short sale: Bank of America Approved the Short Sale -- Peel Me Off the Floor - 03/24/08 06:59 AM
I just about fainted this morning when Tony called me from Bank of America. He found the misplaced paperwork. He said the short sale has been approved. He went on to say he is handling 400 files and is swamped. He also said he had the option of approving a lower commission, but he approved the higher percentage. I started to feel very dizzy.
It's fabulous news that the sale is moving forward now. Tony called the seller to explain there will be a judgment situation, and apparently Bank of America will negotiate the unsecured promissory note separate from the short-sale … (31 comments)

short sale: Bank of America Says If It Goes to Foreclosure, It Goes to Foreclosure. So What? - 03/22/08 04:50 AM
I have a seller who wants to pay Bank of America the shortfall difference on a short sale, but B of A says let it go to foreclosure. We don't have time to talk about it.
I realize that many agents are struggling with short sales right now. Because the system is screwed up, and some banks in particular are almost impossible to work with. Bank staff are overworked, probably underpaid and buried in paperwork. I tell my buyers to throw out the short sale listings they get from me, because they're not worth the effort. Buyers can purchase a home … (176 comments)

short sale: Foreclosure and Short Sale Taxes - 12/24/07 12:29 PM
With the recent passing of the Mortgage Forgiveness Debt Relief Act of 2007, many home sellers are wondering if they will be required to pay taxes on the amount of forgiven debt arising from a foreclosure or a short sale. One of the provisions of this act requires that the home be a primary residence to be exempt. Another is the loan(s) must be purchase money, meaning money used to buy the home. It does not apply to hard-money loans or refinances, which may carry personal liability. Also, investors are not exempt from taxation for mortgage relief. So, if you have … (9 comments)

short sale: Bill Passes Senate to Help Sellers in Foreclosure Avoid Taxes - 12/18/07 04:54 AM
The Senate passed The Mortgage Cancellation Relief Act of 2007 (S. 1394) on December 14. Under existing IRS regulations, banks can give sellers a 1099 for the amount of debt forgiven in a foreclosure or short sale, and that amount is taxed as ordinary income. If this bill passes the House and is signed by the President, it will remove taxation on mortgage debt relief up to $2 million on a primary residence. If approved, this bill would temporarily stop taxation for three years.
Plenty of home sellers are watching this bill, because it could mean relief for thousands who have already … (2 comments)

short sale: Relief Offered for CA Home Owners With Adjustable Rate Mortgages - 11/21/07 02:44 AM
Governor Arnold Schwarzenegger has made a deal with four California lenders who have made subprime loans with adjustable rate mortgages. The four lenders are:
Countrywide FinancialGMAC MortgageLittle Loan ServicingHomeEq ServicingThese lenders represent more than 25% of subprime loans in our market. It's a voluntary program. The lenders have agreed to freeze interest rates on adjustable-rate mortgages through a loan modification program. However, it won't help home owners who are already in default. 
The qualifications are:
The home must be owner occupiedAll payments must be currentThe home owners must prove they cannot afford a rate increase It's better than a poke in the eye with … (2 comments)

 
Elizabeth Weintraub Sacramento Broker, Put 40 years of experience to work for you (Elizabeth Anne Weintraub, Broker)

Elizabeth Weintraub Sacramento Broker

Put 40 years of experience to work for you

Sacramento, CA

More about me…

Elizabeth Anne Weintraub, Broker

Address: 3620 Fair Oaks Blvd, Sacramento, CA, 95864

Office: (916) 233-6759

Mobile: (916) 233-6759

Broker-Associate at RE/MAX Gold, Midtown and Sierra Oaks Sacramento office. Co-partner Weintraub & Wallace Realtors. Selling since 1974. Homebuying expert at The Balance. Weintraub & Wallace sells homes from Galt to Lincoln.
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Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying expert for The Balance, a Land Park resident, who specializes not only in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento but sells extensively from Elk Grove to Lincoln. Weintraub is prominently known as the #1 Sacramento Short Sale agent throughout the Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 40+ years of real estate experience to work for you.



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