Basic Short Sale Q&A

Posted by webmaster on Jan 26, 2012 in Short Sale Arizona - Phoenix - Queen Creek | 0 comments

What is a Short Sale?

It is when a bank agrees to accept less than what is owed as "payment in full", in an effort to avoid the foreclosure process. The bank agrees to "write-off" and forgives the remaining portion owed.

Why would a mortgage lender agree to a Short Sale?

-Because real estate and foreclosure laws vary from state to state, the foreclosure process can take a very long time and may tie up both their financial and legal resources as they try to keep up with the different requirements in each state. This lengthy process can be very expensive for the company.

-If a Bank forecloses, the most they can hope for is to sell the property at market value. They would rather just allow a short sale, and avoid having to market and maintain the property themselves.

-Many lenders have to hold cash in reserves to balance the value of the REO properties that are on their books. Many times, this amount can be 3 time the value of the properties themselves. The more money they have to hold in reserve, the less they are allowed to lend. Mortgage companies are in the business of lending money, not selling real estate. They are more likely to just cut their losses with a short sale, so that they can go about their normal business.

What are the requirements to begin the process?

You must be behind on payments You must have suffered a hardship (not always just a financial one) You must have little or no equity in the home And that's it.

Will I be responsible to pay taxes on the amount forgiven?

You may be exempt from having to claim the forgiven amount on your taxes under the "Mortgage Forgiveness Debt Relief Act of 2007".

Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at http://www.SellingNorthernNV.com

Joshua Talayka Chase International Office: 775 850 5900 Toll Free: 877 922 5900 Cell: 775 220 1630 Fax: 775 850 5901 985 Damonte Ranch Pkwy, Ste. 110 Reno, Nevada (NV) 89521

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For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

Are You Worried About Tax Ramifications In Doing A Short Sale?

Posted by webmaster on Jan 25, 2012 in Uncategorized | 0 comments

Hi, I'm Kevin Kauffman. I am part of Group 46:10, one of the country's top short sale and real estate businesses based right here in Glendale. Are you struggling to make your mortgage payments or are tired of being underwater on your home loan? We at Group 46:10 can provide you with different alternatives to alleviate some of these struggles. As one of the leading short sale groups in the country, we've completed over 500 short sales in the past 4 years and have a closure rate of over 90%.

I am here today to talk to you a little bit about short sales and tax ramifications. One of the concerns that we hear quite often from prospective clients is that they want to short sell their home, but are concerned about the taxes they will have to pay after the sale. Maybe you've heard from others that have done short sales that there were some tax liabilities and would like to find out more.

The Mortgage Debt Relief Forgiveness Act, which expires at the end of 2012, permits homeowners, such as yourself, to not pay taxes on the forgiven amount if the house is their main residence and the selling price is less than $2.5million. If you're thinking about short selling your home, you need to act quickly because the transaction has to be closed by the end of the year in order to qualify for The Mortgage Debt Relief Forgiveness Act.

Please call us or fill out the form on our website, group4610shortsale.com, to find out more about this act or if you have questions about your particular situation. If you don't qualify for this act, don't let that stop you from short selling your home. We have a few different ways to avoid paying taxes as well. A skilled short sale specialist, such as myself and my business partner Fred, can discuss those different options with you.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

What Are Your Short Sale Choices?

Posted by webmaster on Jan 24, 2012 in Uncategorized | 0 comments

Hi, are you contemplating a short sale but you are not quite positive of what your choices are? Well, my name is Kevin Kauffman and I am a part of Group 46:10, Glendale's premiere short sale crew and Glendale's premiere short sale team. I am here to inform you that you simply do have options and I would love to speak to you about them. My staff and I've closed over 500 short sales within the last four years. We're right here that will help you so in case you need any help, whether or not you have an FHA loan or perhaps you've got bought a VA mortgage, we are able to help. Perhaps you're not sure as a result of there are completely different guidelines around FHA and VA loans compared to loans with your typical credit union or with Bank of America or Wells Fargo.

Come to the specialists and get a free session with us. We would love to talk to you about what your options are. We have worked with each financial institution out there. We have worked with over 100 banks. We've dealt with Fannie Mae and Freddie Mac, and FHA and VA, and anybody and everyone in between and we all know that we can help you.

So please give us a call today. You possibly can reach us at 480-449-6642. You can even fill out a form right here on our website. If you happen to’re not on our web site, you possibly can visit us at Group4610shortsale.com. Right here you will get your free short sale decision calculator outcomes as well as request an in individual meeting. We'd love to talk to you about your choices and if a short sale is best for you, we'd love to help you. Thanks rather a lot and have a great day.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

Any Way to Get Decent Free Foreclosure Listings?

Posted by webmaster on Jan 23, 2012 in Foreclosure | 0 comments

We've all heard the term "you get what you pay for" but in today's economy, many online services have turned to "try before you buy" to win customer loyalty. There are a lot of companies offering information on foreclosures, and they're all vying for your money. More and more companies offer free trials, and yes, they do represent good quality listings.

Why do they need my credit card info?

In an altruistic world, you could offer me a free trial and I would only take it once. In the real world, free trials often get taken advantage of without some kind of prevention in place. That's why companies - legitimate companies - ask for credit card information.

Why You Can Cancel at Any Time

Most people can take their 7 days of free access, and put it to good use. A company with good information will know you'll not only be back for more, but you'll bring your friends along for the ride. Go with a listing service that has a good reputation, and you won't have to worry about getting stuck in a bad transaction.

Why You Should Take Advantage

Some listing services only give you an address, or worse, a parcel number. They leave it up to you to look up the rest of the information. That's difficult when you're in town and know the layout, let alone states away! Quality services give you the information you need (including photos) to know whether a foreclosure will be a good investment.

It's normal to be skeptical when someone offers you something for nothing, but foreclosure listing companies see these free trials as investments in you. Go with a service that has the right reputation, and get the benefit of quality, Up to Date listings - FREE!

By the way, by researching and comparing the best free foreclosure listings services in the market, you will be able to determine the one that meets your specific requirements, plus the free or cheaper options. This way you will save time through up to date foreclosure listings and money by getting better results over your investment.

Hector Milla runs the Free Home Foreclosure Listings website, where you can see a review of the best rated free foreclosure listing service.

Read our full reviews, plus hundreds of articles and video training about this subject.

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