Real estate blog entries tagged with deficiency

Blog entries tagged with "deficiency":

deficiency: Are Short Sales more difficult? - 07/17/08 08:32 PM

I got a call from a Realtor today and he had a question concerning short sales. Let me give you a little insight first. The Realtor I refer to is proficient in short sales and so he has been around the block with how to handle mitigators. His question was, are … (5 comments)

deficiency: What are recourse and non-recourse loans? - 07/17/08 02:01 PM

When it comes to lenders being able to go after a homeowner for a deficient balance, in the state of California all types of loans can be defined in two categories; recourse or non-recourse loans. Recourse loans are loans where the lender has the right to collect any deficient balance, while … (0 comments)

deficiency: What is a "Deficiency Judgement?" - 07/08/08 08:28 PM

In yesterday's blog I promised to come back to this one!
If you default on your home loan and the bank takes it back through foreclosure, they will then sell it to try and recover as much of the loss as possible.
Contrary to the thoughts of some, seldom do banks … (4 comments)

deficiency: What is a foreclosure deficiency judgment mean in Florida? - 06/03/08 07:43 PM

If there is no equity in the property, then it will most likely produce a result where the sale of the property will not be sufficient to pay the entire loan balance in full. This remaining balance after the sale is what is commonly known as the ‘deficiency.' The lender's are … (4 comments)

deficiency: Back to Basics - a Review on Short Sales - 05/04/08 07:42 PM

Short Sale Primer - Back Room Lender Decisions
A Primer -
Short sales are nothing new. When I represented a national lender for all of their foreclosures in the State of Florida several years ago, we negotiated "loan workouts" which are now called "short sales". Since they have been around so long, I … (59 comments)

deficiency: SHORT SALE PRIMER - REVIEW OF THE BASICS - 05/03/08 09:09 PM

deficiency: Foreclosure, how does it work? - 04/28/08 03:58 PM

When you are late making mortgage payments because you are having financial trouble, the first thing that happens is the lender will send you a letter asking you to make your payment. Generally, it is ignored because you can't pay it. When letters don't work, the lender then will begin calling … (0 comments)

deficiency: SELLERS ALWAYS HAVE INCOME FROM A SHORT SALE / DIL / AND MAYBE A FORECLOSURE - 04/16/08 05:20 PM

CANCELLATION OF DEBT INCOME - WHAT IF THERE IS NO 1099?
When DON'T you have to report forgiven debt as income?
One of the biggest issues that potential short sellers and those in foreclosure ask me is whether they have to get a 1099 for any forgiven debt from their lender. Without a … (23 comments)

deficiency: CALLING ALL ETHICAL LOAN OFFICERS - HELLO? ANYONE THERE? - 04/09/08 09:23 PM

Calling All Ethical Loan Officers - Hello? Anyone There?
Every day I field questions about short sales, foreclosures and real estate investing. I represent developers, lenders, buyers, sellers, the sharks and the lambs. All have different work for me and all need different solutions. Today a call came in that was as … (9 comments)

deficiency: Short Sale Investment Properties...The straight through title deal! - 03/05/08 08:43 PM

The short sale foreclosure business seems like a smart place to start when looking to enter the investment properties business, but is it? Being an investor for many years before I started my career as a Realtor, and seeing the business from both sides, I'm not sure that it's something worth … (8 comments)

deficiency: Countrywide Update! Short Sale Data - 01/23/08 01:34 PM

Short Sale Realtors,
I just hung up with the VP of Loss Mitigation for Countrywide. The update is as follows:
They are now at over 300 short sale applications per day. As of January 18th.This has grown from 150 applications per day as of December 23rd, 2007.
Although some applications are investors attempting low-ball offers, she thanked … (64 comments)

deficiency: Lenders struggle to deal with pre-foreclosure overload. - 01/10/08 11:09 AM

FRANK WIBLE //Turnersville, NJ// For more than two years, unpleasant surprises and market rumors have continued to create mayhem in the real estate market. Government agencies, although ambiguous, have announced repeated solutions for homeowners facing foreclosure; however, are lenders prepared to provide this support?
Countrywide Homes Loans, the largest lender in the … (2 comments)

deficiency: Countrywide says it's not filing for bankruptcy - 01/08/08 04:31 PM

Countrywide says it's not filing for bankruptcy as shares slump5:10p ET January 8, 2008 (MarketWatch) SAN FRANCISCO (MarketWatch) -- Countrywide Financial Corp. said Tuesday that it's not filing for bankruptcy as speculation swirls about the mortgage lender needing billions of dollars in extra cash to survive.
Shares of Countrywide slumped 28% … (8 comments)

deficiency: Short Sale Tip for Agents. - 01/06/08 06:53 PM

Maybe everyone already does this, maybe not. I just figured I would throw it out there and it may help some agents doing their own short sale work. I seem to get a much faster response and have an Loss Mit rep assigned a lot faster when I put the following … (9 comments)

deficiency: Many Lenders Now Asking for Full Deficiency Note! Sudden Change? - 01/06/08 09:02 AM

THIS IS AN ANSWER I POSTED FOR ANOTHER BLOG. I JUST POSTED IT HERE BECAUSE I'M LOOKING FOR ADDITIONAL FEEDBACK...
Refinanced money, depending on how long ago, how many payments they made, all matter to the investor and the outcome of the deal. Also watch out for loans with MI (mortgage insurance), they all … (0 comments)

deficiency: Potential Home Buyers Don’t Let a Short Sale Scare You Off - 10/31/07 02:26 PM

So you found a house you like and the price is good, but it's a SHORT SALE. Now what?
I find home buyers shriek in terror. They think of every negative of "what could go wrong". But what if it goes right?But let's be positive about buying a short sale property.
1) A … (0 comments)

deficiency: short sales, deficiencies and 1099s question from a realtor - 10/09/07 02:23 PM

There were some comments to one of my earlier blog entries on short sales.
Comment 1:
A real estate short sale is when you owe more than your properties currently valued but you need to sell. You find a buyer and negotiate with the lender to approve the sale (a short sale). … (3 comments)

deficiency: Assessing the exposure to a tax liability - 09/23/07 08:03 AM

When a short sale candidate is uncomfortable with unknown tax consequences which may result from "income" arising from forgiven debt, I know of and recommend a CPA who will perform an 'insolvency" analysis pursuant to IRS rules... which can assess the exposure to tax liability resulting from a preforeclosure short sale, and/or … (2 comments)

deficiency: Real Estate Short Sale law? - Full and final Settlement? - 09/22/07 09:18 PM

If you type short sale into google - you will see the ads from all of the short sale advisors and short sale realtors out there. One statement you consistently see is - a short sale enables the borrower to avoid a deficiency because it is a full and final settlement … (12 comments)

deficiency: Short Sales (Part 1 of 3) - 08/31/07 04:13 PM

What is a Short Sale? A short sale is when a house is sold and the lien holder agrees to take less than what was owed at time of sale. This is always done when a home is in Foreclosure or Pre-foreclosure. There are a few requirements for a home to … (6 comments)

deficiency: Short sale doesn't necessarily fall in line - 07/31/07 03:03 PM

Here we are trying to be Ministers of the American Dream (read Ralph Odierna blog today). These short sale sellers are crying out to us to put an end to their nightmare.
My latest attempt to help get a seller past one of these ended in upsetting my investor buyer to … (0 comments)

deficiency: California Foreclosures and Deficiencies Balances - 07/21/07 06:15 PM

California Foreclosures and Deficiencies Balances by John Occhi, Hemet CA REALTOR Mission Grove REALTYI just received an email from a member of the public, Reid Pi*zz* who found Brad Andersohn's post The California Foreclosure Process & Timeline.
Reid is in a jam and on top of that his wife … (10 comments)

deficiency: Help your client avoid foreclosure! - 06/25/07 06:15 PM

I recently attended a seminar sponsored by the REBAC (Real Estate Buyer's Agent Council) of NAR (National Association of Realtors) titled 'FORECLOSURE OPPORTUNITIES FOR BUYER-CLIENTS." This course is approved as an elective for the ABR (Accredited Buyer Representative). Although geared to present us with opportunities for our buyer clients, I was … (2 comments)

deficiency: What is a short sale? (from www.barkerblog.com) - 06/04/07 03:42 PM

What is a short sale?
With the increase in foreclosures lately you may have heard the term "short sale" and wondered what it was. A short sale is when the lender will accept less than the full amount due on a mortgage when a property is sold. Usually, the lender will … (7 comments)