Many homeowners that want to short sale their properties are misinformed, thinking that they can not escape the 1099-C tax, and must pay the Internal Revenue Service a capital gains tax on the forgiven debt, under a 1099-C (C stands for cancellation of debt). The 1099-C is a form required by the Internal Revenue Services and […]
For homeowners who are lucky enough to have equity, and no longer wish to make mortgage payments, a Reverse Mortgage may be the answer. A reverse mortgage is a special type of home loan that allows homeowners to convert the equity that they have acquired in their home over the years and turn it into cash. […]
Why do more and more attorneys charge homeowners a monthly fee to defend their foreclosures and do little to earn their trust or save their home? The practice has been frowned upon by agencies and the motives behind such actions called into question as unethical. “In my law practice, I find more and more homeowners […]
Governor Rick Scott signed a bill that aims to move foreclosure through the court system more quickly, but some homeowners are weary that this will strip them of crucial rights they have as homeowners and mortgagors. House Bill 87 places on the Plaintiff/Bank, the responsibility of filing cases with a clear “chain of ownership” of […]
At the end of last year, with homeowners on pins and needles, the government extended the Home Affordable Foreclosure Alternatives (“HAFA“) program through December 31, 2013. This was great news for homeowners that had pending short sales or who were looking to get into a short sale at the beginning of the year. Now, as […]
THE EXPANDED HOME AFFORDABLE REFINANCE PROGRAM, NICKNAMED HARP, HAS BEEN USED BY MORE HOMEOWNERS IN THE PAST 6 MONTHS THAN IN ALL OF 2011. The Obama Administration and the housing regulator, FHFA, revamped HARP to allow homeowners with loans backed by both Fannie Mae and Freddie Mac, and who are current on their mortgages to […]
June 12, 2013 Jacqueline A. Salcines, Esq. It appears that all these penalties to lenders for failing to modify borrowers’ loans is finally doing homeowners some good. The Streamlined Modification program is really taking off and really working to assist borrowers. The Freddie Mac Streamlined Modification program provides remedies to seriously delinquent borrowers that may not qualify […]
Many homeowners, and realtors alike (offering short sale advice to their clients), are unaware that a short sale on a primary residence in Florida, will result in a complete forgiveness of debt to the homeowner seller. The American Taxpayers Relief Act of 2012, which extended the Mortgage Forgiveness Debt Relief Act through December 31, 2013, […]
This is the first of an informational series to provide Seller and Buyers alike with the necessary tools and know-how to make their sale or purchase of real estate a smooth transaction. I hear it often from clients. This real estate business is so stressful. Should you sell now with property values rising? Should the […]
If you are like many out there that are struggling to make your mortgage payments and have an FHA loan, there is good news. The government has rolled out a new program that Pre-Approves Short Sale prices for homes where the loans are backed by FHA. In order to qualify, you will first need to make […]