After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers: Ally/GMAC Bank of America Citi JPMorgan Chase Wells Fargo As has been reported the settlement will provide as much as $25 billion in relief to distressed […]
Category Archives: Short Sales
Who Pays Back Property Taxes on a Short Sale?
In terms of the back property taxes owed on a home that is sold through a short sale, the bank will typically cover this expense and seller’s should be free and clear of this liability going forward. In most states governmental property taxes convert into a lien on a property as soon as they are […]
HAFA Program Posts New Short Sale Guidelines
Loan servicers / Lenders will have 30 days to send a borrower a short-sale agreement that includes the list price or acceptable sales proceeds under recent changes made to the Home Affordable Foreclosure Alternatives Program (HAFA), aimed at distressed borrowers who don’t qualify for other government loan modification and foreclosure alternative programs. Once a sales […]
Should You Stop Making Your Mortgage Payments During A Short Sale?
Should I stop making my mortgage payments? This is a question we are frequently asked by clients who are thinking about doing a short sale, and regrettably this is not a question we can directly answer as we can not advise you to breach your contractual agreement with your lender to pay back the money […]
PNC Short Sale
PNC Mortgage / National City Short Sales – Getting Started The first step to initiating a short sale with PNC Mortgage / National City is to list the home with a Realtor who specializes in short sales and has significant experience with this lender. Your agent will be critical to the success of your transaction and […]
Citi Mortgage / Financial Short Sale
Citi Mortgage / Citi Financial Short Sales – Getting Started The first step to initiating a short sale with Citi Mortgage / Citi Financial is to list the home with a Realtor who specializes in short sales and has significant experience with this lender. Your agent will be critical to the success of your transaction […]
Wells Fargo Short Sale
Wells Fargo Short Sales Out of all of the major banks, Wells Fargo is one of the most efficient when it comes to short sales and the processing and handling of these sales. Wells Fargo is also one of the only banks that actually provides a written short sale time line and on average they are […]
JP Morgan Chase – Short Sale
Chase / EMC / WAMU Short Sales If one company™s short sale process has changed more than any other it would be Chase. Chase™s short sale process hasn™t changed so much in terms of administrative process, but more from a corporate stand point. You see, after Chase acquired Washington Mutual their primary task seemed to […]
Local Foreclosure Listings
Real estate owned or REO is a class of property owned by a lender, typically a bank, and most commonly acquired after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank (negative […]
Figuring the Tax on a Foreclosure or Short Sale
Foreclosures and short sales are treated as the sale of property for tax purposes. Homeowners going through a foreclosure or short sale (pre-foreclosure), will need to calculate their gain or loss for tax purposes, as well as consider any tax that might be due on the forgiveness or cancellation of debt. ** Note the Mortgage […]
