Jul 12
debtfreedomination.com
[mage lang=”en|es|en” source=”flickr”]short sale tax implications[/mage]boldbs wrong. There is something called a short sale in a house is not like the short selling of securities. It is when you owe the bank more money and leave. Debt relief is recognized as income. ie, if the bank forgives $ 5,000 in debt, the IRS considered income to you.
Tax Implications of a Short Sale
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Jul 09
debtfreedomination.com
[mage lang=”en|es|en” source=”flickr”]short sale buyer[/mage]Permanent link to this article: http://carynelizabeth.com/blog/short-sale-buyer/
Jul 01
debtfreedomination.com
Sales shorts "Why bank will lose your home?"?
Why bank just let the homes go exclusion of doing a short sale? They will end up selling the same house for the same price when property goes to the Bank. What is the advantage for the bank to go home to the exclusion of doing a short sale?
This is why bankers and lawyers are not highly valued by society. Of course you should make the sale short. There is no advantage at all to the exclusion. Lose much more money and have more foreclosures in their portfolio was not very good. I am in any one time or another, making a half dozen short sales. Some banks are very cooperative. Some banks are not. Ameriquest went out of business, after dealing with them now I know why. They were idiots. To be fair, not all delinquent mortgages can be short sales, however. Sometimes the agent will not know what they are doing. Sometimes can not get a buyer. But in general, in response to your questions, no one wins when they refuse to do a short sale. And they find that later when they take the house back and pout back into the market for less than what has already rejected.
Sacramento Bank Owned Homes For Sale
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May 29
debtfreedomination.com
Does anyone know a good career or job in San Diego, I have a degree but ,…?
I do however have 4 years of high-end, a call exp close sales. Improvement streamline home appliances (ie, HVAC and window replacement). Also I have 6 months exp Account Executive. Labelling of the Corporation. I've been in the work force since I was 16 and now I have 22. I know the school is great to go to but I think with exp and networks of the right or the creation of networks that can do this …. thanks
OK – I'll tell you what you do not want to hear, but need to hear. Networks can help, but you have a problem. Their lack of education will put a glass ceiling of what they earn and the types of jobs you can get in life. You will see less experienced people with less intelligence than they are hired and get increases that you feel like you deserve, but never arrived. Is it fair? No. What is reality? YES! So you can put education on hold in a while, but eventually it will catch up with you. Have you ever wondered why so many degree completion and programs available at school night. It's because thousands of people like yourself have discovered that glass ceiling. So the goal is for you to get the tail back in school and earn a degree – in first grade for two years and then transfer the credits at a university and get a four year degree. By now I would like to find something out of their open evenings for classes.
San Diego Home For Sale – San Diego Homes For Sale
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May 17
debtfreedomination.com
We are selling our house as a short sale. Does anyone know how badly that will affect our credit?
This is probably not a typical short sale. We are not behind in our payments and the lender has not agreed to come to us for any balance due. There will also be on the list this credit as satifactory paid as agreed. I heard that doing a short sale thus not affect our credit but again I have said dramaticaly wll affect it. Does anyone really knows or can give me an idea.
Be sure to keep a good working relationship with the bank that has approvge short selling. Make sure they give you a summary written about the situation, and the satisfaction of mortgage document. Be sure to get a copy of the Note satisfied mortgage. It's great that no delays occur payments. It is especially important for your financial future you picture to go ahead with all the paperwork, especially to obtain the name and telephone number of the most senior executives from your bank to provide the letter. It is almost a letter of recommendation. In this changing economy, they are wise to make sure credit agencies receive proper notification letters, after having received the bank. I know this is a lot of work on your part, but you will save tons of work if you do your own monitoring. Also make sure that the satisfaction of the mortgage going to notice you (you provide your address forwarded to the county recorder prothonitary or office), and if you do not receive it within 60 days, you may contact the county seat for direct reception. God bless you always. MBA-University Boston retired. CPA-… I also sold real estate to work my way through college, and I always advised my client to do their own monitoring, and saved your credit score. Yes, it shows on your credit score there was a short sale, but if you do special monitoring of the bank "letter payments received with complete satisfaction of mortgage document and provide all three credit agencies, which should be fine. Use these numbers to Order Reports: Equifax 1-800-685-1111 This allows you to get a free report if you have been denied credit in the last 60 days. Option 2. Make sure you ask only the credit report. Mail within 48 hours. TransUnion – 800-916-8800 – mail within 6-8 business days. Experian – 888-397-3742 – will receive a period of 8-10 working days.
[affmage source=”amazon” results=”1″]short sale credit[/affmage]Permanent link to this article: http://carynelizabeth.com/blog/short-sale-credit/
Apr 21
debtfreedomination.com
Can a mortgage company collect more of the judicial sale of dollars in Michigan?
So my friend is running and is trying to figure out what the law in Michigan and is very confusing. It seems that if the bank take the house and sell it then they can sue for the difference in making it sold and what you owe. But it was on sale and the sheriff bank bought it themselves, so the question is that the sale or subsequent sale is to someone else we care? And how do you know how much they bought it at sheriff's sale? So then in this case if the mortgage company bought say, less than the mortgage then they can sue for the difference of 30,000. Do you usually do this?
Are deficiency judgments permitted in Michigan? Yes. Exclusion is the only remedy against a property unless there is a legal document that requires the borrower to a specific amount of money. It is usually in the form List of andguaranty. A. There was resolution can be obtained when a property in foreclosure is sold at public auction for less than the loan amount the insured with the underlying mortgage. The borrower may assert that the foreclosure sale is not Forfar market value of the property as adefense. First Sale is the only matters. The purchase price is a public document. be in writing, and as he is responsible for the balance, which will give a copy of the foreclosure sale proceedings, if requested and a list of all
Foreclosures REO Homes for Sale – Van Nuys, California – Realtor Real Estate Agent John McQuilkin
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Apr 13
debtfreedomination.com
The buyer says they want to buy a short sale, because you have heard that much can be achieved that way. What is a short sale, really? Get Quick Help HERE
Say a homeowner bought a house for $ 500,000, but the market has fallen in both the value of the house has been reduced to $ 400,000. Now the homeowner inside with us a loan of about $ 500,000 and possibly more with other negative amortization loans, and a resale value of $ 400,000. Instead of being executed mortgage because there are so many families in this situation, the bank knows that if you foreclose on the house, they will simply start to market value, which could be now as low as $ 370,000.
Then you should proceed to foreclosure and related costs, secure the house, pay for repairs and restoration as most homeowners in financial difficulties are too for routine maintenance of the house. The foreclosure process can take up to a year. Instead passing the course is not cost effective foreclosure, the bank agrees to forgive a portion of the debt or all of the outstanding debt, if the owner will sell home market price.
Looking for some tips on buying your home: GO HERE NOW!
Buying a “short sale” or pre-foreclosure home can incur a lot of time waiting to join various months, especially if the processor involved is doing a poor job or if the owner is trying to do too much of their own sale. When a buyer makes an bid on the house, the mortgage holder or the bank will order an assessment at home.
The homeowner does not care what the selling price is because they have nothing to gain. This often leads to an artificially low level, or simply fictitious sales prices of homes short sale. While this may attract more people to bid into the home, the effort is lost because the prices are not actual sale prices.
In addition, sometimes the price has to be high enough to a partial recovery of bad debts of the owner of the house too. Each party, the seller, the mortgage holder and the buyer has to negotiate and agree terms of the sale. Each part has a number of “outs” in which they can escape to the sale and prevent the sale. Even the seller may reject the offer when they read the fine print and do not realize they are getting a full release of the bank of their responsibility.
In practice, a short sale offer, a properly written authority real estate agent can act as an option to buy a house. The offer, correctly written not require a down payment so that if all parties agree on the sale, which may work well for everyone. The buyer has a window of ten days to assess the availability and the home and can withdraw without any Penalty.
Search Find a good real website helps with the short sale process for the buyers. If the website allows you to filter down to short sales only, which can help narrow the search to the right kind of properties for your business.
Article author and photographer Dave Keys is one of the Orange County photographers providing real estate photography in Southern California.
What is a Short Sale?
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Apr 11
debtfreedomination.com
if a condo short sale has been approved by the bank, the buyer can make a lower offer? How does it work?
1) the condominium has been approved for short sale at 100K, i can offer them say 90k. This would delay the process? 2) Can you explain the process? would have a new aproval weit the bank? 3) How long does it usually take? 4). when a bank enacted a short sale property …. are aproving the selling price or the seller is to sell aproving Whitin property price range? could you explain the process?
1) You can offer 90k, but the bank has to approve it. It is defiantly things slower. 2) If the bank suffers a loss, so they have to approve the new price, can not approve either. 3) It can take weeks, months, depending on your bank. 4) Approving an amount of sales, so $ 100k or more in this case, this is not always the list price of the property.
Home Buyers – Making Offers On “Short Sales”
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Apr 03
debtfreedomination.com
Our Bradenton, Florida, the housing market has seen an increase in foreclosures and short sales. A short sale occurs when a lender is willing to accept less than the loan balance in order to avoid taking back home in foreclosure.
To get more help right away: CLICK HERE NOW!
Many investors in the labor market pre-foreclosure and are interested in purchasing a property through a short sale.
A few days ago I attended a conference call with Loss Mitigator a bank that responded to questions about short sales. He has worked 11 years in the Loss Mitigation Department for a lender. The call was an opportunity for a group of investors to ask questions. Here are the questions and answers:
1. Why do you ignore a short sale package you received?
Answer: Incomplete packets are set aside. For example, if someone does not include a HUD-1 Settlement Statement that package is on the side. The Borrower must provide financial information, tax returns, letter and more difficulties. (If you have questions about what documentation is required, please contact me.)
2. How many are short sale files working?
Answer: I am currently working in 400 files. Of these, I’d say only about 100 files are viable. It is therefore important present a complete packages and know what you are doing.
3. Does it matter if the buyer in a short sale transaction is an LLC or person? We look at them differently?
Answer: It does not matter. We know that the buyer is qualified. We look at the market value of property the loss we’re going to take, and what you owe on your loan.
4. Does the kind of difficulties faced by the Borrower to make a difference?
Answer: Not really. It is a financial decision for the bank. However, it does not look good for the bank if they foreclose on a sick, elderly couple. By Of course, we want the borrower to demonstrate the difficulties, but the kind of difficulties does not matter.
5. How long does it take for you to carry out the Broker Price Opinion?
Answer: We try to have the BPO completed within 10 days of asking. At this time are accumulated and is taking a long time to get the order out. The first step is to get a short sale package. Do not order the BPO till then. Once the BPO is completed, Once reviewed and approved by our valuation department.
6. Not enough to reject low bids?
A: Actually no. We have certain objectives we are trying to achieve. (I heard around 83% of the BPO.) We also have a certain dollar amount of loss that could accept. (I’ve heard about $ 75,000.) Sometimes it’s a matter of pointing out the issues of repair. Tell me why the supply is low and why should be considered.
7. If the foreclosure sale date is at hand, we postpone it?
Answer: If it looks like we are close to a short sale could be postpone the foreclosure sale. We need a good reason to do that.
8. Ever change the BPO, once received?
Answer: No. Once the BPO has been received and approved by our valuation department are not going to change. Why would we? The value is what it is.
9. Need a house to be ready before accepting a short sale?
Answer: No the house need not be listed. Let’s talk directly with the buyer / investor. We do not usually talk to the borrower.
10. Will you disclose the results of BPO?
Answer: No, we do not disclose the BPO. However, let’s talk price ranges in the negotiation. Our job is to be as close as possible to BPO.
If you are considering a short sale, make sure your realtor has experience and knowledge!
To grab your FREE TIPS FOR PURCHASING THE BEST HOME AT THE BEST PRICE CLICK HERE!
Dan Forbes is the broker/owner of Premier Team Inc., Realtors, in Bradenton, Florida. He has assisted over 1000 Bradenton, Florida real estate buyers, sellers, and investors. He is also president of the Bradenton Real Estate Club. BradentonFloridaRealEstate.com and TheRealEstateZoo.com [http://www.TheRealEstateZoo.com] Dan is an author, speaker, and seminar leader as well as an active Realtor working with Buyers and Sellers.
Short Sale your Miami – Dade county Florida house – Stop Foreclosure
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Mar 20
debtfreedomination.com
[mage lang=”en|es|en” source=”flickr”]repossessed houses for sale[/mage]Looking for houses for sale awarded. What is a good place to find homes for sale allocated for free. I know about HUD. But is there a complete list of homes for sale and awarded.
Try this site. Its got direct links to individual banks, should be a good help to find homes for sale recovered. Http: / / houseflow.com / foreclosure.html
Repossessed Houses for Sale – Repo Properties on the Market
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