Among our sustained flow of new short sale clients, we still have surprising instances of absolute misinformation about the process that causes many homeowners to suffer from the paralysis of analysis and delay starting their short sale for far too long. Sources of misinformation are plentiful, and that is before you even get to the…
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…
Southeastern Virginia is blessed to have a relatively high percentage of military homeowners and therefore a higher percentage of homes than in most parts of the country with VA loans and therefore, thanks to the low down payment requirements for VA loans, a higher lingering inventory of “upside down” or “underwater” homes. Military homeowners…
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…
In our blog earlier this month we included legislative contact information so that you could let your Senators and Congressmen know how important you feel it is to extend the taxable income exclusion for forgiven debt on your primary residence. That exclusion was originally part of a tax relief package begun in the Bush era…
Often we get emails like this one on our website: “My home was recently foreclosed on 8/6 during my short sale process. At the time I had 3 offers the last coming more than a week before the sale date of which was not given to me until 2 weeks prior. My realtor insist I…
At first this sounds like great news for consumers. In reality, the only good news for consumers is that we live in America where you have the freedom to make risky choices. Only a decade ago you could buy more home than you could afford by paying just a little higher interest rate using a…
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…
The Senate Finance Committee passed a two year extension of the Mortgage Debt Relief Act. It will be retroactive to 1-1-14. So short selling homeowners whose closings occurred during the first four months of 2014 have a greater hope of not needing to use one of the “work-arounds” we’ve talked about in other blog entries,…
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…
