Monthly Archives: November 2010

High Cost of Foreclosure Encourages Short Sale Approvals

Far too often, sellers simply walk away from over-leveraged homes and face the consequences of foreclosure. For many, it is simply a matter of being emotionally and mentally exhausted and unwilling to take any further action to sell the home before foreclosure. But for some, they don’t believe their lender will approve a short sale on their property. Often, the seller feels that they are “too far under water” for the lender to approve a sale and release or forgive a large amount of debt. Or in some cases, the seller has been told by the lender that they will not approve a short sale; however, this is almost never true…

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Debt Forgiveness and Taxation

One of the most important laws regarding short sales is the Mortgage Forgiveness Debt Relief Act of 2007.  Specifically, this law applies to short sales because the lender has forgiven or canceled debt, and now the seller may have taxable income.  The IRS says: If I sold my home at a loss and the remaining […]

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Why HAFA will make you LAFA

Ok, so that pun was a bit of stretch.  But HAFA really has been laughable so far. There are many reasons for this.  Earlier this month, the National Association of Realtors (NAR) released its “Report on NAR’s Meetings with Large Lenders to Discuss Originations and Servicing Issues.” In short, the NAR found:

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Should you Buy Short Sales or Foreclosures?

With all the mess these days surrounding foreclosures, it’s no wonder buyers are antsy about the ramifications of buying foreclosures.  In this video, the VP of RealtyTrac points out some real issues with buying foreclosures, especially on the courthouse steps.

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Dave Ramsey Recommends Short Sales for Underwater Sellers

I love Dave Ramsey.  I really do.  He really does offer some good, straight talk on personal finance.  And of course, I am very interested in short sales.  But honestly, I never thought to see what his thoughts were on the subject. So when I happened to see ol’ Dave on TV the other morning […]

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