Misc News

Please go to my page read my intro.....Thanks...Look forward to hearing any advice. Chicagorealestate773 thats me

Chow
Will

Please go to my page read my intro.....Thanks...Look forward to hearing any advice. Chicagorealestate773 thats me

Chow
Will

Please go to my page read my intro.....Thanks...Look forward to hearing any advice. Chicagorealestate773 thats me

Chow
Will

"There are no lazy men. What may appear as a lazy man is only an unfortunate person who has not found the work for which he is best suited." -- Napoleon Hill

If you are familiar with the IRS their perspective is that if you recieved any monetary gain you are to report that gain to the IRS. In the realm of short sale the federal government did pass the mortgage forgiveness act in 2007 that did bring relief to homeowners that were in the position of having to report this "gain" to the IRS. The Obama administration has extended this program that would deny a lenders ability to pursue a homeowner with a 1099 for the "gain" they recieved as a forgiveness of a loan. This is for a homeowners primary residence only. I hope that this information helps!

HAFA is a part of HAMP. HAFA stands for Home Affordable Foreclosure Alternatives. This is intended to provide financial incentives for lenders, loan servicers and borrowers to participate in a short sale and to help home owners avoid foreclosure. This program is designed to minimize the vacant property problem caused by our nations foreclosure problem. These vacant properties have a higher liklihood of being vandalized which raises the probability of crime even the best neighborhoods!

You can view this entire article at www.loansafe.org. This information is critical for people who are in danger of loosing their home. This will be welcome news to anyone that is in these particular states. I feel that this information can definitely be of assistance to anyone who is working in the foreclosure arena.

One way to identify potential short sale properties is when the mortgage holder sends a Notice of Default. But this document is public information, so many other real estate investors may be in contact with the owner seeking to arrange a short sale.
Just like in a regular foreclosure, you can find this information, and in the early days of the preforeclosure period many buyers may be willing to consider a short sale. Of course, you need to convince the lender and not just the current owner.

The main problem is trying to identify the properties where the owner of the property is behid on payments but the lender hasn't filed a Notice of Default.
Some companies specialze in assisting homeowners who know they'll have difficulty in making their mortgage payments, they work with the owners and the lenders to try and make a loan modification or alternative payment plans. These attemps may be successful, but many times they aren't, and they provide one source for identifying owners who are short-sale candidates.

The main problem is trying to identify the properties where the owner of the property is behid on payments but the lender hasn't filed a Notice of Default.
Some companies specialze in assisting homeowners who know they'll have difficulty in making their mortgage payments, they work with the owners and the lenders to try and make a loan modification or alternative payment plans. These attemps may be successful, but many times they aren't, and they provide one source for identifying owners who are short-sale candidates.