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…
The American Dream refuses to go away quietly in the night. The aspiration for home-ownership has survived even the dismal recession whose tentacles began to appear in 2007 and a few of which linger to this day. One of our lawfirms’ great celebrations occurs when a short sale client returns to buy their first home…
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…
Yes Virginia, there really is a Santa Clause! In some cases, Sellers can get out of an upside down residence or investment property without a short sale. We naturally encourage shortsales because: (1) less damage to your credit than a foreclosure, bankruptcy or ongoing loan payment default; (2) The client experiences Closure as compared…
My investor and flipper clients still tell me about homes that they have bought at auction that are stripped of all copper wiring, HVAC equipment, appliances, and much of the plumbing by the time they are given access. Most bidders take these potential set backs into account when formulating a bid for a foreclosure auction…
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…
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…
