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foreclosure: I'm going to be on the radio! - 05/11/12 05:24 PM
I’m excited to announce that I will be on the Tina & Drew Radio Show this weekend! You can tune in to AM 1090 or listen online at this link this Saturday, May 12th at 3 PM. I’ll be talking with Tina and Drew about short sales…. including the new changes made by FHFA to the way Fannie and Freddie servicers handle short sales, short sale vs. foreclosure or strategic default, and how I work with clients during my initial consultation. We will be offering a special deal to listeners of the Tina & Drew Show, so tune in to find out more! … (2 comments)
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foreclosure: Short Sale or Foreclosure? Now, Please! - 03/10/12 12:20 PM
The Mortgage Forgiveness Debt Relief Act is set to sunset on December 31, 2012 and it may not get extended. The law, first enacted in 2007, allows homeowners who have received principal reductions on their mortgages as the result of loan modifications, short sales or foreclosures to avoid income taxation on the amounts forgiven.
Here's a little history and how it works. Before 2007, all cancellations of debt by creditors (i.e., mortgage, personal or auto) were considered taxable events under the federal tax code. If you owed $500,000, but paid off only $350,000 through an agreement with the lender, the $150,000 … (1 comments)
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foreclosure: New FTC MARS RULE - 01/24/11 06:19 PM
Attorney's Life on MARS
The FTC has issued a final rule that gives federal and state authorities a new tool to combat the increase in deceptive mortgage relief practices.
The final rule does not affect attorneys who provide mortgage assistance relief services (MARS) in connection with the practice of law if certain basic requirements are met, but the FTC warns of MARS providers that try to use attorneys as fronts to avoid state laws.
Over the past three years, the FTC noticed a spike in the number of consumers scammed by MARS providers that charge advanced fees in the hundreds or … (3 comments)
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foreclosure: Fannie Mae's New HAFA Program - 07/02/10 03:46 PM
As you may have heard, by August 1, 2010 Fannie Mae and Freddie Mac, the formerly Home Affordable Foreclosure Alternatives Program (HAFA) exempt mortgage giants, are set to implement their own HAFA programs. For borrowers who are eligible for the Home Affordable Modification Program (HAMP) but were unable to secure a Loan Modification on their Fannie or Freddie loan, this is potentially promising news.
Today we’ll examine Fannie’s recently released HAFA Program Summary. Their stated goal with joining the program is to provide financial incentives for and simplify the process of short sales and deed-in-lieu (DIL) options in the face of … (25 comments)
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foreclosure: What's Really Going On With Fannie's New Foreclosure Guidelines - 06/25/10 01:46 PM
As those of you who saw yesterday's post know, Fannie Mae is extending the waiting period following foreclosure to 7 years. While their spin on it is to say that “blah, blah, blah, it encourages short sales, blah” this is really about targeting those strategic defaulters.
If you do a short sale on an investment property, they are not forgiving the deficiency, so you’d be better taking your chances going to foreclosure and that it would be non-judicial, because I doubt this raises the threshold for them to direct the servicer to foreclose judicially.
What this is really targeting is the … (1 comments)
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foreclosure: If you see my name on a listing, it is probably a short sale... - 03/31/09 12:13 PM
I'm an attorney and a Realtor, and I specialize in short sales, loan modifications and all kinds of pre-foreclosure workouts. So if you see my name on a listing, it is probably a short sale. After all, I went into this to do short sales. As an attorney closing REOs for the last 2 years, I knew there was a shortage of capable Real Estate agents handling short sales.
But Agents beware! Not everyone who contacts you is a short sale candidate. As an attorney, I can tell you it is more important to look past the sale and look at … (3 comments)
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Lynn Arends - Attorney | Designated Broker
Seattle,
WA
More about me…
Lynn Arends Law Group PLLC & Lynn Arends Realty Group
Address: 2100 Westlake Ave North, Suite 201, Seattle, WA, 98109
Office Phone: (206) 282-4848
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