overland park short sale realtor: Overland Park Short Sales: Will I Owe Income Tax After A Short Sale?
- 01/05/11 09:31 AM
Overland Park KS – This is one of the first questions potential short sale sellers ask us. “I heard of something called “forgiveness of debt income and that it is taxable. How does that work?” they ask. The following article is my personal opinion only. I recommend that you consult with a competent legal or tax professional before moving forward with a short sale. In most cases the answer is that a short sale will usually not cause you to owe income tax. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. It used … (1 comments)
Overland Park KS – We get this question a lot from people. “I am upside down and need to move. I would like to buy another home. Can I do that?” they ask us. Today they can. FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home at today’s reduced prices. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The home you purchase would have to meet FHA’s standard lending … (1 comments)
overland park short sale realtor: Overland Park Short Sales: Saint or Sinner?
- 12/14/10 02:42 PM
Typical Abandoned Real Estate Overland Park KS– The New York Time had an interesting article about one man’s mission in the fight to stop foreclosure. According to the article, Mark Guerette, attempted to make use of all the empty, abandoned houses he saw. I get frustrated when I see homes sitting empty for months and months. “Those homes should be put to good use!” I thought to myself. It bugged me that homes would sit empty for months and even years at a time. The lawn would become overgrown. A window might leak. Or, vandals would break the windows. Rain … (0 comments)
overland park short sale realtor: My Realtor hasn't talked to me about a Short Sale & I'm not even getting a showing. I think I might be upside down. What do I do?
- 12/14/10 02:32 PM
Overland Park KS - The Stop Foreclosure Institute recently received a question from Jennifer. She is having a hard time selling her home. “I have had my house for sale for a little while, but it hasn’t sold. No buyers have come to look at it. At first I thought the price was fair. But, now that no one has come to see the home, I am beginning to realize that I am upside down. My realtor hasn’t talked to me about a short sale. What should I do?” Jennifer asked. Discover how other sellers successfully did a short … (0 comments)
overland park short sale realtor: Overland Park Short Sales: Getting divorced, neither can afford, what to do?
- 12/10/10 09:03 AM
Overland Park KS - In this case I would recommend you sell the house. Now, if you are reading this blog, then you must be researching a short sale. Which means that you are probably upside down on the home. You have three options. Option #1: Let your lender foreclose on the home. You just stop making the payments and surrender the home to your lender. Option #2: Short Sale the house and get the debt wiped out. A short sale offers the following benefits over a foreclosure. Issue: Can I get a Future Fannie Mae Loan? Foreclosure: The current Fannie … (0 comments)
Overland Park KS - Maybe this is a pet peeve of mine. Or maybe it just seems ridiculous that someone would call a debtor over and over again asking to be paid, when they have already been told the debtor doesn't have the money to pay them. Or maybe it is the fact that I see countless examples of debt collectors breaking the Fair Debt Collection Practices Act. But, no one seems to care that they are breaking the law. The Fair Debt Collection Practices Act forbids collectors from threatening to sue you, but then not following thru and … (0 comments)
overland park short sale realtor: Overland Park Short Sales: The Banker's Bill of Rights
- 12/08/10 08:36 AM
Overland Park KS - If homeowner's have a bill of rights, then bankers must have one as well. We decided to put together the Banker's Bill of Rights. That way they wouldn't feel left out. Let me know if we should put this together and petition congress to add it to the constitution.
The Banker's Bill of Rights. 1. All Bankers have the Right to make any mistake they want and still get bailed out by the American Taxpayer. They can fiddle around with complex derivatives with no risk to themselves or the bank they run. When they … (0 comments)
overland park short sale realtor: The Homeowner's Bill of Rights
- 12/06/10 08:29 AM
Overland Park KS - The big banks made mistakes and received a bailout. They have the resources to lobby congress and the courts to have laws written to suit them. But, what has the little guy received? Nothing. So we decided to put together a Homeowner's Bill of Rights. It's time we had Washington look at what we want, versus taking care of the big banks. Considering that the big banks have way more rights than the little guy, here is what we think should be done to "level the playing field." The Homeowner's Bill of Rights. 1. Stop … (0 comments)
overland park short sale realtor: Question from Homeowner: Why would I do a Short Sale instead of saving the monthly payments & letting it go?
- 12/04/10 04:05 AM
Overland Park KS - The Stop Foreclosure Institute recently received a question from Christy. “Why would I do a short sale instead of saving the monthly payments and letting it go into foreclosure?” Christy asked. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer. If you stop paying your mortgage, then you can live in your home rent free for 12-24 months, depending on the state you are located within. I have seen lenders wait a year after the first missed payment just to file for foreclosure. Yes, … (3 comments)
overland park short sale realtor: Citizen's "Wiki Leak": Large Bank causes investor to lose an estimated 40k thru incompetence
- 12/03/10 03:10 AM
Overland Park KS - Wiki leak's Editor, Julian Assange, recently said he would be releasing documents on a large US Bank. We decided to beat him to it and release some information on how a large US Bank caused their client to lose an estimated 40k because of their incompetence. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. This is a house that we drive past every day on my way to work. We noticed that it look abandoned. We looked up the owner to see if they might want to sell … (2 comments)
overland park short sale realtor: Overland Park Short Sales: A Few Examples of Loan Servicers Not Doing Their Job
- 11/29/10 04:56 AM
Overland Park KS - Most people think the person they mail their mortgage payment to every month is the owner of their loan. Not so. In fact, most of the time, they are not the owner. As an example, 80% of all loans that Bank of America handles are not owned by Bank of America. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The largest owners of US mortgages are two companies that some would allege are owned by Uncle Sam. They are Fannie Mae and Freddie Mac. They own an estimated 55-60% … (1 comments)
overland park short sale realtor: The specific damages a foreclosed homeowner might ask to be compensated for by their lender after a rejected short sale
- 11/24/10 04:19 AM
Overland Park KS - I am following up on a question from Arman. His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. When you get in front of a jury and show how this company’s negligence caused Fannie Mae to lose $15,000 (what I project they will lose) and that it hurt him as well, the jury will award damages in a heartbeat. Here are some of the damages … (0 comments)
overland park short sale realtor: Overland Park Short Sales: Are homeowners able to sue their lender for damages after a foreclosure?
- 11/23/10 11:04 AM
Overland Park KS - I am following up on a question from Arman. His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is a quick recap of what I recommended Arman do. Step #1: Call up IBM and demand a written letter explaining why they are declining the short sale offer. Step #2: Write down what you project your damages are going to be if the property … (0 comments)
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