Coral Springs Realtor that cares!
Coral Springs Realtors |Short Sale Specialist Coral Springs, Parkland & Coconut Creek
If you’re not familiar the Mortgage Forgiveness Debt Relief Act (MFDRA) of 2007, it was passed by President Bush in December in an attempt to help homeowners who completed short sale transactions avoid a potentially hefty tax bill after the fact. It was one of the best pieces of legislation to help homeowners, in my opinion, and has helped many people significantly reduce any tax liability from a short sale.
How the MFDRA affects the homeowners today…
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This is the stuff many of my clients end up dealing with…such a shame…have a read…Dustin
CHICAGO – Oct. 28, 2010 – Rogelio Huerta and Maria Soto did everything they were supposed to do to reduce the monthly mortgage payments on their Bellwood, Ill., home.
Facing a cash crunch because his work hours were cut, they sought help from PNC Mortgage while they were still current on their payments. At its suggestion, they met with a housing counselor who helped them get a trial loan modification, and they made all the payments on time for 13 months. They also followed the advice of housing counselors to set aside money left over, putting off home and car repairs, while they waited to learn whether their reduced payment plan would be made permanent.
WASHINGTON – Jan. 27, 2011 – A mortgage modification program aimed at saving homeowners from foreclosure has failed because regulators are “afraid to rein in or impose penalties on the mortgage servicers” whose record “has been nothing short of abysmal,” the program’s watchdog told Congress Wednesday.
As a result, some House Republicans moved to scrap the 2-year-old program.
Neil Barofsky, the special inspector general for the government’s bank bailouts, bluntly labeled the mortgage program a “failure” in testimony before the House oversight committee.
“And I think that if Treasury doesn’t respond to some of these things in a quick manner,” he said, the call to dismantle the Home Affordable Modification Program (HAMP) “is just going to become a louder and louder chorus, and understandably so.”
Short sales tripled since 2008 with an annual volume of 400K; four states, including Fla., have over half of them.
Dustin’s comments: Well this was a short and to the point little snippet. Bottom line is Short sales have definitely grown, especially in our own backyard. Dealing with these transactions daily I can tell you they are becoming more popular, but there are also new things people need to be aware of when thinking of doing a short sale. If anyone has questions I’m here to help!
Reprinted with permission. Florida Realtors®. All rights reserved
Wells Fargo- Payment Help, Phone (800) 678-7986
Wachovia- Loan Assistance, Phone (866) 975-1814 or (866) 642-9405
Bank of America/Countrywide – Home owner Assistance, Phone (866) 880-1232
Chase/WAMU- Mortgage Help, Phone (866) 550-7505
Citi Mortgage- Home Help, Phone (866) 520-5499
Suntrust Mortgage- Home owner Help, (800) 443-1032
After showing, selling, evaluating, and previewing hundreds of properties (either in person or online) I’ve witnessed FL condos take a HUGE loss in value over the past few years. That spells good news AND bad news depending on who you are. If you own a FL condo and bought it prior to 2009 then it’s probably bad news, but if you are looking to pick these properties up for a significant discount then this is definitely good news. There’s a few things that both sellers/condo owners, and buyers need to keep in mind…
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