Category Archives: North Carolina Short Sale News

Luxury Homeowners have more Pre-foreclosure Options

For high-end, luxury, or executive homeowners, there is typically more time to work out a foreclosure alternative with lenders, whether it be a short sale, a loan modification, a forbearance agreement, or deed-in-lieu.  Additionally, some lenders will even pay cash to the homeowner of up to $30,000 (this only happens in a short sale, and it actually […]

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Mortgage Forgiveness Debt Relief Act Extended for 2013

Homeowners facing the possibility of short sale or foreclosure got a little bit of good news this month.  As part of the “Fiscal Cliff” deal reached by Congress, the Mortgage Forgiveness Debt Relief Act was extended until the end of 2013.  According to Forbes.com, homeowners who go through a short sale or foreclosure (on their primary […]

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North Carolina Receives Aid for Short Sales

In April, 49 state attorney general offices and several federal agencies reached a $25 billion settlement with 5 major lenders (Wells Fargo, Bank of America, Citi, Chase, and Ally/GMAC).  The settlement was the result of suspect lending practices and automated foreclosure processes (“robosigning”). The state of North Carolina received approximately $338 million from the settlement. […]

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Time Running Out on Tax Forgiveness for Short Sales

One of the most important pieces of real estate and tax legislation is set to expire at the end of 2012.  The Mortgage Forgiveness Debt Relief Act has benefited countless borrowers who have sold their home in a short sale and had their debt “forgiven” by their lender. For a brief explanation of how this […]

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New Guidelines to Make Short Sale Approval Easier

For the 2nd time this year, Fannie Mae and Freddie Mac will issue more guidelines to make short sale approval easier for eligible borrowers.  Back in June, Fannie Mae issued guidelines to speed up the process, but these new guidelines (effective November 1st, 2012) are aimed at overcoming some of the obstacles that borrowers face […]

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Short Sales Increase as Banks Realize Their Benefits

2012 is shaping up to be a big year for short sales, and it should come as no surprise.  Nationwide, short sales peaked in the first quarter of 2009 (105,000 short sale transactions nationwide), but preliminary data indicates that 2012 could come close to those same levels. According to a report from RealtyTrac (A Building […]

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Asheville Realtors Offer Short Sale Workshop

Kudos to the Asheville Board of Realtors (along with the Haywood County and Hendersonville Board) for organizing a series of short sale seminars.  The seminars will be held Saturday, August 4 from 10am-Noon AND 1-3 pm at the Affordable Housing Fair and also from 9am – 2pm at First Baptist Church, 5 Oak Street, Asheville. More […]

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Broker Price Opinion Bill Signed by Governor Bev Perdue

I’ve been writing about the potential law change regarding BPO’s in North Carolina for some time now.  And when Senate Bill 521 passed through the legislature, it was widely discussed online in other forums, blogs, and news media.  But the bill wasn’t yet a law, because the governor hadn’t signed it.  Well, all that changed […]

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NC Realtors Push for BPO Law Change

The North Carolina Association of Realtors (www.ncrealtors.org) has begun an email campaign to push for support of Senate Bill 521 – Broker Price Opinions. Below is the email that was just sent out by NCAR… A major piece of legislation is under consideration in the North Carolina General Assembly and we need your help! Click here to take […]

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Investment Log Cabin – Black Mountain, NC

This home lingered on the market for about 18 months as a non-short sale.  However, market realities set in and the sellers accepted a short sale offer, which was successfully negotiated by an attorney. The home had one mortgage with a local lender.  This was another investment property, yet the sellers were left with no […]

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