knoxville short sales: Ten Facts About Mortgage Debt Forgiveness (Short Sales) - 04/09/13 04:04 AM
Click HERE to access a recent publication from the IRS that highlights some of the details of the Mortgage Debt Forgiveness Act. This is a must-read for those considering a short sale to sell their homes. 
"If you are a homeowner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income."
 
** Click HERE to find out if you qualify for a short sale in the Greater Knoxville, Tennessee area. **
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knoxville short sales: Knoxville Area Short Sale Experts - 03/13/13 06:23 AM
The Holli McCray Group @ Keller Williams Realty  (865) 291-0355
Knoxville's Area's Most Experienced Short Sale Team


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knoxville short sales: Government Extends the Mortgage Debt Relief Act - Short Sales - 01/02/13 06:45 AM
Congress and The House of Representatives both voted to extend the Mortgage Debt Relief Act of 2007 through 2013. This is fantastic news for borrowers who are in the midst of pursuing short sales. Under this Act, borrowers/homeowners who complete a short sale may be exempt from paying income taxes on any debt forgiven by their lender as part of the short sale approval.
"The mortgage industry can breath a sigh of relief with the final fiscal cliff deal bringing back a popular....debt forgiveness for borrowers who go through a short-sale or some other type of debt reduction."
CLICK HERE to … (1 comments)

knoxville short sales: Banks Offering Money to Borrowers to Complete Short Sales! - 07/20/12 07:09 AM
This is an absolutely fantastic program for B of A customers that qualify.  We just had a short sale client of ours qualify for $15,000 at closing.  Chase Mortgage is also offering a similar incentive program for some of their loans.  FHA and HAFA are two other programs where borrowers can qualify for a monetary incentive. Feel free to contact us to not only find out if you qualify for a short sale, but also to find out if you qualify for one of these incentive programs.  The Holli McCray Group: (865) 291-0355   Email    Our Website  BofA Offering Up to … (2 comments)

knoxville short sales: Proposed Bill To Speed Up Short Sale Process? (Short Sales) - 03/21/12 01:00 AM
Not sure government regulation is the answer here.  My question is, how would the government possibly enforce this?  Unless you provide a real incentive to the servicers to complete short sales in a more efficient manner, I don't think you can expect any change.  Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure By: Esther Cho, DSNews.com  
To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.

Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill … (1 comments)

knoxville short sales: Need For Defined Foreclosure Timelines (Short Sale) - 01/19/12 01:26 AM
  I get that the GSEs need to have policies in place to handle bad loans. If a borrower stops paying their mortgage, abandons the home and does not cooperate with their lender, then foreclosure is the best option. But how about adding a little rationale to handling those loans where the borrower is doing everything they can to avoid foreclosure and work with the lender? We had a few instances over the past year where we actually had a reasonable market value offer on a property and the GSEs opted to not postpone the foreclosure sale date instead of approve … (0 comments)

knoxville short sales: More than 1/5 of US Home Mortgages Underwater - 09/29/11 04:17 AM
A short sale is a great option for homeowners that need to sell their homes, but unfortunately owe more on the home than they can sell it for. Even those who ARE NOT delinquent on their mortgage can possibly qualify for a short sale. More Than One-Fifth of Mortgages Underwater: Report 09/13/2011 By: Phil Britt 10.9 million, or 22.5 percent, of all residential mortgages had negative equity at the end of the second quarter of the year, according to a report released Tuesday by the analytics firm CoreLogic. The figure is actually a slight improvement from the 22.7 percent of all … (0 comments)

knoxville short sales: Pre-Foreclosure Short Sales Jump 19% In Second Quarter - 09/17/11 12:59 AM
To us, this means 19% more people being helped to avoid a foreclosure and get out from under a very tough financial situation. Pre-Foreclosure Short Sales Jump 19% in Second Quarter 08/24/2011 By: Carrie Bay, DSNews.com   Short sales shot up 19 percent between the first and second quarters, with 102,407 transactions completed during the April-to-June period, according to RealtyTrac.
Over the same timeframe, a total of 162,680 bank-owned REO homes sold to third parties, virtually unchanged from the first quarter.

RealtyTrac’s study also found that the average time to complete a short sale is down, while the time it … (2 comments)

knoxville short sales: Mindset of Underwater Borrowers - 09/01/11 04:48 AM
Interesting information.  The article does give the impression that consumer confidence in the housing market and economy is shaky at best.  It seems pretty rational that a high percentage of borrowers who are "underwater" are delinquent on their mortgages.    The Financial Mindset of Underwater Borrowers: Survey 08/16/2011 By: Carrie Bay, DS News.com term ‘underwater’ has become common industry jargon in today’s marketplace of depressed home values and high loan balances, and it’s increasingly making its way into the everyday vocabulary of consumers. Twenty-six percent of mortgage borrowers now say they are underwater, meaning they believe they owe more on their … (1 comments)

knoxville short sales: Realtors Dissatisfied With Loan Servicers Regarding Short Sales - 08/23/11 10:56 AM
Quite honestly, we think the level of service provided by most of the large national lenders on short sale transactions has actually improved pretty significantly over the past 12 months. The same can't be said for the regional lenders in our area who we feel are the hardest to deal with and have the slowest response times.  An agent with the proper experience handling short sale transactions can overcome many of the shortcomings the loan servicers have.       Realtors Increasingly Dissatisfied with Servicers Regarding Short Sales 08/04/2011 By: Krista Franks , DSNews.com  
 
Realtors continue to be dissatisfied with … (2 comments)

knoxville short sales: Lenders Offer Monetary Incentives to Borrowers on Short Sales - 08/03/11 02:41 PM
Unfortunately, the percentage of borrowers these programs actually apply to is very small.  However, we did close on a short sale for one of our clients last month where they received $13,000 from Chase on a $54,000 sales price.  It definitely makes our job easier because the motivation for the seller/borrower tends to be pretty high.    Major Lenders Offering Perks on Short Sales By: Carrie Bay, DSNews.com The nation’s leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure – both in the form of monetary incentives for borrowers and streamlined procedures for real … (0 comments)

knoxville short sales: More Changes To How Fannie Mae Handles Short Sales - 06/07/11 09:48 AM
My Take:  Fannie Mae continues to make adjustments to how they handle foreclosure alternatives for borrowers. I like this move because it gives some power to the servicers to make decisions on those who are claiming they will be imminently delinquent.  This should hopefully speed up the short sale approval process.  Plus, we have more and more people are coming to us BEFORE they are behind on their payments and want to know if they can pursue a short sale.  Fortunately, the short sale option is becoming more well known to the general public and proactive homeowners are looking into it as a way to improve their situation … (2 comments)

knoxville short sales: Too Many Distressed Homeowners Don't Know About a Short Sale! - 05/27/11 04:25 AM
Based on data from RealtyTrac and NAR, more than 700,000 HOMEOWNERS FILED FOR FORECLOSURE AND NEVER LISTED THEIR HOME IN 2010. How many of those 700,000 homeowners could have been saved from foreclosure? This number was both shocking and sad to me.  Our goal this year is not only get this number down, but also to provide as much correct information as possible to help homeowners make the best decision they can when faced with a distressed financial situation.  A SHORT SALE IS A FAR BETTER OPTION than a foreclosure for the vast majority of people who find they can no … (3 comments)

knoxville short sales: Number of Successful Short Sales Continues To Grow - 04/27/11 04:55 AM
My Take: As the short sale option becomes more popular and well known throughout our real estate market, more distressed property owners are determining that it's a great option for them.  It is an "everybody wins" transaction. 
Industry Data Points to Record-High Level of Short Sales
04/25/2011 By: Carrie Bay
An industry study released Monday shows that nearly half of home sales activity last month involved distressed properties, a trend that is likely to continue as the backlog of foreclosures and mortgage defaults make their way through the pipeline. Within this distressed property segment, the market analysis shows a boom … (2 comments)

 
John Verdeaux (Keller Williams Realty, Knoxville-West)

John Verdeaux

Knoxville, TN

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Keller Williams Realty, Knoxville-West

Address: 5616 Kingston Pike, Suite 201, Knoxville, TN, 37919

Office: (865) 694-5904

Fax: (865) 291-0355



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