Best Side Of The West Side

If you find yourself unable to avoid foreclosure, and cannot find any other option – loan modification, refinancing, etc. – getting your lender’s approval for a short sale may be the best alternative for you. However, the short sale process is sort of complicated, and changes depending on your specific situation and your lender’s requirements. [...]

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. [...]

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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 [...]

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