Andrew Coppo's Blog (5)

Five Buyers Agent Tips To Ensure Short Sale Approval

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…

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Added by Andrew Coppo on February 14, 2012 at 8:30am — 1 Comment

What Are The Tax Consequences of A Massachusetts Short Sale?

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 debt, such as forgiveness of a mortgage loan, as…

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Added by Andrew Coppo on February 13, 2012 at 3:30pm — No Comments

Five Listing Agent Tips To Ensure Short Sale Approval

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…

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Added by Andrew Coppo on December 15, 2011 at 11:00am — 4 Comments

Short Sale Tax Consequences: Understanding The Qualified Principal Residence Exemption

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 forgiven…

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Added by Andrew Coppo on April 6, 2011 at 10:20am — No Comments

NATIONAL ASSOCIATION OF REALTORS: LIFE ON MARS

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 Relief…

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Added by Andrew Coppo on March 17, 2011 at 8:30am — 3 Comments

Forum

Ocwen Contacts Short Sale Package

Started by Jan Baron in Rants and Raves. Last reply by Anna Wilk Jan 14, 2016. 5 Replies

Shellpoint Mortgage

Started by Celeste ODea in General Discussion. Last reply by Brett Goldsmith Sep 4, 2015. 3 Replies

Extension Fees & Closing

Started by Colleen J Couse in Rants and Raves. Last reply by Brett Goldsmith Sep 3, 2015. 1 Reply

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