As we approach the tax filing deadline, the Internal Revenue Service is reminding taxpayers that any canceled debt following a short sale, foreclosure or restructuring of a mortgage must be treated as taxable income unless you qualify for an exemption. In general, when a creditor cancels debt, such as unpaid balances on student loans or credit cards, the… Continue
Added by Andrew Coppo on March 31, 2011 at 12:27pm —
Today, the Big 5 in mortgage servicing are meeting in Washington to discuss alternatives to foreclosure. One of the controversial options under consideration is requiring banks to facilitate the short sale process.
Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial will get together to try to pound out a settlement that could range from $5 billion to $25 billion. The settlement revolves around federal and state investigations into shoddy or fraudulent foreclosure… Continue
Added by NextGEN Real Estate Corp. on March 30, 2011 at 5:02pm —
The House of Representatives has approved legislation to axe a bailout program for lenders and real estate speculators. The legislation, HR 861, the NSP Termination Act ends the so-called Neighborhood Stabilization Program (NSP).
“Today the House acted yet again to end wasteful spending on a government program that does nothing to help homeowners facing foreclosure," said Financial Services Committee Chairman Rep. Spencer Bachus of HR 861. "In fact, this program creates perverse incentives… Continue
Added by NextGEN Real Estate Corp. on March 29, 2011 at 1:54pm —
I thought everyone might be interested in seeing the latest info on Fannie Mae's Short Sale Assistance Desk, which you may find helpful:
MRED Offers Service to Speed Up Short Sales
Added by Gail Mitkoff on March 28, 2011 at 7:13pm —
Big news in the credit score arena. Credit reports are getting an important new addition-apartment rental scores. This is great news for renters or people who wish to establish a positive credit history and good credit score. Experian is the first of the big three credit bureaus to include this data, adding millions of apartment rental accounts to their credit file database in December 2010.
For decades, the only time apartment rental accounts would show up on credit reports was if you… Continue
Added by NextGEN Real Estate Corp. on March 25, 2011 at 2:57pm —
Can they require buyers to make deposit in escrow and subsequently allow escrow to prepare an estimated HUD 1 (not seller side only) as condition for approving ARASS?
Added by Mellissa Young-Ramirez on March 24, 2011 at 4:09pm —
I am trying to collect unpaid maintenance fees on a foreclosure that was granted to the Plaintiff on October 1, 2010. Deutsche Bank National Trust Company as Trustee for JP Morgan has been designated as the current owner. I cannot find online anywhere in the public records the issuance of certificate of title. Unpaid HOA dues are over $10k from the previous owner who had a suggestion of banktruptcy filed after the foreclosure process had started. How do I go about collecting these unpaid… Continue
Added by Juan-Manuel Valera Jr on March 24, 2011 at 2:14pm —
Any feedback? From what I understand and as of HAFA updates published by NAR on 03/16/2011, FHA loans are not eligible for HAFA because FHA has their own process for short sales? This is situation, homeowners are 3 on title and only 2 are ready, able, & willing to proceed but the 3rd is incognito. Plus they have FHA financing on first with BofA former CW loan and there is a 2nd that was also CW and now owned by BofNY Mellon, serviced by GreenTree and both loans recorded NTS. The first… Continue
Added by Mellissa Young-Ramirez on March 23, 2011 at 11:24am —
I am more then pleasantly surprised and appreciative for the recent response to my assistance request. I have yet dealt with a certain bank (US Bank) and my present resources were proving to be outdated or not qualified for the situation at hand. So I turned to the network to see if anyone had any info that would help me, really not expecting more then maybe a reference or two, giving me the basic info I already had and could easily locate on the Internet. I was wrong this time and as a result… Continue
Added by Mellissa Young-Ramirez on March 23, 2011 at 11:07am —
Half the Battle has been Won - Likely to be a fast Short Sale for 461 Thomas Street, Phillipsburg NJ 08865. A great Colonial home
Have been working with the bank that holds the first mortgage for quite a while and have an awesome relationship with the asset manager. He has promised a 48 hour response on all contracts submitted for this 3 - 4 bedroom Colonial home for sale at 461 Thomas Street Phillipsburg NJ… Continue
Added by Irene Kennedy on March 23, 2011 at 8:00am —
It always amazes me how some people will do anything to have perfect credit. They would rather go hungry than risk harming their prefect credit rating.
A good example is a guy I will call Seth. Seth has perfect credit. He has worked to keep perfect credit for the last 12 years.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking… Continue
Added by Bion Grady on March 23, 2011 at 6:49am —
Over the past several months, I heard first-hand accounts from outraged agents saying their short sales, some of which were BOA, were blown out of the water by MI Companies just as the short sale process was coming to a successful conclusion. Really didn't understand how that could happen. Didn't know how quickly I would.
WHAT'S GOING ON HERE? How prevalent is… Continue
Added by Leslie Neiss on March 21, 2011 at 9:02pm —
I am having a problem with HUD! Has anyone dealt with them? I have gotten my Seller approved for the short sale and they are giving us till May9th. On that date they will file a foreclosure. I have submitted offers but they will NOT negotiate. They say they have a formula, they plug them into computer and that's it! NO negotiating! My Seller got an 80/20 loan. They got an appraisal and now want 89% of appraisal. They are forgetting they only own 80% of the loan. So they want $55,440 She owes… Continue
Added by Robyn Soerries-Funk on March 21, 2011 at 4:38pm —
If you are in a short sale situation, you may have heard of HAFA, Home Affordable Foreclosure Alternatives. If you … Continue
Added by Wendy Rulnick on March 21, 2011 at 3:31pm —
- How dare BoA and equator go backwards and make document collection more difficult!
- How dare they waste our time! How dare they insult me like this! Look at what happens when I submit a perfect file:
- I receive 2 auto generated emails (I confirmed a human being on the BoA side marked the file for REJECTION):
- Subject> Offer Supporting Documents Rejected…
Added by Gordon Allen on March 21, 2011 at 1:29pm —
We are a Los Angeles real estate company that specializes in assisting distressed homeowners with short selling their homes. Today, we lost a home to the bank needlessly. We have represented the homeowner for 9 months, held broker open and open houses. Due to our hard work and marketing efforts, we found a well qualified and ready buyer. So what went wrong? You tell us, as we are suspicious of this credit union’s actions.
Western Federal Credit Union claims to be the holder of the first… Continue
Added by NextGEN Real Estate Corp. on March 21, 2011 at 12:01pm —
I am a realtor in Oregon. Foreclosure in this state leaves a seller fee and clear of any deficiency judgements. I am working with a seller to sell his home as a Short Sale. Carrington Mgt., his bank, reserves the right to proceed with the deficiency owed in the future up to 7 years. They may or may not come back to the seller according to them, but reserve the right to. I cannot get a negotiator until an offer is presented by the buyer. Am told I can negotiate right up to closing and ask… Continue
Added by pattysellshomes on March 21, 2011 at 9:57am —
As the banking industry and their allies in the regulatory apparatus and the traditional media continue to downplay violations of law in the foreclosure fraud crisis, you get the feeling that they can no longer fool themselves. Separate and apart from the…
Added by Jorge Newbery on March 21, 2011 at 9:08am —
Bankruptcy is one of the scariest words a lender can hear. A bankruptcy filing can stall their ability to foreclose by 6 months, and sometimes as long as a year.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The lenders know that most bankruptcies will cause them to lose the ability to pursue you for any losses. This means they… Continue
Added by Bion Grady on March 21, 2011 at 7:01am —
Can My Sister Buy My Orcutt CA Short Sale?
I am asked this question or a variation of this question all the time. Strictly speaking, the answer is no. Banks and investors generally will only approve a short sale if it is an arm’s length transaction. What does arm’s length mean? According to the Wells Fargo Banks’ Arm’s Length Affidavit that they ask the buyer, seller, and real estate agents involved to sign, it means:
No party… Continue
Added by Tni LeBlanc (805) 878-9879 on March 20, 2011 at 12:30pm —