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short sale: Short Sales and the Mortgage Debt Forgiveness Act-Expiring Soon - 05/23/12 03:10 PM
How will the expiration of the Mortgage Debt Forgiveness Act affect those homeowners who short sell their home?  This important tax exemption was passed in 2009 in order to help struggling borrowers get a fresh start after a short sale, and eliminate the burden of income tax liability for the forgiven debt.  Now that the end is near-the Act expires December 2012, time is running out for homeowners who need the relief this exemption provides.
The Mortgage Debt Forgiveness Act addresses the tax liability incurred when a home is sold and the lender accepts a payoff that is less than the … (2 comments)

short sale: Big Pay Day for Short Seller-Homeowner Gets $20k to Sell His Underwater Home - 03/16/12 03:24 PM
I handle a lot of short sales, in fact the last 3 years has been one short sale after another.  I have seen the process change, evolve and finally start to improve as the lenders get their act together.  However, through out it all, the one common thread has been that sellers are really sad about losing their home-no matter how much of a financial burden it has become.
However, my most recent closing resulted in an ecstatic seller-WHY?  Because he walked away with $20,000 in his pocket, paid right at the close of escrow by his mortgage holder. Wait a … (2 comments)

short sale: Can You Short Sale Your Home and Still Get to Live in It? - 01/26/12 01:44 PM
Selling your home usually means that you are going to move out-but I keep getting asked the question, "Is it possible to short sale my home and rent it back from the new owner?"  Most of these homeowners would love to keep on living in their home, even if as a renter instead of the owner.  While it may seem like the perfect solution to a struggling borrower, there are some serious problems that could arise with this scenario.
The federal short sale program, HAFA, has been around for almost 3 years.  This subsidized plan offers protections and incentives to those … (1 comments)

short sale: Why the Confused Mind Does Nothing and How Realtors Can Help - 01/16/12 05:46 PM
Have you ever heard the saying "The confused mind does nothing"?  I run into this almost daily with my distressed clients.  When faced with a stressful situation, if you don't know how to solve it, you will inevitably do nothing.  It's simply easier to ignore the problem and hope that it will resolve itself in some miraculous way than try to figure out the unknown.
When a homeowner is facing the prospect of losing their home, the fear and uncertainty can be unbearable.  It's really primal-what's going to happen?  When will it happen?  Where will we live?  Unfortunately there are many … (3 comments)

short sale: California Foreclosure Filings Soar in November-Reprieve Over for Homeowners? - 12/22/11 07:51 PM
A staggering 63% increase in California foreclosure filings for November 2011 from the previous month may have dire consequences for homeowners hoping to save their home.  Although most banks will suspend sales during the Christmas holiday, expect a surge of trustee sales the beginning of 2012.  Many borrowers have been lulled into a false sense of security because of the lender's slow pace or even lack of any action at all.  In some cases, borrowers are still living in their home after several years of not making any mortgage payments.  Well, looks like that party may be over.
Why now?  Why … (1 comments)

 
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Susan V. Gregory

Dana Point, CA

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Newman Realty

Office Phone: (888) 264-4950

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