Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what documentation the lender will require you submit and what  to expect. Submit Letter of Authorization  Lenders  will not  disclose any of your personal information without […]

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount is usually taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in […]

Question: How long will a foreclosure or bankruptcy show up on your credit report? Answer: A foreclosure can be reported on your credit report for seven years from the date the foreclosure was filed in the court. Bankruptcy, legally can remain for 10 years from the date you filed – not the date of discharge […]

Homeowners who cannot pay the mortgage may be desperate to get rid of their obligation. Depending on their situation they may have a few options available to them: refinance, loan modification, short sale, foreclosure or bankruptcy. The single worst thing any person can do to her FICO score is to have a serious delinquency such […]

Should I do a Short Sale or a Loan Modification? This very question is on the mind of millions of American’s as we speak. Short Sales and Loan Modifications are two terms that were previously unheard of for most, yet they are now everyday words. As credit tightens, housing slumps, and jobs disappear, more and […]

When I began negotiating short sales and assisting distressed homeowners (including those with over-leveraged properties who found themselves in the unfortunate position of owing more on their home than it was worth), this market was largely underserved. The reason, the majority of my colleagues simply weren’t interested in investing the time, money and effort necessary […]

Short Sale vs. Foreclosure: Which is the Better Option? With many Americans facing the very real threat of foreclosure, many are looking for ways to avoid it. One option, and a topic that has garnered a lot of industry interest, is a real estate short sale. Short sales are becoming an increasingly popular, and common, […]