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short sale expert: Short Sale Experts in Virginia - 05/20/10 11:45 AM
SHORT SALE EXPERTS: VIRGINIA REAL ESTATE SOLUTIONS
With over 35 years of experience, Virginia Real Estate Solutions has developed a system that helps homeowners dealing with distressed properties. Virginia Real Estate Solutions has developed long lasting relationships with lenders that allow you to take advantage to short sale your property quickly and remove bad mortgage debt. The strength of our experience and knowledge is invaluable to those looking for an alternative to foreclosure. Short sales are becoming the predominant exit strategy for most troubled homeowners.
Virginia Real Estate Solutions assists homeowners throughout the nation in negotiating down the loan balance of … (0 comments)
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short sale expert: Foreclosure and Short Sale Taxes - Home Sellers Might Owe the IRS - 04/15/10 02:22 PM
The IRS says there is no free lunch. If you transfer title on your home, whether voluntarily through a warranty deed or grant deed, or involuntarily through foreclosure, you have sold your home. You might be subject to taxes, even if you sold your home at a loss, either on a short sale or by foreclosure.
It doesn't seem fair. What's worse is you might not even find out that you owe taxes until the day you open your mail to find a 1099.
I spoke with Julian Block, an attorney in Larchmont, NY, who has been cited by The New … (3 comments)
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short sale expert: New Rules Give Help To Homeowners Doing Short Sales - 04/15/10 11:39 AM
New federal rules took effect Monday to speed up short sales -- the time-consuming, often-frustrating process of selling a home when the owner owes more than the house is worth.
The Obama administration program offers financial incentives for homeowners to agree to a short sale. Owners will still lose their homes, but a short sale, or deed in lieu of foreclosure, doesn't hurt a borrower's credit score for as much time as a foreclosure.
The new rules let lenders use an appraiser, market research and a real estate agent's opinion to determine the value of a home, and thus a minimum … (2 comments)
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short sale expert: The Exit Strategy: A Short Sale - 04/15/10 11:35 AM
For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or an option ARM that's resetting higher), up to now the only option was, well, letting the bank foreclose. That's not a good option since a foreclosure sticks on your credit record for at least 10 years. But some experts are now advocating a "short sale." This is a case of a distinction with a difference: If your bank agrees to a short sale, you then hire an agent to find a buyer for the house, you sell … (1 comments)
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short sale expert: Short Sale Process - The Complete Short Sale Process - 04/14/10 01:31 PM
The short sale process is still a mystery to many people, even after all these years. Lots of buyer's agents are confused; puzzled buyers are looking for direction, and not every short sale listing agent knows how to do a short sale.
The Basics of a Short Sale
Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.
A few examples of a hardship are:
Unemployment / reduced income Divorce Medical emergency Job transfer out of town Bankruptcy Death The seller will need to … (0 comments)
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short sale expert: Virginia Foreclosure Timeline - 03/22/10 10:34 AM
Charlottesville Real Estate, Short Sales and Foreclosures Explained
Virginia Foreclosure Laws
Virginia Foreclosure is Non-Judicial.
Virginia Foreclosure Timeline :
Virginia Foreclosure Day 1Review of file, acknowledgment of receipt of referral and preparation and forwarding of Substitution of Trustee to lender for execution. With Absolute Wireless the referral acknowledgment the client will be advised of any missing documentation. Virginia foreclosure law requires that the Trustee receive a written request from the lender to proceed with foreclosure. The Trustee needs (1) the original note and copy of the deed of trust, (2) copy of default/breach letter and (3) the tide … (5 comments)
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short sale expert: US Foreclosures Up 24 Percent In 1st Quarter 2009 - 05/06/09 01:51 PM
The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday, April 16th, 2009.
The big unknown for the coming months, however, is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, … (0 comments)
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short sale expert: No Bankruptcy Help For Homeowners - 05/06/09 01:48 PM
The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure on Thursday, April 30th, 2009 after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages. The defeat left many housing advocates questioning the effectiveness of the president's loan modification plan. The so-called cramdown provision, which would allow judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.
The financial industry lobbied hard against the bill, arguing that letting judges change mortgage contracts would add instability to the market and raise interest rates. … (0 comments)
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short sale expert: What is Foreclosure? - 04/30/09 11:18 AM
What is Foreclosure?
Foreclosure is to shut out, to bar, to extinguish a mortgagor's right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution.
Foreclosure numbers are growing daily. Of the one hundred twenty or so million homes in America, more than 4% or roughly 4.8 million of them are facing foreclosure. Some of these homeowners are able to work their way out of foreclosure, however, according to MBA there were about 500,000 homes … (0 comments)
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short sale expert: How Short Sales Work - 04/30/09 11:12 AM
How Short Sales Work
Short Sales are one of the most effective techniques for discounting loans in real estate. Short sales create huge investment opportunities and are a must if you want to be competitive in this market. One of the most important steps in the short sales process is getting the deed. Too many times, beginning investors will skip this vital step. Why do we want to get the deed from the homeowner(s)? Because all too often, homeowners change their minds, or want to back out of deals because they are scared, or they want to re-negotiate. Without the deed, … (0 comments)
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short sale expert: What is a Short Sale? - 04/30/09 11:10 AM
What is a Short Sale?
A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the lender for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $300,000. You write an offer to the lender for $220,000, which is accepted as full payment for the loan. This is a short sale. Why are they willing to take such a discount? Several reasons. First of all, banks do not like excess … (0 comments)
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short sale expert: Foreclosure "Rescues" May Be Illegal - 04/10/09 08:42 AM
Here's the situation: A beleaguered home owner is in bankruptcy, overwhelmed by debt. The mortgage lender had begun foreclosure proceedings, but they were stayed by the bankruptcy court. That stay, however, is about to end, and the lender may be allowed to proceed. The owner owes the mortgage lender about $170,000. Another $50,000 (representing 13 cents on the dollar) is owed to unsecured creditors under the approved bankruptcy plan.Along comes a potential purchaser of the property - a person who just happens to be a real estate broker and owner of both a finance company and a company by the name … (0 comments)
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short sale expert: Short Sale Hardship Letter Example - 04/10/09 08:12 AM
Short Sale Hardship Letter ExampleLender NameLender AddressToday's DateRe: Hardship Letter/Short Sale for 123 Main Street, City, State 12345To Whom It May Concern:I purchased the property at 123 Main Street in March 2006. At that time, I had juststarted my own antique resale business, which had great promise for generating profitscapable of supporting my mortgage. Unfortunately, sales were slow, which I attribute togreat declines in tourism after gas prices skyrocketed. I ran out of money, and beganworking as a waiter to make ends meet. At the same time I was redoubling my efforts inmy own business, but to no avail. After struggling … (1 comments)
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short sale expert: Understanding the Short Sale Process - 04/10/09 08:10 AM
Understanding the Short Sale Process
Before you consider a Short Sale be sure to contact your lender and any other agency that may be able to help you. Beware of anyone who approaches you to "solve your problems," or charges you any fees. Use only a licensed realtor who gets paid only when the property is sold. There may be important tax considerations. Be sure to contact a qualified tax accountant to understand how they may affect you. As soon as you get a Foreclosure Notice... If you have missed any mortgage payments the lender will contact you to warn … (0 comments)
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short sale expert: Stop Foreclosure - Let The Avery Group Help - 04/10/09 08:07 AM
Let Us Help You Stop Foreclosure
Stop Foreclosure Help Available Today. Eliminate The Stress. Salvage Your Credit.We specialize in helping our clients stop foreclosure. We understand that there are many reasons why homeowners sometimes are unable to pay their mortgages and every situation is unique. At The Avery Group we take the time to meet with our clients and explain all of their options to provide comprehensive foreclosure help. We help you determine if you can Keep Your Home or if you have to Sell Your Home to avoid foreclosure. We provide you with a personal consultation based on your unique … (0 comments)
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short sale expert: Short Sale in Charlottesville - 04/10/09 08:05 AM
Not too long ago, we took a listing for a woman, for confidentiality we will call her "A". She had a home in the city of Charlottesville and was falling behind on her payments. We took her listing and proceeded with a short sale. Come to find out, her loan was for $90,000 more than the market value of the home. There is no way this house every got an appraisal for that much over what the home was worth, especially since it didn't have a HEAT SOURCE!!! By the way, homes without a heat source should never approve for a … (0 comments)
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short sale expert: How to choose a Realtor for a Short Sale - 04/10/09 08:03 AM
When a homeowner makes the tough decision to do a short sale, there is another tough decision to make. Representation. Who are they going to use to represent them in the sale of their home, negotiate on their behalf, and do whatever it takes to close the sale (within legal parameters, of course). Most people would prefer to turn to a friend, but is that the right call? Sure, you trust them, you are more comfortable sharing personal information, and its easier. However, it takes a lot more to move a short sale than a regular home sale. Choosing the agent … (0 comments)
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short sale expert: A Lenders View on the Charlottesville Short Sale, Foreclosure Issues - 04/10/09 07:59 AM
A Lenders View on the Short Sale, Foreclosure
I was speaking with a mortgage loan officer today about the short sale, foreclosure, and mortgage "crisis" and his point of view was so interesting, I got him to put it in writing so I could share it. Here it goes:FANNIE MAE AND FREDIE MAC TAKE OVER:"The government is spending our dollars again""The mortgage companies have caused this debacle""The loan officer is a cheat and thief""My Realtor made me do it""It wasn't explained to me""ITS NOT MY FAULT"-----------BALONEYLets put the blame where it truly belongs. It was and is the general public who … (0 comments)
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short sale expert: Ten Tips to Avoid Foreclosure - 04/10/09 07:53 AM
This is a video with my Top Ten Tips to Avoid Foreclosure. Click the Link Below to view.
Top Ten Tips to Avoid Foreclosure The Avery Group at Roy Wheeler540-250-3275roballey@roywheeler.comhttp://www.robsellscharlottesville.com/http://www.forestlakesliving.com/http://www.theaverygroup.com/
… (0 comments)
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A comprehensive blog about Charlottesville Real Estate including articles on short sales, foreclosures, market updates, news, resources and more.
Charlottesville Real Estate news and information. All new updates and market conditions as well as charlottesville short sale information, charlottesville foreclosure listings, avoiding foreclosure help, buying and selling information, central virginia updates, mortgage updates, charlottesville happenings, and tips and tricks in a slower market by Rob Alley, Realtor of Keller Williams Charlottesville
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