"Hi Edwin, yes we have had clients get this $35K amount (from Chase) but this is not what the approval letter looked like."
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McGeough Lamacchia Realty replied to Edwin Baloloy's discussion Citimortage $35,000 moving allowance letter
Cheryl States commented on McGeough Lamacchia Realty's blog post Why The Mortgage Relief Act Must Get Extended"I disagee that all short sales should be given tax forgiveness. I believe strategic short sellers who do not have a true ligitimate hardship should not enjoy this forgiveness. In my opinion, these folks have added to the distressed…"
Mike Linkenauger commented on McGeough Lamacchia Realty's blog post Why The Mortgage Relief Act Must Get Extended"Please post your full articles on here in the future for everyone to read! I agree, short sales are DOOMED if it doesn't get extended. "
McGeough Lamacchia Realty posted a blog postWhy The Mortgage Relief Act Must Get Extended
On December 20, 2007, H.R.3648 Mortgage Forgiveness Debt Relief Act was signed into law to relieve distressed homeowners from having to pay taxes on the amount of debt that was forgiven in a refinance or loan modification, short sale, or foreclosure.The 2007 Mortgage Forgiveness Debt Relief Act is set to expire on December 31st 2012.John and I were on Fox25 News this morning to discuss why this Act should be extended. …See More
McGeough Lamacchia Realty replied to Mike Linkenauger's discussion Realtor Wall of Fame - Short Sale Specialist Network"Great job everyone!!!"
McGeough Lamacchia Realty posted a blog postDivorce and Doing a Short Sale
Since the Divorce Rate is now over 50% there are many couples that are parting ways and realizing that it is not so easy to sell their home. With so many homes under water across Massachusetts and New Hampshire many people who need to sell are realizing a short sale may be the answer. In addition, many divorce agreements, legally known as decrees, are requiring the sale of the home.Read more...See More
McGeough Lamacchia Realty posted a blog postQuicker Response Times for Short Sales
The Federal Housing Finance Agency (FHFA) is directing Fannie Mae and Freddie Mac to streamline theirshort sale timelines in order to help more homeowners avoid foreclosure.In a news release dated April 17, the FHFA outlines new requirements for short sales including the requirement that mortgage servicers review and respond to requests for…See More
Renee Ciufo commented on McGeough Lamacchia Realty's blog post Are Fannie Mae and Freddie Mac Changing Short Sale Qualification Rules?"For me, showing acceptable imminent default can be done via the financials and summary submitted with the short sale package (i.e. late but paid, past due utility or other bills 30/60/90 late, unemployment ends, etc.). Perhaps…"
McGeough Lamacchia Realty liked Mike Linkenauger's discussion Updated Freddie Mac Short Sale Servicer Guidelines!McGeough Lamacchia Realty posted a blog postAre Fannie Mae and Freddie Mac Changing Short Sale Qualification Rules?
It sure seems that they have. Since around March 15th Fannie Mae and Freddie Mac have been tougher about what short sales they will consider. For the most part it looks like they will not consider anyone for a short sale unless they are delinquent or in danger of what they call “imminent default” which they consider: Death (of a borrower) Divorce, or sudden Disability. It’s pretty harsh and unfortunate that they are punishing those who are trying to be responsible and attempt a short sale…See More
McGeough Lamacchia Realty posted a blog postHAMP Guidelines for Homeowners Trying to Avoid Foreclosure
In March 2012 the Obama administration outlined changes made to its Home Affordable Modification Program, or HAMP, to help people avoid foreclosure. This new revised HAMP will reach more distressed homeowners and will now offer incentives to Fannie Mae and Freddie Mac to forgive debt on homes with mortgages that are upside down, also known as principal reductions.HAMP also includes Home Affordable Foreclosure Alternative, or HAFA, for homeowners who are unable to pay their mortgage and need to…See More
James W. McCormack commented on McGeough Lamacchia Realty's blog post Negative Equity Gap Could Mean More Foreclosures"Yet another reason why the housing market is not going to bounce back like so many think. Homeowners and consumers are simply dealing with a crushing debt burden and absent the artificially propped up mortgage market (mortgages are still…"
Profile Information
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- Boston, MA, Worcester, MA, Brockton, MA, Cape Cod, MA, Methuen, MA, Attleboro, MA, Derry, NH, Quincy, MA, Nashua, NH, Framingham, MA, Lawrence, MA, Lowell, MA, Leominster, MA, Dennis, MA, Manchester, NH, Bolton, MA, Warwich, RI, Waltham, MA,
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- http://www.shortsalene.com
- Short Sale Transactions Completed
- 100+
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- Short Sale Experts John McGeough and Anthony Lamacchia are the #1 Listing Agents in Massachusetts.
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- November 14, 2011
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McGeough Lamacchia Realty's Blog
Why The Mortgage Relief Act Must Get Extended
Posted on April 30, 2012 at 10:49am 2 Comments 0 Likes
On December 20, 2007, H.R.3648 Mortgage Forgiveness Debt Relief Act was signed into law to relieve distressed homeowners from having to pay taxes on the amount of debt that was forgiven in a refinance or loan modification, short sale, or foreclosure.
The 2007 Mortgage Forgiveness Debt Relief Act is set to expire on December 31st 2012.
John and I were on Fox25 News this morning to discuss why this Act should be extended. …
Continue Divorce and Doing a Short Sale
Posted on April 23, 2012 at 7:30am 0 Comments 0 Likes
Since the Divorce Rate is now over 50% there are many couples that are parting ways and realizing that it is not so easy to sell their home. With so many homes under water across Massachusetts and New Hampshire many people who need to sell are realizing a short sale may be the answer. In addition, many divorce agreements, legally known as decrees, are requiring the sale of the home.
Continue Quicker Response Times for Short Sales
Posted on April 19, 2012 at 7:30am 0 Comments 0 Likes
The Federal Housing Finance Agency (FHFA) is directing Fannie Mae and Freddie Mac to streamline theirshort sale timelines in order to help more homeowners avoid foreclosure.
In a news release dated April 17, the FHFA outlines new requirements for short sales including the requirement that mortgage servicers review and respond to…
Continue Are Fannie Mae and Freddie Mac Changing Short Sale Qualification Rules?
Posted on April 17, 2012 at 9:17am 1 Comment 0 Likes
It sure seems that they have. Since around March 15th Fannie Mae and Freddie Mac have been tougher about what short sales they will consider. For the most part it looks like they will not consider anyone for a short sale unless they are delinquent or in danger of what they call “imminent default” which they consider: Death (of a borrower) Divorce, or sudden Disability. It’s pretty harsh and unfortunate that they are punishing those who are trying to be…
Continue
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Forum
Bank of America Short Sale Incentive Relocation Assistance
Started by TeamKane Realty in Rants and Raves. Last reply by Robin Mitchell 5 hours ago. 3 Replies 0 Likes
Are FHA loans eligible for HAFA?
Started by Cinda Rose in Rants and Raves. Last reply by Larry Hollingsworth 9 hours ago. 1 Reply 0 Likes
Supreme Course rules on Quicken Case - Fee does not violate Section 8(b) of RESPA
Started by Patti Guilford in Rants and Raves. Last reply by Fred Shocklie 12 hours ago. 2 Replies 0 Likes
What does Analysis stage mean Bank of America
Started by Craig Schneider in Rants and Raves. Last reply by Craig Schneider 13 hours ago. 9 Replies 0 Likes
Making sure your Realtor is on top of things
Started by Stephen Dotlich in Rants and Raves. Last reply by Satar Naghshineh 13 hours ago. 16 Replies 0 Likes
Bank of America changed closing date
Started by Kevin Hayes in General Discussion. Last reply by Dawn Marie Richeal 16 hours ago. 5 Replies 0 Likes
Bank of America NDS Co-op on Proactive
Started by Olesya Drozdova in Question and Answer. Last reply by Jack Dudenhoeffer 17 hours ago. 3 Replies 0 Likes
Is There A Maximum Dollar Amount That Qualifies For A Short Sale?
Started by James Ybarra in Rants and Raves. Last reply by Mike Linkenauger 18 hours ago. 4 Replies 0 Likes
Does anyone have any short sale experience with Ocwen Bank?
Started by Varnie Jules in Network Talk. Last reply by Joseph C. Alfe on Monday. 15 Replies 0 Likes
Can the seller pay additional commission?
Started by Jose Hernandez in Question and Answer. Last reply by Satar Naghshineh on Sunday. 63 Replies 0 Likes
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