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…
With so many ads touting the historic lows of mortgage lending interest rates you have to be at least thankful that they have dropped the word: “New” when describing the historic lows. Believe me when I say that we are all thankful (ok, well, maybe some lenders wish the rates were higher) for the historic…
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…
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…
Over the past five years, our short sale practice has become ever more streamlined and efficient. We’ve seen time required for approvals drop as all the major lenders in the Virginia market recognize our firm name and even have first name relationships with some of our staff members who have been with us throughout the…
Still no news as of this post on the resurrection and extension of the Mortgage Debt Relief Act passed by President Bush in the final days of his administration. A proposed bill cleared the Senate subcommittee on finance several months ago but it has not made progress through the full Senate or House yet. President…
Attorneys across the country who share the passion to level the playing field between struggling homeowners and mortgage companies often network and discuss market trends, new strategies to defend against foreclosure, and the latest lender tactics. Among the latest chilling experiments by the mortgage industry many stretch the concept of an auction in ways that…
