with [...]

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The IRS on Shorts Sales, Foreclosures and Debt Forgiveness

by Moe Bedard

He said, she said and then the IRS said. Who are you going to listen to?
From the The IRS on Shorts Sales, Foreclosures and Debt Forgiveness
Update Feb. 4, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their [...]

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Fannie & Freddie Offer More Carrots (Cash) for Servicers to “Try” and Entice Them to Help Struggling Borrowers

by Moe Bedard

Cash is king and when it comes to helping people in need, cash seems to light a fire under people’s arses to make them help a little bit more than they would if there were no cash incentives involved.
This is the “new” American way, right?
The facts are that it costs a servicer more money to perform some type [...]

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Lenders are delaying deals that could save everyone – including the lenders themselves – a lot of time and money.

by Moe Bedard

NEW YORK (CNNMoney.com) — Banks say they want to help troubled homeowners, but they are delaying deals that could save everyone – including the lenders themselves – a lot of time and money.
Lenders are taking much longer than necessary to approve short sales, according to Duane LeGate, of House Buyers Network, a short sale specialist.
In [...]

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