Stephen B. McWilliam Male Fort Lauderdale, FL United States FL: Like

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Stephen B. McWilliam's Discussions

Be careful - BOA deficiency payment after short sale closing

Started 14 hours ago 0 Replies 0 Likes

Tags: deficiency, payments, boa, heloc, of

SunTrust junior lien holder problems

Started this discussion. Last reply by Bryant Tutas Feb 29. 1 Reply 0 Likes

Short Sale Income tax advantages

Started this discussion. Last reply by Meli Van Natta Feb 12. 10 Replies 0 Likes

Here's the scenario: Homeowner stopped making payments on both first mortgage and HELOC. 18 months later a short sale is approved by both lenders. Lender #1 gets the bulk of the sale and nets $200k…Continue

Tags: exclusion, insolvency, 1098, interest, paid

Life after a Short Sale

Started this discussion. Last reply by Stephen B. McWilliam Feb 8. 4 Replies 0 Likes

Recently, I've had a couple of friends that have had to short sale their homes. In fact, one friend lost his home in foreclosure before the short sale was approved. All of them were over 61 years…Continue

Tags: after, life, sale, short, mortgage

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Stephen B. McWilliam's Page

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Stephen B. McWilliam posted a discussion

Be careful - BOA deficiency payment after short sale closing

We have a Buyer attempting to purchase a new primary residence; a SFR non-FNMA short sale. We also represent the Seller in the transaction.The Buyer is putting down 80% LTV and has 700+ credit scores. However, our Buyer has a short sale that closed in April 2010. FNMA 1st and BOA HELOC in junior position. Wells Fargo on behalf of FNMA waived deficiencies on the 1st; BOA accepted $7k waived the lien and charged off the balance. Today, being more than 2 years from the short sale and 80% LTV…See More

14 hours ago

0 Comments 0 Likes

Stephen B. McWilliam replied to Gabe's discussion Should I pay the negotiator fee?

"The quotes you've provided are from the US Appeals Court, 5th Circuit (New Orleans area). This ruling is contrary to all other DCA rulings; that's why the USSC had agreed to hear the case. Florida is located in the 11th Circuit…"

Apr 15

Stephen B. McWilliam replied to Gabe's discussion Should I pay the negotiator fee?

"RESPA is federal. Real Estate Settlement Procedures Act. If you feel RESPA has been violated you can actually file a claim in small claims court."

Apr 15

Stephen B. McWilliam replied to Gabe's discussion Should I pay the negotiator fee?

"http://www.hud.gov/offices/hsg/ramh/res/resparulefaqs.pdf Any Seller's attorney and/or short sale processing fee would also need to be a Seller side charge. The Buyer could provide a credit to the Seller on page 1 of the HUD.…"

Apr 15

Stephen B. McWilliam replied to Gabe's discussion Should I pay the negotiator fee?

"You were doing great up to the point "or the buyer could sign an agreement". No, the buyer does not receive the service. The processor is working for the benefit of the Seller. One can play word games to claim otherwise…"

Apr 15

Stephen B. McWilliam replied to Gabe's discussion Should I pay the negotiator fee?

"Respectfully, I am not incorrect. RESPA specifically prohibits the Buyer being charged any fee for which the Buyer did not receive any service in return. The GSEs permit the Buyer paying the fee. RESPA requires the fee to be…"

Apr 15

Stephen B. McWilliam replied to Gabe's discussion Should I pay the negotiator fee?

"NAR Code of Ethics requires the Seller provide consent to any such charge if collected by the broker. The Buyer can provide a credit on page 1 of the HUD-1 for an amount that would be equal to that of the fee. However, it would be considered a…"

Apr 15

Bryant Tutas replied to Stephen B. McWilliam's discussion SunTrust junior lien holder problems

"Stephen I have closed quite a few Suntrust short sales and have always found them very easy to work with. The approvals are not buyer specific and have they have no problem with e buyer making contributions on behalf of the seller. But....i…"

Feb 29

Stephen B. McWilliam posted a discussion

SunTrust junior lien holder problems

Late last year a short sale property in Plantation, FL with a FNMA 1st and SunTrust HELOC received a $295k offer. FNMA servicer counters at $305k based on a bad BPO. SunTrust never acted; Buyer walks. Since Christmas three direct comps have closed within 300 yards of the Subject Property; same model, all priced $240k-$260k, arms length non-distressed sales.Last month we deliver a $265k cash offer to the FNMA servicer along with the comps. The next day the service counters $300k with the…See More

Feb 28

1 Comment 0 Likes

Meli Van Natta replied to Stephen B. McWilliam's discussion Short Sale Income tax advantages

"In some cases they did "get the money" when the Short Sale was caused by a homeowner who refinanced and took out a large amount of cash. Of course they don't still have the money, they spent it on everything from paying…"

Feb 12

joe beauchamp replied to Stephen B. McWilliam's discussion Short Sale Income tax advantages

"Yeah, that "taxed as income" thing sure sounds scary, however, as a senior SS negotiator on our team says, you didn't get the money, it went with the house - any semi-competent accountant can get rid of that. However, that 1098 thing,…"

Feb 12

Jorge Guillen replied to Stephen B. McWilliam's discussion Short Sale Income tax advantages

"Great information. Thanks!!"

Feb 12

Bryant Tutas replied to Stephen B. McWilliam's discussion Short Sale Income tax advantages

"Good stuff Stephen. You'll get no argument from me :)"

Feb 12

Stephen B. McWilliam replied to Stephen B. McWilliam's discussion Short Sale Income tax advantages

"We are now just starting to inquire as to the closed transactions and we're working with an attorney in these regards. I will report back as to what we discover. However, the one I referenced did occur utilizing 2 separate short…"

Feb 8

Sam replied to Stephen B. McWilliam's discussion Short Sale Income tax advantages

"Stephen, Have you had clients not receive 1098's correctly showing that proceeds paid unpaid interest first, then subsequently receive correction after following up?"

Feb 8

Diane Donnelly replied to Stephen B. McWilliam's discussion Short Sale Income tax advantages

"Great information! Thanks for sharing! "

Feb 8

Profile Information

First Name: Stephen

Last Name: McWilliam

Are you a......: Other

State: FL

City: Fort Lauderdale

My Profile: Steve, originally from Massachusetts, began his real estate career in 1984 with Century 21. He has been living in the Fort Lauderdale beach area since 1989. He has earned the most prestigious National Association of REALTORS® accreditations of ABR (Accredited Buyer's Representative),CRB (Council of Real Estate Brokerage Managers), CRS (Council of Residential Specialist), and GRI (Graduate of the REALTOR® Institute). Less than 5000 of all REALTORS® have obtained all of these accreditations. Steve has extensive marketing and management experience and is very active within the real estate community.

Stephen is licensed by the State of Florida as a Real Estate Instructor and mortgage loan originator. He is the principal representative of Florida State Mortgage Group, Inc (a Florida licensed mortgage lender) which operates as a marketing and service partner along with Florida State Realty Group, Inc.

Steve is regularly engaged as a real estate expert witness by numerous Florida law firms to consult and testify as a real estate expert witness in cases throughout Florida in both County and Circuit Courts as well as the Federal District Courts. These cases typically involve claims concerning the licensee's standard of care, neligence and/or alleged breach of fiduciary duties.

Steve has served on the Board of Directors for both the National Association of REALTORS® and Florida REALTORS® (formerly known as the Florida Association of REALTORS®) since 2007 and currently serves as the 2012 President for the Greater Fort Lauderdale REALTORS®, one of the largest REALTOR® associations in the USA with over 7500 members.

Stephen B. McWilliam's Blog

Florida Short Sale Listings

Posted on July 9, 2011 at 12:00pm 6 Comments 0 Likes

I am still amazed at the number of REALTORS® that continue to list short sales and either attempt to process the short sale themselves and/or turn the file over to a third party title company. In many of these instances I have noticed the title company charging “short-sale processing fees” at closing in direct violation of the law. In fact, such a charge may be considered a felony as it violates Florida Chapter 494.

Federal and Florida laws involving short sales and their…

Continue

Florida requires mediation in foreclosure disputes

Posted on December 30, 2009 at 8:30am 1 Comment 0 Likes

NEWS FLASH: A Florida Supreme Court Justice issued an order requiring all foreclosure actions involving Florida homesteaded property to be mediated between the lenders and the Borrowers.

Read more about it: Fort Lauderdale Sun-Sentinel

I would suggest making certain the SS negotiators are aware of this new requirement while in SS process.

Debt Forgiveness Tax - not necessarily

Posted on December 27, 2009 at 12:30pm 1 Comment 0 Likes

I continue to experience people, real estate practitioners included, that are under the impression that income tax must be paid on forgiven debt if the debt was not used to acquire their primary residence and as further defined pursuant to The Mortgage Forgiveness Debt Relief Act and Debt Cancellation of 2007.

Long before this was enacted there was, and still is, an insolvency exclusion.… Continue

Note demands by junior lein holders

Posted on December 26, 2009 at 6:11pm 3 Comments 0 Likes

The knee jerk reaction by many is to refuse to sign a note upon a junior lien holder’s demand. One may successfully argue that position. However, in the end if the junior lien holder will not let up the Borrower is not in any worse position if they sign the note.

First, they already have a note with that lender on which the lender will sue. This new unsecured note replaces the original note that is secured by a mortgage. The Borrower can always attempt to settle that new note at some… Continue

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