I have a BOA short sale that's extended until tomorrow. We have short sale approval on both the first and second liens (both with BOA). We actually have an approval letter on the first and a verbal…Continue
Quite often, we angrily post discussions about some of the issues that we're having with certain lenders and Mike L. did the noble thing and began a post regarding our favorite lenders to work…Continue
I'm getting ready to list an FHA short sale with Central Mortgage Company as the loan servicer. Has anyone ever had any experiences with them? If so, please share.
The housing crisis has caused a great deal of stress to homeowners in hardship, and has pushed more than one out of every seven of them into the path of foreclosure. Options have been made available to homeowners trying to avoid foreclosure; options like repayment, mortgage modification, deed in lieu of foreclosure, Bankruptcy, and short sale. In this article we will take a look at these different options available to home owners who are in…Continue
The Mortgage Debt Forgiveness Act of 2007 provided distressed homeowners with the ability to sell their homes via short sale without having to worry about including the amount of the waived balance in their yearly tax calculations. Prior to 2007, short sellers were provided a 1099 for the amount of the waived balance and it was taxed as additional income.
The Mortgage Debt Forgiveness Act of 2007 provided distressed homeowners with an avenue that provided an additional level…Continue
Ahhh.....another Tuesday and another email from Bank of America announcing yet another change with their short sale processing guidelines. HUD has just announced that now, their Servicers will NOT review any offers presented within the first 15 days of MLS exposure.
Sounds reasonable, right???? Well...here's the "Gotcha"....
It appears that this 15 day MLS exposure time clock begins ticking when the property is listed within the appropriate…Continue