As tax season approaches, and more importantly, the expiration of the Mortgage Debt Relief Act of 2007, it is important to review the tax consequences following a short sale. In general, the IRS will treat any canceled…
ContinueAdded by Andrew Coppo on February 13, 2012 at 5:20am — No Comments
Getting a short sale approved is no easy task. Buyers can, and do, walk away if they feel the transaction is taking too long. Mortgage insurance companies frequently demand unreasonably high contributions from the seller, thus killing the deal. Servicing rights can be transferred to a new lender mid- transaction. The foreclosure auction occurs despite the lender repeatedly…
ContinueAdded by Andrew Coppo on November 30, 2011 at 2:52pm — No Comments
According to a recent report by California based RealtyTrac, distressed properties accounted for one third of all US housing sales in the second quarter of 2011. The glut of inventory is only going to increase as lenders slowly bounce back from the robosigning crisis and foreclosure filings begin to pick up around the country. A large portion of distressed sales are…
ContinueAdded by Andrew Coppo on September 23, 2011 at 10:36am — 1 Comment
The Federal Trade Commission (FTC) recently issued a statement that it would no longer enforce several provisions of the widely scrutinized Mortgage Assistance Relief Services (MARS) Rule. The MARS Rule required all real estate agents working on…
ContinueAdded by Andrew Coppo on July 29, 2011 at 3:18am — 2 Comments
When working with Massachusetts short sale candidates, the most daunting task always seems to be writing the hardship letter. All homeowners requesting a short sale are required to provide the lender with a hardship letter. The hardship letter is your best, and only, opportunity to explain to the lender why you are no longer able to afford your…
ContinueAdded by Andrew Coppo on July 1, 2011 at 4:20am — No Comments
During this past week alone , I have received ten new short sale requests. As a short sale negotiator, my services are generally not required until the buyer and seller execute an Offer to Purchase. Once the offer is signed, the buyer's agent inevitably calls me to request the seller attorney contact information so the parties can immediately execute the purchase and sale…
ContinueAdded by Andrew Coppo on May 17, 2011 at 2:30am — 3 Comments
As someone who deals with homeowners facing foreclosure on a daily basis, I am often asked whether a short sale or foreclosure results in more damage to your credit. Unfortunately, there is no straight- forward answer. The reason why this is such a…
ContinueAdded by Andrew Coppo on April 8, 2011 at 2:30am — No Comments
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…
ContinueAdded by Andrew Coppo on March 31, 2011 at 8:27am — No Comments
The National Association of Realtors® (NAR) issued a legal memorandum confirming that all real estate professionals working on short sales are required to make specific disclosures under new federal regulations. NAR’s statement came in response to the Mortgage Assistance…
ContinueAdded by Andrew Coppo on March 16, 2011 at 2:17am — No Comments
As a real estate professional that exclusively handles Massachusetts short…
ContinueAdded by Andrew Coppo on March 1, 2011 at 2:30am — 10 Comments
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