short sale attorney: IRS announces a new tax receipts form 4506T-EZ - 10/28/09 10:06 PM
Michael Lampert Esq., the tax attorney who is Of Counsel to my law office has alerted me that on October 21, 2009 the IRS issued a new form, 4506T-EZ, entitled "Short Form Request for Individual Tax Return Transcript". This new form will make it easier for homeowners trying to short … (8 comments)
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short sale attorney: SHORT SALE LENDER CANNOT REDUCE COMMISSION TO BROKER - 10/12/09 08:25 PM
One of the great drawbacks to a broker taking on a short sale listing is the fear and often the reality that the short sale lender will demand a reduction in the broker commissions. This has created all sorts of contraptions to make the broker whole.
I have seen contracts that … (56 comments)
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short sale attorney: MORTGAGE LENDER (MIS)USE OF MANPOWER? - 10/10/09 08:19 AM
Is my mortgage lender guilty of misuse of manpower?
I just received a Saturday morning telephone call from GreenPoint Mortgage wondering why my mortgage payment was late. I asked when it was due and of course was told that it is due the 1st of the month and I have a … (7 comments)
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short sale attorney: MORTGAGE FRAUD and SELLER FRAUD = WE PAY THE BILL - 09/27/09 09:28 AM
Does anyone in Versailles have any decency? Two years ago a potential client working as a mailroom clerk for 35 years - came into my office regarding a mortgage modification. He and his wife each made $35,000 annually and he purchased a new Versailles Wellington Florida home costing $1,400,000 for his … (10 comments)
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short sale attorney: LOAN AUDITS - FORECLOSURE DEFENSE FALLACY? - 07/14/09 08:33 AM
The concepts of foreclosure defense preparation have started a cottage industry, unregulated as with most of the home saving concepts, called "loan audits".
A loan audit is supposed to be a "forensic analysis" of the loan origination and closing. I get calls every week from a few sales people trying to … (4 comments)
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short sale attorney: SHORT SALE FLIPS - TITLE INSURANCE PROHIBITED - 06/08/09 08:31 PM
The short sale flip apparently is alive and well for some investors - and it is causing havoc with title insurance underwriters. Now the title insurance underwriters are making their case simply by declaring that they won't insure such transactions.
This decision is not surprising. As pointed out in SHORT SALE FLIP … (69 comments)
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short sale attorney: MOTION FOR SUMMARY JUDGMENT OF FORECLOSURE - DEFEATED! AND HOW I DID IT - 04/14/09 08:11 AM
Today I used a new technical defense to successfully defeat a motion for summary judgment for foreclosure and I wanted to pass it on to other attorneys (or those who know attorneys) helping homeowners in foreclosure.
This happened in Florida, but other states' rules could provide the same type of relief.
The bank … (57 comments)
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short sale attorney: SHORT SALE BUYER CANCELLED CONTRACT EPIDEMIC - DIAGNOSIS AND CURE - 03/29/09 06:41 PM
This past week my office had 5 short sale buyer's walk from their contracts! Although I use an exclamation mark, it is not an unusual occurrence. In fact it seems that it takes 4 contact buyers to make a short sale finally happen. If that was an average for a traditional … (35 comments)
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short sale attorney: REALTOR GETS NAILED ON MORTGAGE RESCUE SERVICE - 03/25/09 10:59 PM
Florida Attorney General Begins Enforcement of Mortgage Modification Firms
I just received an email from an ActiveRain Realtor member that stated basically the following:
"The Florida Attorney General office has set up "spot checkers" to find people/companies accepting up-front fees for negotiating loan modifications. When I was called, I answered yes … (10 comments)
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short sale attorney: FORECLOSURE RESCUE AND MORTGAGE MODIFICATION FRAUD - LAWYER ALERT ISSUED - 03/17/09 05:31 PM
This week the Florida Bar made public the outlandish and misleading representations that have recently plagued the mortgage modification industry in this state and probably nationwide. The mortgage modification industry has sprung up faster than mushrooms - mostly through mortgage brokers that have seen their ability to make loans dry up … (6 comments)
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short sale attorney: SHORT SALES PRIMER - BACK TO BASICS UPDATED - 03/07/09 04:57 PM
Short Sale Primer For Brokers, Sellers and Buyers
A Primer -
Since I wrote the Short Sale Primer the short sale methodology used by lenders has morphed several times. It is a different animal than it was almost 10 months ago. The passage of time requires that the original article, which … (6 comments)
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short sale attorney: SHORT SALE AND FIRPTA TAX WITHHOLDING - IRS ISSUES PRIVATE GUIDANCE - 03/05/09 09:29 PM
Back around Christmas, 2008 I co-authored a blog with Miami tax attorney Shawn Wolf, Esq. on the issue of a FIRPTA transaction coupled with a short sale. The analysis showed that there were no specific IRS regulations and no rulings regarding a short sale transaction that was subject to FIRPTA. See FIRPTA and SHORT … (6 comments)
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short sale attorney: TENANT RIGHTS AND FORECLOSURE - A DISCUSSION OF SAFEGUARDS - 03/03/09 08:50 PM
The unintended victims of the foreclosure process are often the occupant of the home that is a tenant. The landlord is a borrower under a mortgage that has gone into default and is now being foreclosed. What is going to happen to the tenant as a result of the foreclosure? How … (9 comments)
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short sale attorney: MORTGAGE MODIFICATIONS TEND TO FAIL - 02/04/09 08:34 AM
Here is an interesting article from the Washington Post that describes the difficultiy many homeowners have with modified mortgages. See http://www.washingtonpost.com/wp-dyn/content/article/2009/02/02/AR2009020203163_pf.html
Some interesting statistics show that the avergage modification increases the principal balance. This is probably because some delinquency is added to the principal.
We just had a modification that changed … (12 comments)
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short sale attorney: LENDER SHORT SALE ACCEPTANCE LETTER EXAMPLES - READ WITH CAUTION! - 02/04/09 07:53 AM
What is a short sale? When giving lectures I like to use the definition as follows:
The sale of a real estate property for a price that is less than the total amount necessary to fully satisfy the actual present encumbrance (mortgage) indebtedness on the real estate property.
Often I see … (15 comments)
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short sale attorney: MULTIPLE SHORT SALE CONTRACTS AND HOW TO AVOID THEM - 01/31/09 09:09 AM
Why does it take 3.8 contracts to sell a short sale property? Why do Realtors insist on spinning their wheels and getting nowhere selling short sale properties?
My office handles a lot of short sale transactions and we work with Realtors on the short sale negotiation side of the transaction as … (12 comments)
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short sale attorney: TABLE OF CONTENTS - RICHARD ZARETSKY SHORT SALE ARTICLES - 1/27/2009 - 01/27/09 09:00 AM
Richard Zaretsky's Short Sale Blog Articles (copyright 2009) - A Monthly Updated Table of Contents of Articles by Richard P. Zaretsky, Esq
MOTION FOR SUMMARY JUDGMENT OF FORECLOSURE - DEFEATED! AND HOW I DID IT
Today I used a new technical defense to successfully defeat a motion for summary judgment for foreclosure and … (4 comments)
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short sale attorney: FORECLOSURE DEFICIENCY JUDGMENT or SHORT SALE PROMISSORY NOTE or BANKRUPTCY? - REVISITED - 01/27/09 08:43 AM
Whether to agree to a negotiated promissory note in a short sale or allow the house to go to foreclosure is one of the most discussed topics around. It deserves a simple comparison.
My previous article on this subject can be found at Negotiated Payback or Foreclosure Judgment Deficiency? Compared.
A … (23 comments)
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short sale attorney: FLORIDA REAL ESTATE MARKET CONDITIONS RELEASED TODAY - 01/06/09 06:05 PM
Today one of the state's largest title insurance underwriters release its 2009 Real Estate Forecast and Southeast Florida focus. To those of us that live here it is no surprise that the numbers are grim. To those outside of Florida the numbers are shocking! The report, issued by Attorneys Title Insurance … (7 comments)
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short sale attorney: FIRPTA and SHORT SALES - DANGEROUS LIABILITY TO BUYER AND CLOSING AGENT - 12/29/08 05:33 PM
SPECIAL UPDATE - SEE SHORT SALE AND FIRPTA TAX WITHHOLDING - IRS ISSUES PRIVATE GUIDANCE
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It is critical for Realtors, Buyers, Closing Agents and Lenders to understand the important issues of the short sale when applied to the Internal Revenue Code's Foreign Investment in Real Property Tax Act of 1980 … (8 comments)
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