short sale: RECOVERY IN 2009???
- 01/08/08 01:23 PM
CNN posted this article today on the "housing meltdown" and that price rebound will get a full year under its belt until 2009. CNN ARTICLE I don't know if this is really new news. On AR we have been seeing this statement for months in various blogs, and my own opinion in South Florida is that we are about 1 or 2 quarters from seeing pricing "scrape across the bottom" for another quarter or two, and then begin to rebound. An article by Fishkind, a Florida real estate consultant guru, released a report today (I have not read the whole report) that had … (5 comments)
short sale: Foreclosures Triple - AGAIN!?!
- 01/02/08 11:25 PM
Another article in the Palm Beach Post this morning says that foreclosures here have tripled from the same period last year. It also says that the important "ratio" of home price to household income is double what is considered affordable and normal. In Palm Beach County foreclosure rate is a STAGGERING 1 in 45 homes!!!!! Yes that is staggering! The number on a national scale is 1 in 617. The article is titled PALM BEACH COUNTY FORECLOSURES TRIPLE, and is by Post reporter Linda Rawls. I last wrote a blog on foreclosures tripling on December 20 and there said that the Post reported a tripling … (4 comments)
short sale: SHORT SALE TRILOGY
- 01/01/08 12:05 PM
We get at least one call a day at my office on short sales. It is really amazing how many people - professionals as well as potential sellers - do not even know what the term "short sale" means. This blog assumes you have actually worked a short sale already -- if you have -- or if you are curious -- read on! For the short sale to work I like to think of the process as the coupling of a trilogy. #1 - you need to have the Seller who can no longer (maybe never could in the beginning too!) afford … (3 comments)
short sale: SHORT SALE TRILOGY
- 01/01/08 12:04 PM
We get at least one call a day at my office on short sales. It is really amazing how many people - professionals as well as potential sellers - do not even know what the term "short sale" means. This blog assumes you have actually worked a short sale already -- if you have -- or if you are curious -- read on! For the short sale to work I like to think of the process as the coupling of a trilogy. #1 - you need to have the Seller who can no longer (maybe never could in the beginning too!) afford … (0 comments)
short sale: SHORT SALE TRILOGY
- 01/01/08 12:03 PM
We get at least one call a day at my office on short sales. It is really amazing how many people - professionals as well as potential sellers - do not even know what the term "short sale" means. This blog assumes you have actually worked a short sale already -- if you have -- or if you are curious -- read on! For the short sale to work I like to think of the process as the coupling of a trilogy. #1 - you need to have the Seller who can no longer (maybe never could in the beginning too!) afford … (1 comments)
short sale: Mortgage Forgiveness Debt Relief Act of 2007- Another Look
- 01/01/08 04:15 AM
I have been getting a lot of calls and emails about the Mortgage Forgiveness Debt Relief Act of 2007. The new law became effective today, and applies to 1099's on short sales or foreclosures retroactive to January 1, 2007. Before the Act was passed, one of the rewards for a homeowner helping the lender keep the home out of foreclosure and minimizing the enevitable monetary loss to the lender, was that the homeowner at the end of the process was saddled with a huge income tax bill compliments of a Form 1099 unearned income statement. For detailed information and the text … (2 comments)
short sale: MORTGAGE RELIEF ACT - CHRISTMAS PRESENT TO PRIMARY HOMEOWNERS
- 12/24/07 06:40 AM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007. For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income. You see, borrowing money is not taxable as income. But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my … (7 comments)
short sale: FORECLOSURES UP 68%
- 12/19/07 09:52 PM
Foreclosures up 68% !!!!!!!!!!!!!!!!!!!! Latest Report From AP - Florida near the TOP of foreclosure list - Here is today's AP article on Foreclosures Nationwide -- its the daily dose of depressing news http://www.palmbeachpost.com/business/content/business/epaper/2007/12/19/1219foreclosures.html Our phone rings daily with brokers and sellers needing help with the short sale process. Sometimes we can help and avoid the short sale or any sale at all -- it takes patience and having plenty of information on the owner's finances and the property value. But it is getting to be like putting a finger in the dike................. Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES … (3 comments)
short sale: Foreclosures Triple - What's Next?
- 12/12/07 11:43 PM
In a report issued today from the Palm Beach Post, Palm Beach County had 1 foreclosure filed for every 371 homeowners. Surpassing that was St Lucie County with 1 for every 306 households. The October average for Florida was 1 in 273 (new filings for foreclosure). Prices for homes in Palm Beach, Martin and St. Lucie counties have been dropping precipitously in recent months. But homeowners have mostly tried to hold on to boom-time prices, hoping for a turnaround - or at least for things to stabilize. For too many, however, holding on to a mortgage they can't afford in hopes of a … (9 comments)
short sale: FORECLOSURES TRIPLE - What's Next
- 12/12/07 11:36 PM
In a report issued today from the Palm Beach Post, Palm Beach County had 1 foreclosure filed for every 371 homeowners. Surpassing that was St Lucie County with 1 for every 306 households. The October average for Florida was 1 in 273 (new filings for foreclosure). Prices for homes in Palm Beach, Martin and St. Lucie counties have been dropping precipitously in recent months. But homeowners have mostly tried to hold on to boom-time prices, hoping for a turnaround - or at least for things to stabilize. For too many, however, holding on to a mortgage they can't afford in hopes of a … (4 comments)
short sale: 'Tis the Season Doldrums?
- 12/05/07 01:28 PM
Tonight marked a threshold for me - I actually finished returning the phone calls that were just plain backed up because - well there were too many phone calls! The problem was the calls I returned were more than 7 days old. I realize that some of this is "time management", but I have taken the courses and can allocate my time. The point I am trying to make is that the "Doldrums" have not yet set in for this holiday season. In fact, the closer to the long weekend, the more the calls -- like I can get it all done … (2 comments)
short sale: WHO CONTROLS THE SHORT SALE?
- 11/13/07 01:59 PM
WHO CONTROLS THE SHORT SALE? Who Controls the Short Sale? In this environment of the short sale it seems apparent that the bank controls the sale. Some might say the buyer controls the sale. My opinion is that both statements are primarily incorrect. The seller owns the house. The seller must sign the contract. The seller must sign the deed. Of course, if the seller can't sell and the bank forecloses, then the bank will likely have the REO and the sale is now with them - as the new owner. The issue is that the bank is the "reluctant" owner. … (3 comments)
short sale: TAX DEEDS - COURT DEVELOPMENTS NIX SALE!
- 11/13/07 01:55 PM
Tax Deed purchases are popular in many states as a way to acquire real estate at truly rock bottom prices. Generally a tax deed purchase is first in line after just a few significant "super" lienholders: (1) God, and (2) Code Enforcement Liens. Practically all others having an interest in the property are wiped out in a tax deed sale. Past practices for advertising a tax deed sale - a situation where the real estate taxes remain unpaid on the parcel for a certain period of time (which varies from state to state) allowed some administrative agency, usually the tax collector or the … (0 comments)
short sale: TAX DEEDS - COURT DEVELOPMENTS CAN NIX SALE!
- 11/13/07 01:54 PM
Tax Deed purchases are popular in many states as a way to acquire real estate at truly rock bottom prices. Generally a tax deed purchase is first in line after just a few significant "super" lienholders: (1) God, and (2) Code Enforcement Liens. Practically all others having an interest in the property are wiped out in a tax deed sale. Past practices for advertising a tax deed sale - a situation where the real estate taxes remain unpaid on the parcel for a certain period of time (which varies from state to state) allowed some administrative agency, usually the tax collector or the … (0 comments)
short sale: TAX DEEDS - NEW COURT DEVELOPMENTS COULD NIX MANY SALES!
- 11/13/07 01:35 PM
Tax Deed purchases are popular in many states as a way to acquire real estate at truly rock bottom prices. Generally a tax deed purchase is first in line after just a few significant "super" lienholders: (1) God, and (2) Code Enforcement Liens. Practically all others having an interest in the property are wiped out in a tax deed sale. Past practices for advertising a tax deed sale - a situation where the real estate taxes remain unpaid on the parcel for a certain period of time (which varies from state to state) allowed some administrative agency, usually the tax collector or the … (3 comments)
short sale: Who Controls the Short Sale?
- 11/11/07 11:38 AM
In this environment of the short sale it seems apparent that the bank controls the sale. Some might say the buyer controls the sale. My opinion is that both statements are primarily incorrect. The seller owns the house. The seller must sign the contract. The seller must sign the deed. Of course, if the seller can't sell and the bank forecloses, then the bank will likely have the REO and the sale is now with them - as the new owner. The issue is that the bank is the "reluctant" owner. The bank has already determined (by working with the seller … (7 comments)
short sale: LOW BALL SHORT SALES - PLAYING THE ODDS?
- 11/11/07 11:37 AM
Short Sales are the buyer road to riches - if you believe the promo advertising that is all over the place. But the road is not a short one nor is it a smooth one. It is best covered with professional help and guidance. The buyer attempts to get the bank to give up gads of lost equity is the goal of the short sale investor. The question is how much is the bank going to give up and how much will the seller think reasonable (if the seller has any economic ability to still influence the sale). Let's talk about two important issues: the low ball … (0 comments)
short sale: BORROWERS FACING FORECLOSURE OFTEN OVERPAY - STUDY FINDS
- 11/09/07 01:44 AM
Is our system of foreclosure out of control? Are the banks acting fiduciarily to their borrowers in the loan management process - are they requred to? Here is an interesting article from this week thanks to the American Bar Association - Your comments on this site are welcome! http://www.abajournal.com/news/borrowers_facing_foreclosure_often_overpay_study_finds Richard Zaretsky, Esq., Richard P. Zaretsky, P.A., rpz99@florida-counsel.com 1655 Palm Beach Lakes Blvd, Suite 900, West Palm Beach, Florida 33401
… (1 comments)
short sale: Recent news article from South Florida on Short Sales
- 11/03/07 08:14 AM
Here is a recent South Florida news article link - on short sales: http://www.dailybusinessreview.com/news.html?news_id=45571 Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@FLORIDA-COUNSEL.COM - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW
… (1 comments)
short sale: SHORT SALES AND IRS LIENS
- 11/03/07 06:21 AM
SHORT SALES AND IRS LIENS This being my first blog entry, I figured to talk about something simple. In my law practice we see a lot of short sales. Indeed, we offer a service to Realtors and Sellers to process their short sale material with the lenders (without the downward pressure and lowball influence from an investor handling the process). I have worked statewide with lenders - visting their loss mitigation departments and sitting in on committee meetings. Knowing the process is key knowledge to improving the percent of short sale lender approval. Now that you have the approval, what … (4 comments)
Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
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CNN posted this article today on the "housing meltdown" and that price rebound will get a full year under its belt until 2009. CNN ARTICLE
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