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Short Sales

Owners Who Refinanced May Owe IRS

by John TayebApril 12, 2010 Foreclosures

People who cashed out refinances, or had part of their mortgage debt forgiven when they sold their homes through short sales, will probably owe the IRS a big payback.
In 2007, Congress passed the Mortgage Forgiveness Debt Act, but that doesn’t let everyone off the hook.
Here are exceptions to the rule:
• Anyone who did a cash-out [...]

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Distressed Sales Gain Greater Market Share

by Raja TayebApril 11, 2010 Foreclosures

First American CoreLogic reports that distressed properties accounted for 29 percent of all U.S. home sales in January. Also, real estate-owned sales rose to 22 percent of homes sales from 19 percent in December, and short sales rose to 8 percent from 7 percent.
Average sale prices in January were $161,600 for distressed homes, compared [...]

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Key Features of the New Housing Rescue Plan

by John TayebApril 4, 2010 Foreclosures

The government’s newest housing rescue effort, which was announced Friday, includes these key tenets:

As much as $14 billion of the Troubled Asset Relief Program (TARP) will be made available to pay for writing down second liens for loans whose borrowers refinance through the Federal Housing Administration.

Lenders that facilitate refinances through the FHA will [...]

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Existing-Home Sales Show Modest Dip

by John TayebMarch 23, 2010 Foreclosures

Existing-home sales declined slightly in February, with modest gains in the Northeast and Midwest offset by softer sales in the South and West, according to the National Association of REALTORS®.
Existing-home sales, which are finalized transactions that include single-family, townhomes, condominiums, and co-ops, slipped 0.6 percent nationally to a seasonally adjusted annual rate of 5.02 million [...]

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Federal Program to Encourage Short Sales

by Raja TayebMarch 10, 2010 Real Estate | General Info

Beginning April 5, the Obama administration will encourage delinquent borrowers to avoid foreclosure and instead give up their homes in short sales by streamlining the process.
The program will offer a cash payment to the home owner, as well as to the servicer and second-lien holder; and protect borrowers from future lender lawsuits for the unpaid [...]

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Short Sales Rise in Popularity, Survey Finds

by Raja TayebFebruary 23, 2010 Housing Market News Update

Short sales accounted for 15.9 percent of home purchases in January, according to a survey by Campbell Surveys for Inside Mortgage Finance.
Before January, the peak in short sales had been 15.1 percent in October. They declined substantially in November, probably because of the number of first-time home buyers hoping to use the tax-credit that required [...]

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Avoid Foreclosure: Properly Handling An Underwater Mortgage

by John TayebDecember 17, 2009 Foreclosures

The unstable environment of a bad economy can leave homeowners dreading how low their home value will go. Over the summer, Zillow, an online real estate marketplace, revealed that people who purchased a home just two years prior, when most markets peaked, had the highest rates of negative equity.
This occurs when the home value is [...]

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Banks Start to Embrace Short Sales

by Raja TayebDecember 6, 2009 Home Buyer Tax Credit 2009

Even before the government put pressure on them to embrace short sales, more banks were starting to take their lumps, do the short-sale deals and move on.
Three years into the housing meltdown, short sales have tripled to 40,000 in the first six months of 2009, compared to the same time period a year ago, according [...]

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