It pays to be proactive in a short sale - 06/25/12 07:13 PM
Under new guidelines set down by Fannie Mae andFreddie Mac, underwater borrowers who are seeking to sell their homes for less than what they owe must now receive decisions from their lenders within 60 business days. But if they are not careful, floundering borrowers can cause delays beyond the two-month deadline.
The new rules, which took effect June 15, apply only to loans owned or rolled into securities by Fannie and Freddie. But because the two mortgage giants are the main conduits between primary lenders and investors in mortgages, their precepts cut a wide swath.
More than 10 million homeowners are said to … (0 comments)

READ THIS AND CALL ME ASAP - 06/23/12 09:14 PM
   
The Mortgage Forgiveness Debt Relief Act is a government bill that offers relief to most homeowners who would normally owe taxes on the forgiven debt after performing a short sale. The Act became law in 2007, and benefits both lenders and borrowers. Under previous US law, when debt is forgiven by a commercial lender (Bank of America, Chase, US Bank etc.), that debt would normally require the borrower to include that amount as taxable income on tax returns. This would normally have caused the borrower to have to pay taxes on their forgiven debt. With this act in place, a borrower DOES … (3 comments)

 
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CHARLOTTE SAULTER

Pinole, CA

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CES PREMIER REAL ESTATE SERVICES, inc.

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