LORRAINE DSOUZA
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Keep paying on Promissory Note from 5 yrs ago for shortsale ? Mortgage Debt Relief Act?

Started this discussion. Last reply by Kimberley Kelly Apr 28, 2013. 6 Replies

I had a homeowner call and ask "Did she have to keep paying on the Promissory note that she signed 5 yrs ago before the Mortgage Debt Relief Act ?  I did refer her to an attorney instead who is a CPA…Continue

CA Question

Started this discussion. Last reply by Brian Avery Mar 21, 2012. 1 Reply

Have a seller whose income property is not producing income for the last 6 months. They cant handle to mortgage of this investment property and would like to Short Sale it. Can they fall or qualify…Continue

Foreclosure or Shortsale

Started May 8, 2011 0 Replies

I am in CA, my client wants to file for bankruptcy, not sure what to advise him.He would like to stay in the home for another 4 months and has filed for bankruptcy. Should I take the listing? Looking…Continue

 

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LORRAINE DSOUZA joined Wendy Rulnick's group
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Wells Fargo Short Sales

Wells Fargo and ASC (America's Servicing Company)This group is for information, tips and solutions for Wells Fargo short sales.See More
Jun 11
Kimberley Kelly replied to LORRAINE DSOUZA's discussion Keep paying on Promissory Note from 5 yrs ago for shortsale ? Mortgage Debt Relief Act?
"I think you did exactly what I would've done here in Palm Springs, CA..refer to an attorney.  Good job!"
Apr 28, 2013
Simon Campbell replied to LORRAINE DSOUZA's discussion Keep paying on Promissory Note from 5 yrs ago for shortsale ? Mortgage Debt Relief Act?
"That is very true. The Mortgage Debt Release Act states that the IRS will not hold someone liable for paying income taxes on the "income" received from the debt that was waived under a foreclosure or short sale.  The lenders still…"
Apr 27, 2013
Kevin - Greenville, SC replied to LORRAINE DSOUZA's discussion Keep paying on Promissory Note from 5 yrs ago for shortsale ? Mortgage Debt Relief Act?
"You did the right thing by referring her to the CPA.  Leave it there."
Apr 24, 2013
Wayne Brooks replied to LORRAINE DSOUZA's discussion Keep paying on Promissory Note from 5 yrs ago for shortsale ? Mortgage Debt Relief Act?
"Just to be clear, the MDRA has nothing to with notes or debt obligation "relief". It only deals with tax liabilities for forgiven debt."
Apr 24, 2013
Simon Campbell replied to LORRAINE DSOUZA's discussion Keep paying on Promissory Note from 5 yrs ago for shortsale ? Mortgage Debt Relief Act?
"I would have done exactly the same thing. If you told her to stop paying and it damages her credit report, guess who she will turn around and rip to pieces? Exactly. Advice is easy to give but the right advice can make a world of difference. Now,…"
Apr 24, 2013
LORRAINE DSOUZA shared their discussion on Facebook
Apr 23, 2013
LORRAINE DSOUZA posted a discussion

Keep paying on Promissory Note from 5 yrs ago for shortsale ? Mortgage Debt Relief Act?

I had a homeowner call and ask "Did she have to keep paying on the Promissory note that she signed 5 yrs ago before the Mortgage Debt Relief Act ?  I did refer her to an attorney instead who is a CPA and Atty. What would you have done?See More
Apr 23, 2013
BrokerVision liked LORRAINE DSOUZA's discussion CA Question
Mar 19, 2012
LORRAINE DSOUZA shared their discussion on Facebook
Mar 19, 2012
LORRAINE DSOUZA posted a discussion

CA Question

Have a seller whose income property is not producing income for the last 6 months. They cant handle to mortgage of this investment property and would like to Short Sale it. Can they fall or qualify for the Mortgage Debt Forgiveness Act that is Expiring on December 31, 2012?Can anyone help me with this response? Thank you- LorraineSee More
Mar 19, 2012
LORRAINE DSOUZA replied to Kevin Kudrna's discussion BofA Twitter Team Rocks! in the group Bank of America Short Sales
"do you have specific #s for escalation? Good Luck I do hope the BOA ones close. I am in CA"
Nov 20, 2011
LORRAINE DSOUZA replied to Kevin Kudrna's discussion BofA Twitter Team Rocks! in the group Bank of America Short Sales
"do you have specific #s for escalation? Good Luck I do hope the BOA ones close."
Nov 20, 2011
LORRAINE DSOUZA joined Wendy Rulnick's group
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Bank of America Short Sales

This group is for information, tips and solutions for Bank of America Short Sales.  See More
Nov 20, 2011
LORRAINE DSOUZA liked Kevin Kudrna's discussion BofA Twitter Team Rocks!
Nov 20, 2011
LORRAINE DSOUZA posted a discussion

Foreclosure or Shortsale

I am in CA, my client wants to file for bankruptcy, not sure what to advise him.He would like to stay in the home for another 4 months and has filed for bankruptcy. Should I take the listing? Looking for some advice. Thnak you
May 8, 2011

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First Name
LORRAINE
Last Name
D
Are you a...
Agent
State
CA
City
Riverside
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Broker & REO agent with Remax Results. GRI, CDPE, RES.NET REO & Short sales Platinum Certified. Equator, LPS and RES.NET registered. Over 3000+ BPOs completed since 2005. REO agent for Wells Fargo and 2 other financial institutions. I am BLESSED!

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