Mike’s Real Estate Show

Lender’s who are marketing their foreclosed properties need to remember that it is a BUYER’S market!! I can’t believe the listing agents who have tons of REO’s and think THEY are doing us a favor in working with our meager buyers! Here are some of the remarks the agents see from these listing agents: Read the rest of this entry »

“Short-Sales” are now the bane of many a Realtor and Buyer’s existence! As they begin to “become” a major part of the real estate landscape we are being forced to deal with the frustrating process of dealing with the dreaded “Loss Mitigation Deparment” of many a lender. Read the rest of this entry »

Thanks for the question you raised on my blog: www.MikesRealEstateShow regarding “debt foregiveness”. In your case, if you move back into your residence and do a “Short-Sale” on the property then this bill allows you to receive debt foregiveness and NOT have it reported as “ordinary income” which would be added to your regular income in the year of the sale. Read the rest of this entry »

Shark Alert!! If you are currently in the “Notice of Default” stage of the foreclosure process be aware of those who would take advantage of your situation. You’re going to be getting all sorts of post-cards from those stating they are “work-out” artists who can some how save your credit, get your home sold quickly and maybe even allow you to stay in your home as a renter or with a “rent-to-own” situation.  BE VERY CAREFUL with these individuals!  Read the rest of this entry »

Mortgage Forgiveness Debt Relief Act of 2007
On September 25, 2007 Chairman of the House Ways & Means Committee, Rep. Rangel (D-NY) introduced his own mortgage cancellation relief bill, H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007.  H.R. 3648 would remove taxes from mortgage cancellation relief provided on a mortgage on a primary residence.  The tax relief would apply to the original purchase price, plus personal improvements of a primary residence and would not cover any amount over the original purchase price if a loan has been refinanced with a “cash out” option.  The relief would also only apply to first mortgages, not second mortgages or home equity lines of credit.  The relief would apply to any forgiveness given on or after January 1, 2007.  H.R. 3648 passed the House on October 4th by a vote of 386-27. Read the rest of this entry »

Important  “help” telephone numbers dealing with loan problems
 
Standard  # for loan information is 1-888-446-6390

Current Countrywide customers : Loan administration   1-800-669-6650 if already delinquent ( includes short sales/ work outs/ Foreclosures ) Read the rest of this entry »

  A listener asked this question regarding WHEN a short sale should close? It’s a guess when a “Short-Sale” will close. With a bank owned property or “REO”  closing can be more definite but getting it presented is another story!!  Read the rest of this entry »

Subprime… The most overused word in the English language
A Short Sale Tale

The fact that we have a serious mortgage delinquency problem in most parts of California is now irrefutable. The Central Valley has had more than its share of casualties over the past several months and the pace at which homeowners are losing homes to foreclosure is showing no signs of abating. Read the rest of this entry »

Questions and Answers on Home Foreclosure and Debt Cancellation
 
1. What is Cancellation of Debt?

If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

Here’s a very simplified example. Read the rest of this entry »

I’ve attached a “Seller’s Equity Net Sheet” for your use. It’s pretty self-explanatory. If you need to know what your home is worth you can email me for a quick “over the net” home evaluation. You also may wish to use Zillow.com and get a ballpark “zestimate”. All real estate is local and your local issues, market conditions are something to also consider. Once you’ve got a number then start subtracting your loans, fees, etc on the “net sheet” if you’re confused give me an email or call at: 800-959-7244. No obligation. I’m a resource–NOT–a foreclosure work out artist!