Check out this article from CNNMoney.com.....You lost your house - but you still have to pay
By Les Christie, staff writerFebruary 3, 2010: 3:21 PM ET
NEW YORK (CNNMoney.com) -- As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?
Wrong.
Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes.
It can even happen to people who got their bank to approve them selling their home for less than it is worth.
Vanessa Corey, for example, short sold her Fredericksburg, Va., home in April 2008. She and her husband built the house in 2004, but setbacks, both personal (divorce) and professional (housing bust), made it impossible for the real estate agent to keep her home. So she negotiated the short sale and thought that was the end of it. Read the whole article....Check out this article from CNNMoney.com.....You lost your house - but you still have to pay
Also, See this recent article: SHORT SALE ? Will I have to sign a Promissory Note if I do a New Short Sale?
We negotiate with the lender in the short sale to forgive the debt as well as release the lien.
But be aware every short sale is different, no 2 are alike and the lender still may not agree to a full release and may ask for a cash contribution to release you or to sign a new promissory note for examplean agreed upon lower amount paid back over 10-30 years at possibly 0% interest.
Call me if you have more questions. We also work with Las Vegas attorneys so call if you would like that information as well. (702) 812-4550
List your Las Vegas Homes as a Short Sale Info
Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.
I have been getting this question ask almost on a daily basis now.
There has been a lot of talk on this subject and I tell everyone...consult with your legal professional, cpa, etc... All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice...but here is some information that you may not be aware of....
BE AWARE OF LENDER TACTICS IN SHORT SALES By: Sue Saunders, NVAR General Counsel A short sale is an alternative to a foreclosure.When the borrower can no longer make the mortgage payments as agreed, he/she may choose the option of working with the lender to agree to accept a payoff of less than the balance owing on the loan. If the lender agrees to allow the borrower to sell the house for less than the original debt, it might not agree to release the borrower from the loan debt.
Sometimes, lenders only release the lien so that the buyer at the short sale can take the house without any clouds on the title. However, releasing the lien does NOT relieve the borrower from owing the remainder of the loan. The lender can now sue the borrower on the promissory note (which the borrower signed at the time he/she signed the deed of trust). Since the promissory note is a contract, the statute of limitations for the lender to sue on a contract is 6 years after the debtor defaults on the promissory note. The lender now has 6 years to file a law suit against the borrower on the promissory note.
Some lenders are now refusing to forgive the balance due on the promissory note and are requiring the borrower to sign a new promissory note before they will approve a short sale. The lender who still holds the promissory note can sell these promissory notes to collection companies. Collection companies have 6 years to sue on the contract/ promissory note. These collection companies can sue the borrower on the promissory note 2, 3, 4, 5 or 6 years down the road when the borrower has likely recovered and is in a position to pay.
Frequently, now, lenders are trying to negotiate to release the lien only if the seller agrees to sign a promissory note for the remainder of the debt or at least some portion of the remainder of the debt.
We negotiate with the lender in the short sale to forgive the debt as well as release the lien.
But be aware every short sale is different, no 2 are alike and the lender still may not agree to a full release and may ask for a cash contribution to release you or to sign a new promissory note for examplean agreed upon lower amount paid back over 10-30 years at possibly 0% interest.
Call me if you have more questions. We also work with Las Vegas attorneys so call if you would like that information as well. (702) 812-4550
Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.
Get with your CPA, Tax Accountant or tax adviser for more information.
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The Mortgage Forgiveness Debt Relief Act and Debt Cancellation |
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Here are some snipets Directly from the IRS website (go there for the info) and ck it out for yourself.
How do I know or find out how much debt was forgiven?
Your lender should send a Form 1099-C, Cancellation of Debt, by February 2, 2009. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.
Can I exclude debt forgiven on my second home, credit card or car loans?
Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion. See Publication 4681 for further details.
If I sold my home at a loss and the remaining loan is forgiven, does this constitute a cancellation of debt?
Yes. To the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. If the amount forgiven or canceled is $600 or more, the lender must generally issue Form 1099-C, Cancellation of Debt, showing the amount of debt canceled. However, you may be able to exclude part or all of this income if the debt was qualified principal residence indebtedness, you were insolvent immediately before the discharge, or if the debt was canceled in a title 11 bankruptcy case.
If you are looking to buy or sell in the Las Vegas or Henderson area give me a call Dawn Barrier
(702) 812-4550
SHORT SALE Information for Sellers
SHORT SALES and 1099 - What do I do with the 1099-c I just received? Copyrighted © by Dawn Barrier *2010* All Rights Reserved.
Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.
This is going to be just some of the things that I come across or hear about from my Las Vegas Buyers while I am out showing them homes. Sellers take note: No matter how little some of these things might seem to you...trust me...buyers notice,,,they make comments about some of these things and it could potentially turn them off from putting in an offer on your home.
The appearance of a clean and neat home. Yes, make your home appears clean. First Impression sticks in a buyers mind like glue, remember, this is how they weed a home out of their top picks.
I don't mean that it needs to be spotless, but the cleaner the better. Buyers understand you live there, but they don't want to see your dirty laundry strewn about the house, a million toys all over the place. Just put a lot of these items away if you can. A cleaner, more organized home may also give the appearance that the home is well cared for and it usually makes the home seem bigger than it really is. Many first time home buyers think a dirty home equates to "lots of work" or "needs work" even though you know it doesn't, remember it is the first impression rule, some people can't see beyond dirt and clutter.
Does you closet look like it is can't fit another pair of shoes in it?
Then get some storage containers that will slide under your bed and put your clothes and shoes,etc that you won't use say for the next 3 months in them and you will be amazed how much larger that closet seems to be.
This is also a great time for you to decide "do I really want the item" "I mean really, are you ever going to where that dress you have from the 80's?" and if not, make a box of items you can donate to Goodwill, Big Brothers or whatever charity you wish. "Ok, the 80's dress may not work for you but it may be a retro look for someone else". Some charities like Big Brothers may even come and pick the items up if you give them a call. You could do this for each room of your house. And, an added bonus is, you are moving so it is less to pack and move!
Does your kitchen counter top look like it is a display at an small appliance store for all the latest and coolest gadgets? Do you really use all those small appliances everyday? If not, same thing, put them away, if even just below or above in a cabinet.
Do you want to see your own proof? Here is a simple tip for you.
Get out your camera and go snap a few pictures of each room in your home, Don't clean or move anything, just go take the pics! Now, don't look at the pics yet! Go download them into a file on your computer and have the file says something like "Before Pics. Now after they are downloaded, Now take a close look at those pics. You will most likely instantly be able to clearly See what you need to do and or put away. Trust me, this works every time, and if it doesn't, well then congratulations your perfect already! LOL!
This trick works very well for rearranging your furniture in a room or putting pictures and displays out.
There is something about being in your environment everyday, things your own eyes seem to miss, or we choose not to see them, etc... and that is fine for everyday life when you aren't planning on having buyers parade thru your home. But, the camera is like that extra set of eyes that just walked into your home unannounced. Puts that fresh spin on what it really looks like to an outsider.
If you are looking to buy or sell in the Las Vegas or Henderson area give me a call Dawn Barrier
(702) 812-4550
SHORT SALE Information for Sellers
Home Buyers Pet Peeves -Things that SELLERS should know - Part 1 in a Series-from Las Vegas, Nv Copyrighted © by Dawn Barrier *2010* All Rights Reserved.
Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.
It was so crisp out! The sky was so blue with big beautiful puffy clouds.
I was out yesterday showing homes to a few Las Vegas buyers and it was a nice Sunny Day in Las Vegas as opposed to the past week, but it was still a cold day with snow on all the mountains around the Las Vegas Valley.
We viewed a few Las Vegas Bank owned homes and a few Las Vegas Short Sales. We viewed homes from North Las Vegas Short Sale to a Summerlin Short Sale, a home in North Shores, a REO bank owned home in the Charleston Heights area and eve a flip house...yep... I cover the whole Las Vegas Valley area and we did put it an offer on a beautiful home with a pool in the $200,000 price range.
Buying or Sellin in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley
Give me a call Dawn Barrier (702) 812-4550 we have a team ready to help you.
SHORT SALE Information for Sellers
Dawn Barrier Century 21 Aadvantage Gold (702) 812-4550
Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.
A Great Day in Las Vegas seeing Short Sales & REO Bank owned homes- a few pics Copyrighted © by Dawn Barrier *2010* All Rights Reserved.
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Las Vegas Short Sale Real Estate Professional in the Las Vegas area, North Las Vegas,Centennial Hills, Green Valley,North West Las Vegas, & Summerlin, Certified Short Sale Professional
Certified Short Sale Professional
Dawn Barrier
Century 21 Aadvantage Gold
2 offices to serve your needs
Las Vegas, Nv
(702) 812-4550
My Website
If you are in the market for a Las Vegas home and are not working with a Realtor, call me. I would be happy to help you through the process of buying a home.
If you are in the market to sell your Las Vegas home and are not working with a Realtor, call me. I would be happy to help you through the process of selling your home.
I am a Las Vegas Short Sale & REO Real Estate Professional REALTOR® representing clients with homes for sale and clients purchasing homes in the Las Vegas areas of NorthWest Las Vegas, Centennial Hills, Henderson & Summerlin.
I specialize in residential real estate, single family homes, REO's/Bank Owned, & ShortSales in the Las Vegas area.
Memberships/Designations:
I am also a Home Retention Consultant for Titanium Solutions
Titanium Solutions is the leading provider of homeowner contacting and counseling services. We work with many of the nation's largest mortgage servicers, primary mortgage insurers, government agencies and counseling agencies to facilitate communication with homeowners facing foreclosure, before it is too late.
Titanium accomplishes this by working with experienced real estate professionals who care about their community and have a vested interest in preserving home ownership. Our nationwide network of Home Retention Consultants (HRCs) ensures that homeowners understand their options to avoid foreclosure and help them through the process
"Dawn is an amazing agent. I had given up on trying to use an agent after trying a handful from other supposed leading companies. Other agents either tried to tell me what kind of house I wanted, ignored most my requests, at times rude and unprofessional, the list goes on. I expressed my frustration with my loan officer and she recommended Dawn. I am glad I took a chance. From the get-go, Dawn listened to my requirements and didn't waste my time showing me houses that didn't meet my those requirements. Dawn was 100% professional at all times and displayed the knowledge and confidence a real estate agent should have when completing the paperwork (unlike the other agents I dealt with prior). Within a few weeks, Dawn had found me a great house for the price I was wanted. Dawn made the rest of the deal smooth and painless. I would recommend Dawn to anyone. In fact, I will be contacting enlisting her help when I plan to sell and upgrade to a bigger house this year!" Josh A
You are oh so professional. You are every bit the way I imagined a Realtor to act like and to be. Thank You for your professionalism! Thank You for jumping in. ...... Dana D.
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