We try not to wander too far afield into the political end of things. But sometimes you just have to give credit where credit is due and point out some of the obvious consequences of laws affecting lenders, borrowers, default, and legal ramifications. Dodd-Frank and the ensuing Quality Management or QM regime enforced upon the…
For many of our short sale clients, they waited a little too long to get our help. Nothing breaks our heart more than to interview a new client at the 11th hour and find that the normal techniques for avoiding foreclosure will not work. Most of these negotiated course changes take a few days or…
The bad news: It is nearly two months into 2014 and Congress has not extended the Mortgage Debt Relief Act. (MDRA) The good news: There are still more than 10 months remaining before any taxes may be due for short selling homeowners who close in 2014. If you were a betting person: One of our…
The House Bill and budget has been sent to the Senate as I write today. It does NOT include an extension of the exemption that expired 12-31-13 for treating forgiven debt as income. There are still advocates for the extension of the exemption and this is the latest information available as of today: Bill Seeks…
Whether it was Perry Mason, LA LAW, or an actual relationship with an attorney, most of us have stereotypes of attorneys. Not only attorneys in general, but the way you think of an F. Lee Baily or Johnny Cochran type litigator is probably not the same way you feel about a Tax Attorney. When you…
Perhaps no other profession in North America is in more dire need of respect and appreciation than that of realtor/real estate agent. Setting aside the jokes about the world’s 2nd oldest profession, even early caveman needed an “MLS” and an efficient way to evaluate all the important aspects of a prospective cave’s suitability to the…
Some short sale clients ask: “Why do you charge an up front fee for your services? and what good is $100, really? What can you cover with $100?” The lion’s share of the initial $100 charge is to pay to have our client’s title searched. In the Virginia conveyancing industry, title examination is almost always…
Please click this link and check out an article I was invited to co-author with one of our firm’s realtor friends, Dennis Blackmore: http://dennisblackmore.com/2013/11/07/divorce-short-sale/ Complications of Divorce under Virginia law can make real estate transactions more difficult. The article addresses some of the most common pitfalls in completing short sales in Virginia while also dealing…
We often have clients ask us what to do with a deceased parent’s real estate that was “under water” or requires a short sale to be able to sell it. Is it worth the effort, time, and potentially a little money to short sell a deceased parent’s home? There is no “one size fits…
The Good News on this rainy day 3 of a moderate Noreaster in Tidewater, Virginia, is that foreclosures and “shadow inventory” continue to decline. The meteorologists tell us we have a couple more days of winds and much needed rain off the Atlantic Ocean. Likewise, the economists predict that our financial storm is not over…
