short sale: 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)

short sale: Extension of the Mortgage Debt Relief Act? - 06/22/12 01:33 AM
All indications to this point are that this Act will be extended, but just like a real estate transaction, it’s not a done deal until the documents are signed.  If you take this incentive away from distressed homeowners, there is little doubt it will cause more people to walk away from their homes.  Many of our short sale clients benefit from this Act, and if it was not in existence, they may not have pursued the short sale at all.
What an Extension of the Mortgage Debt Relief Act Could Mean 04/27/2012 By: Esther Cho.
According … (2 comments)

short sale: Changes To How Short Sales Are Reported To Credit Bureaus - 05/23/12 01:39 AM
Apparently lenders are changing how they are reporting short sales to the credit bureaus.  Even though I am in "believe it when I see it" mode with this, it still provides some perspective on the mindset of mortgage holders when it comes to short sales. The article tells me that mortgage holders and loan servicers are realizing the true benefits of a short sale compared to foreclosure.  Some of the points in the article below are generalized and not entirely true across the board, but it does show that there are now even more reasons for distressed borrowers to pursue a … (0 comments)

short sale: Proposed Extension on Mortgage Debt Forgiveness (Short Sales) - 02/23/12 12:42 AM
This is a "no-brainer" if you ask me! It would have a very positive impact on those who complete a short sale on their mortgage. It keeps homeowners from having to pay income tax on the debt forgiven by their lender. This Act has been quite beneficial for those we've helped close short sales for over past few years. Obama Proposes Extending Tax Waiver on Mortgage Debt Forgiveness 02/15/2012 By: Krista Franks Brock, DS
Obama’s FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007.
The Act ensures that homeowners who received principal … (2 comments)

short sale: 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)

short sale: 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,   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)

short sale: 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)

short sale: Watch Out For Bad Short Sale Information - 04/10/11 05:34 AM
I felt inclined to vent today about how much BAD information there is out there regarding short sales. I hate to say it, but most of the bad information is coming from fellow real estate agents.  So many agents out there are claiming to be "experts" or "pros" at handling short sales because they have worked through one, maybe two, transactions.  They then base their opinions and advice about short sales in general on those one or two transactions.  Those of us who have successfully closed numerous short sales know that while the foundation of every short sale deal is the same, the … (4 comments)

short sale: Many People Having Trouble Making Their Mortgage Payments - 04/08/11 04:03 AM
My Take:  Unfortunately, this is just a sign of the times. While it can be embarrassing, frustrating and emotional, the important thing is to be proactive and seek ways to improve your situation. For many people who are having trouble with their mortgage(s), a short sale is the best option.

Poll: 22% of Homeowners Have Difficulty Making Mortgage Payments
04/05/2011 By: Heather Hill Cernoch
According to a new poll from the New York-based market research firm Harris Interactive, 22 percent of people with mortgages have difficulty making their monthly payments, and 7 percent have "a great deal of … (1 comments)

short sale: Government Issues New HAFA Guidelines - 04/08/11 03:53 AM
My Take:  Servicers just couldn't live up to the updated terms that became effective back in February, so the government has decided to modify things a bit. Still a good program for certain borrowers. 
Treasury Department Issues New Guidance for HAFA Short Sales
By Carrie Bay 04/07/2011  
The U.S. Treasury Department has released updates to the policy guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program, which provides additional options to homeowners who do not qualify for a federal modification and offers incentives to borrowers, servicers, and investors who utilize a short sale or deed-in-lieu to avoid foreclosure.
The … (0 comments)

John Verdeaux (Keller Williams Realty, Knoxville-West)

John Verdeaux

Knoxville, TN

More about me…

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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