Here is a glimpse behind the curtain of short-sales, and a very typical example of what is happening in the field. Comment on what you think occured here: http://piggington.com/short_sale_advice_needed
Short-Sale Pickle
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Short Selling
REOs & Short Sales “Ripe With Fraud”
Most mortgage fraud takes place in the short sales and REO space, according to Rob Hagberg, associate director of fraud investigations at Freddie Mac. “This area is ripe with fraud,” he said during a webinar hosted by CoreLogic. While servicers and others in the...
No State Relief Yet
A bill that would extend for one year state income tax relief provided to homeowners who receive mortgage relief from their lenders was temporarily put on hold in the Legislature on Monday. If enacted, it would align state law with federal law, which has been ...
Non-Distressed Retail Environment
For this being the last scheduled year for the debt-tax exemption, the distressed listings are sure dripping out slowly around here. Here are the number of January short-sale and REO listings in NSDCC: Year Short-sales REOs Percent of all new listings 2010 49 17 16%...
Bank Incentives For Short Sales
There are all kinds of incentives available to short sale sellers throughout the United States. Those incentives range from a few thousand dollars all the way up to $35,000 (enough to pay for some of your kid’s college education). Here’s a summary of the most common...
Equity’s Big Comeback
Maggie Medved was stuck with her Phoenix house for two years after the market crash wiped out the equity in the property. Last year, as prices in the area rose by the most in the U.S., she and her partner were finally able to sell the 3-bedroom 1950’s style home and...
Year of the Short Sale Again?
Hat tip to Mr. T for sending this along from sddt.com: Underwater borrowers have one more year to swim to the surface and short sell their homes before facing income taxes on the forgiven debt. The Mortgage Forgiveness Debt Relief Act (MFDRA), set to expire on Dec....
NSDCC Short-Sale Counts
Attorney 'Kingside' concurred with sdbuyer that the California debt-tax exemption mirrors the federal-law deadline, and will expire tomorrow unless something changes: The California act (SB 401) was designed to conform with existing federal law and both are scheduled...
Debt-Tax Relief on Cliff
California state law already provides debt-tax relief, so owner-occupants here are covered. Homeowners and banks are accelerating sales of properties for less than the amount owed as a U.S. law that gives them a tax break expires at the end of the year. The...
Short-Sales Slowing
Those paying attention are seeing realtors continuing to commit short-sale fraud, and about the only hope for it to end is for short sales themselves to run out of steam. If the debt-tax relief doesn't get extended (unlikely but possible) and those underwater sense...
