Among the more common “creative financing” alternatives in Virginia are the “Contract for Deed”, or “Land Contract”, and the “Land Trust”. Creative financing often becomes necessary when you have a Seller very motivated to Sell, but who who has very little equity and does not want to do a Short Sale or rent the house…
This year’s (11-8-16!!) ballot has the potential to be a little more complex than usual. In my city there is a referendum on Light Rail, a question on exempting widows of First Responders killed in the line of duty from real estate taxes, and a constitutional amendment on keeping Virginia a “Right to Work”…
People Die. Statutes of Limitation Run Out. Loan Commitments Expire. Creditor companies go out of business. Witnesses relocate. Co-Owners become estranged and quit cooperating. Foreclosing Trustees refuse to postpone auctions. Memories fade. All these realities added together make a pretty compelling reason to know about and start fixing possible title problems at the earliest possible…
Recently, a client wrote us: “I am currently living in a condo in which my landlord was foreclosed on. We have been paying the condo fee, but haven’t heard anything from the bank. The bank has been in possession of the property for quite some time now and has never communicated with us in any…
On occasion we lose great employees, lawyers, staff, and friends of the firm as they go on to new callings or perhaps to meet their Maker. Thankfully, this edition’s ‘WHERE ARE THEY NOW” is about the former. Matt Pittman, former law firm digital maintenance expert, network and computer guru, file scanning department leader and firm…
For those of you that check back on this website and blog periodically to find out whether your forgiven debt from your short sale in 2015 will be taxable or not . . . . the year is 3/4th complete and we still don’t know. As you may recall from 2014 . . . it…
At the intersection of Inventory, Income and Interest rates, we find the biggest pool of eligible buyers of new homes. New road projects at that point on the map appear to be moving to a place that will reduce the pool of eligible buyers. Take a minute and listen to the Real Estate Industry Blog…
Our firm was recently contacted by a borrower who formerly took advantage of our free consultation on foreclosure prevention cases. The homeowner ultimately decided to allow his home to go into foreclosure and not fight for a short sale or other remedy. I don’t remember all the details why the decision was made to take…
No wonder our legislators and President are suffering such low approval ratings right now – with just 2 days to spare, they have finally re-enacted the Mortgage Debt Forgiveness Relief provisions which keep Short Selling home occupants from facing stiff taxes on phantom income. Unfortunately, 2015 is upon us and once again the collection of…
The good news is that according to the Wall Street Journal the current temporary spending bill passed by the House of Representatives DOES have a provision to extend the Mortgage Debt Relief Act for another year! Call your Representative and thank them if you completed a Short Sale in 2014. The bad news is that…
