Best Side Of The West Side

Occasionally, a lender may partially waive a borrower’s debt. The common tax rule is that the sum of the debt forgiven is to be considered as taxable income to the borrower. Of course, there are exceptions to this rule; although, the borrower is still required to pay some sort of tax on the forgiven debt. [...]

The two main questions a lender asks itself when reviewing a short sale packet are: 1) Is this property going to go into foreclosure? 2) If this property goes into foreclosure, will we lose less money by approving a short sale? Even if the hardship does not meet the criteria of a true hardship entirely, [...]

Major news in the short sale and housing industry! Just this past March 9, 2012, the Obama Administration revealed recent updates to the Home Affordable Foreclosure Alternative (HAFA) program. Started in 2009, HAFA is a government-sponsored project supporting all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure through short sales and deeds-in-lieu of [...]

What Does NOT Constitute a Short Sale Hardship Some homeowners are still being asked to pay a large contribution to settle a short sale, while others are not asked to pay at all. Most of the time, this can depend on many factors – validity of hardship, type of loan, negotiator’s experience, etc. To some [...]

A Short Sale Hardship Letter is a letter that you need to write to your bank or lending institution to request them to consider a short sale to prevent your home from being foreclosed. After having assembled dozens and dozens of short sale packages, I have found that more than any other document, the hardship [...]

The Home Affordable Refinance Program Has Been Extended Until December 31, 2013 The Home Affordable Refinance Program or HARP is just a piece of the $75 billion government sponsored Making Home Affordable Program. It can help borrowers reduce their monthly mortgage payments significantly. You can apply for the HARP refinance loan and get the lowest [...]

Know The Pros and Cons of Your Options to Foreclosure. There several alternatives to be had for local residents facing foreclosure. Listed below is a concise review of some of them. There may be other options available for you. Your avoid foreclosure choices may include: Solutions If You Want To Keep Your Home Bring your [...]

You have alternatives.  I can help.  Facing foreclosure is difficult. I know. A lot of my best clients have been in the same situation. As I have told them, I want you to know: It will be all right, you will get through this. Looking back, I remember the anxiety, the pressure, and the problems that [...]