I’ve been hearing short sale stories on the ground from many realtors. The successes and failures run the gamut from three week closings to nightmares such as this one. I always feel that we should try our best for a loan modification or a short sale because approvals do come in. However, [...]
New revised rules under HAMP decree that beginning June 1, servicers are prohibited from foreclosing on a borrower until the borrower has been fully evaluated and their loan modification eligibility determined under HAMP. Servicers will be required to send borrowers a foreclosure process explanation letter detailing the eligibility consideration process and advising borrowers to pay [...]
After seeing the dismal failure of HAMP, this real estate attorney is skeptical. I hope I’m wrong. At least this plan offers the cash incentive ($3,000) to the homeowner instead of to the lender. Wait a minute, is that going to help matters? What is the lender’s incentive in this plan? [...]
Tenants are usually the last to find out when the property they occupy gets foreclosed upon. A landlord has no legal obligation to inform their tenant of an impending foreclosure. However, I can speak to the rights of a California tenant caught in such a situation, and the news is quite good.
1. [...]
One of the most overlooked areas of mortgage debt assistance is the tax consequence. General rule is that forgiveness of debt is considered taxable income. However, there are a few exceptions that have been carved out for mortgages which are important to note:
Straight from the IRS website:
Straight from the IRS website:
1. Normally, debt [...]