Rich Steffen
  • Olathe, KS
  • United States
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Debt Relief Act

Started this discussion. Last reply by Thom Colby 888-391-5245 Feb 28, 2014. 10 Replies

Since the DRA has not been renewed for 2014, does anyone know what the last day is a contract signed in 2013 has to close by in 2014?Continue

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Thom Colby 888-391-5245 replied to Rich Steffen's discussion Debt Relief Act
"Rich - If it's a California property being sold after 7/11/11, all mortgage loans became non-recourse loans no matter what "position", 1st, 2nd, HELOC, etc. - also doesn't matter if primary, secondary or NOO investment…"
Feb 28, 2014
Mike Davin replied to Rich Steffen's discussion Debt Relief Act
"Most people doing short sales have recourse loans because they refinanced or pulled cash out."
Feb 28, 2014
Victor Schmell replied to Rich Steffen's discussion Debt Relief Act
"Hopeful good news is that on Tuesday a bill was introduced in congress to extend the act for another 2 years. Keep your fingers crossed!"
Feb 20, 2014
Lehel Szucs replied to Rich Steffen's discussion Debt Relief Act
"The IRS issued a letter on this issues that basically says that people do not owe if they have non recourse loans ... check the National Association of REALTORS website or the California Association of REALTORS website for the letter .. in CA the…"
Feb 19, 2014
Joy Baker replied to Rich Steffen's discussion Debt Relief Act
"You're thinking of the First Time Homebuyer Tax Credit, Rich.  They gave a grace period on that.  This is a different animal and is tied directly to the tax year."
Feb 18, 2014
MIKE JOHNSON replied to Rich Steffen's discussion Debt Relief Act
"It must close in the year that the acts end. In this case 2013, unless congress make the extension retroactive to January 1, 2014."
Feb 18, 2014
Celeste ODea replied to Rich Steffen's discussion Debt Relief Act
"Had to close by December 31, 2013."
Feb 18, 2014
wayne brooks replied to Rich Steffen's discussion Debt Relief Act
"The MDRA never had a grace period, it was always close by 12-31 of xxxx year. HAFA had some "contract by" dates, with a few months to close, when it was about to expire."
Feb 15, 2014
Rich Steffen replied to Rich Steffen's discussion Debt Relief Act
"Robin, thanks for your response. In years past when the extension was on the table and not yet signed in to law there was always a grace period that extended in to the following year by about 3 months to allow those contracts that had been signed in…"
Feb 14, 2014
Robin Kramer replied to Rich Steffen's discussion Debt Relief Act
"The Seller needed to close by 12/31/2013 in order to be protected from paying taxes on forgiven debt on a primary residence.  There have been some recent developments that indicate that Congress may still extend the Act and make it retroactive…"
Feb 14, 2014
Rich Steffen posted a discussion

Debt Relief Act

Since the DRA has not been renewed for 2014, does anyone know what the last day is a contract signed in 2013 has to close by in 2014?See More
Feb 10, 2014
Rich Steffen is now a member of Short Sale Specialist Network
Jun 19, 2013

Profile Information

Occupation
Realtor, Negotiator, Investor, Home Owner
Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
Johnson County Kansas Cities - Overland Park, Leawood, Shawnee, Merriam, Olathe, Lenexa, Prairie Village, Fairway, Gardner - Jackson County Missouri Cities - Lee's Summit Cass County Missouri Cities - Belton, Raymore
Website
http://www.core1llc.com
Short Sale Designations and/or Special Training
SFR (Short Sales and Foreclosures Resource), CDPE (Certified Distressed Property Expert), Equator Certified
Short Sale Transactions Completed
100+
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
No
About Me/Profile of yourself: - Please add your Brokerage Company name also!
Keller Williams Diamond Partners - Have done short sales since 2006 and completed 500+. I list SS properties, negotiate SS's for other agents and have sat on several SS Master Panels for KW and am the SS resource for our office of 240+ agents.
Put in todays date! This is to help stop spammers!
June 19, 2013
PLEASE READ THIS!!! - This site is primarily for Realtors, REAL buyers or sellers with questions are welcome to ask, anyone here for other purposes may be banned. 1. Because this site is primarily for agents agents, Any soliciting is pointless and is not allowed. Please do not sell or promote products or services in any way, directly or indirectly. Do not link or sneak in links promoting your services on comments, posts, discussions or blogs. You may have links on your profile pages to your websites as long as your are not selling things other than real estate! Again, absolutely no outgoing links to your websites, blogs or listings 2. Do not speak disparagingly about members on this site. This community is meant to be helpful, and we are here to help each other. 3. We reserve the right to delete content and/or ban members that violate these rules. 4. Member Name (Full Name Field) format must be FIRST NAME, then LAST NAME! Please no company names, DESIGNATIONS, or website in the name field! Please read the terms of service under the "home" tab! IF YOU AGREE TO THESE TERMS, PLEASE TYPE "I AGREE" IN THE BOX BELOW!! Thanks for your cooperation, and welcome to the Network!
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