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...
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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...
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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...
View ArticleBank 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...
View ArticleNon-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:...
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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...
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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...
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Short-Sale Pickle
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
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Short-Sale Fraud by Realtors
These are the short-sale scams mentioned in yesterday’s comments that deserve their own post as a resource for people to use to protect themselves. If you have seen other tricks, include them in the...
View ArticleSan Diego Short-Sales, 2013
The number of completed short sales has dropped this year, and the agents who specialized in them are scrambling around trying to figure out how to be regular realtors. Hopefully the short-sale...
View ArticleShort-Sale Specialist’s Mentality
I had this email conversation with a short-sale realtor who had listed a property for at least 10% under value last month, and marked it contingent immediately: JtR: I’m curious about the price....
View ArticleExtend Debt-Tax Forgiveness?
A tax provision that spares underwater borrowers from being penalized when they agree to a short sale is due to expire at the end of this year. But two senators want to extend the Mortgage...
View ArticleSB 30 Moves On
The California Senate passed the California Association of Realtors-sponsored tax relief bill without a single “no” vote on June 20. SB 30 (Calderon, D-Montebello) protects homeowners from having to...
View ArticleShort Sales Winding Down?
Fannie Mae’s new requirement that all HAFA short sales to be active on the MLS for at least five days amounts to shutting the barn door after the horses have escaped: On or after August 1, 2013, all...
View ArticleNSDCC Distressed-Sales Counts
The foreclosure era is winding down, and around the North San Diego County Coastal region, the overall impact has been less than imagined - let’s recap the counts of distressed-sales: Year Short-Sale...
View ArticleCA Anti-Deficiency Law
It sounds like this erases the record altogether – from C.A.R. Effective January 1, 2014, California’s anti-deficiency laws that generally prohibit a foreclosing lender from obtaining a deficiency...
View ArticleShort-Sale Fraud Enforcement
This is a typical bank form that all parties are required to sign in order to close a short sale: BofA short-sale addendum-broker cert The form requires that the deal is an arm’s length transaction –...
View ArticleSB 30 Fails
From the California Association of Realtors: LOS ANGELES (Sept. 3) – Thanks to partisan political gamesmanship by the Assembly Appropriations Committee, struggling homeowners who sold their homes in a...
View ArticleRemodeled Rustic Ranch in RSF
We tried everything possible to sell this for enough to cover the notes, but other agents giving away properties around us prevented us from doing any better. There have been two BPOs completed that...
View ArticleShort Sale Like Any Other
Short sales should be sold just like the rest. Put an attractive price on it, conduct open-house so every buyer has a chance to not only see the property but the other potential bidders too, and then...
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