Mortgage Forgiveness is Currently Set to expire at end of 2012
One primary feature attracting many underwater homeowners to a short sale is the fact that the taxes are lowered thanks to a Mortgage Forgiveness Debt Relief Act of 2007 provision. However, that credit is set to go away at the end of the year 2012. This means that homeowners who have put off selling need to get busy.
Basics of the Rule
When foreclosures were the primary topic of almost every news broadcast, Congress stepped in and offered this one time transaction. Homeowners could sell their home, for less than the existing mortgage, if the lender agreed to the deal. The outstanding balance would normally be taxable as earned income to the homeowner. However, the Mortgage Forgiveness Act wiped out the taxes on any unpaid balance up to a whopping two million dollars. This act applies to short sales that occurred between 2007 and 2012.
New Area of Expertise for Real Estate Agents
Many real estate agents have chosen to specialize in certain areas. Some people prefer to work with commercial property, while others may focus their energy on single family homes. The past few years has seen a rise in the number of agents that zero in on the short sales, and for good reason. Many banks are not open to the idea of a short sale coming straight from the homeowner. But with an experienced real estate agent, the situation changes. Banks realize that these agents are quite familiar with the local area and can accurately predict a home’s true value. Using an experienced agent can help homeowners negotiate a fair sales price and remove themselves from the burden of a mortgage that is no longer feasible.
Possible Change before End of the Year
It is possible that Congress could move to extend the Mortgage Forgiveness expiration. After all, the home purchase credit initiated a couple of years ago was extended twice to encourage more people to buy homes. However, it is too early to tell if this particular act will be extended so it is better for most people to err on the side of caution and begin negotiating a sales price with their real estate agent and their lender.
Getting Everything in Order for a Short Sale
If you are considering a short sale of your home then you will need to get a bit of information together. First, you must contact your lender and ask them for a 30 day payoff on your mortgage. If you have more than one mortgage, or Home Equity Line of Credit (HELOC), then you will need a payoff amount for each loan. Once you have these figures you can call your real estate agent and ask for their professional opinion about the value of your home. The agent will be able to access sales of homes similar to yours in the surrounding area and provide you with an accurate value. Then, you will have a strong argument to present to the lender. The lender may ask that you have an actual home sale contract in hand before accepting your offer. But at least you will be on the track to selling the home once you have spoken to a real estate agent.
Original Email - Mortgage Forgiveness Act expiring soon
Here is today's market listings update for Active foreclosure single family homes located in Rock County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/7/2012 at 8:30 A.M.
Of course these numbers change on a daily basis, so to obtain the most up to date information on current foreclosure/bank owned homes for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
At Rock Realty, we currently have great single family homes listed for sale in Rock County. Feel free to visit our listings page linked below:
Rock County Wisconsin Home Listings
Additional Foreclosure|Bank Owned Home Purchase Information
Here is today's market listings update for Active foreclosure single family homes located in Dane County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/7/2012 at 8:15 A.M.
Of course these numbers change on a daily basis, so to obtain the most up to date information on current foreclosure/bank owned homes for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
At Rock Realty, we currently have great single family homes listed for sale in Dane County. Feel free to visit our listings page linked below:
Dane County Wisconsin Home Listings
Additional Foreclosure|Bank Owned Home Purchase Information
What: FREE Home Buyer Education Classes
Where: Project Home’s Training Center
1922 S. Stoughton Road Madison WI
When: Tuesday March 13th AND March 20th, 2012 6:00 pm to 9:30 pm
Reservations: Space is limited. Please call Project Home @ 608-246-3737 for more information or to register.
Cost: FREE
The First Time Home Buyer Education classes offered by Project Home and GreenPath, Inc. allow first time home buyers to learn about homeownership in an environment that encourages questions and protects the potential home buyer from being solicited. They learn about the pros and cons of home ownership, money management skills, credit issues, how to choose a realtor and lender, down payment assistance programs, shopping of a home and obtaining financing.
We began this partnership in April 2011 and in the first 3 months of classes we have had 67 individual participants in 50 households. We are reaching the populations targeted – 96% are first time homebuyers and approximately 74% are at or below 80% of County Median Income and therefore may be eligible for most down payment assistance programs.
To receive funds for most down payment assistance programs, potential homeowners must complete education and/or counseling. This program is designed to meet the National Industry Standards for Home Ownership Education and Counseling created by the National Advisory Council of NeighborWorks® America. Our course is 7 hours of face-to-face group education and 1 hour of 1-on-1 counseling.
The Housing Center is a joint venture between Project Home and GreenPath Debt Solutions to expand and sustain affordable home-ownership in Dane County.
Project Home is a local non-profit organization offering help to Dane & Green County residents for the last 40 years. Project Home's mission has been to improve the quality and affordability of housing for low-to-moderate income residents. With the rising cost of housing, utilities, and building materials, it is difficult and expensive to tackle the repairs that all homes need. Project Home provides services that will improve homeowners’ comfort, safety, and reduce energy bills.
GreenPath Debt Solutions is a nationwide, non-profit financial organization that assists consumers with credit card debt, housing debt, and bankruptcy concerns. Our customized services and attainable solutions have been helping people achieve their financial goals for 50 years. The Madison office has been serving local customers for 12 years. Ellen Bernards has been a housing counselor and housing educator for the last 7 years and was the 2010 recipient of the National Foundation for Credit Counseling’s Individual Counselor of the Year award.
Additional Home Buyer Information:
Here is today's market listings update for Active short sale single family homes located in Dane County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/6/2012 at 12:30 P.M.
Of course these numbers change on a daily basis, so to obtain the most up to date information on current short sales for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
At Rock Realty, we currently have great short sale homes listed for sale in Dane County. Feel free to visit our listings page linked below:
Dane County Wisconsin Home Listings
Original Post - Short Sales in Dane County, WI
Additional Short Sale Information
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-Specializing in Short Sales and Buyer Agency. We offer buyers 1% of purchase price as a credit at closing with Agency Agreement. Do you need a short sale|foreclosure specialist? No equity, call us!-
We want you to realize that your situation is not hopeless, regardless of what you might be thinking or may have been told by others. Your lender is not looking for an excuse to foreclose. The truth is most lenders would rather have you keep your home and keep making payments each month. You are not alone. Thousands of people across Wisconsin have similar issues with their mortgages every year.
The most important key to resolving your situation is being proactive. Even if your mortgage payments are just a few months behind, your lender has probably already started foreclosure proceedings against you. Doing nothing is the fast track to foreclosure. Thousands of dollars in penalties and legal fees may be added to your balance due. The longer you wait, the harder it is for us keep foreclosure off of your records. Isn’t that what you want?
Our first priority is to help homeowners overcome the obstacles that could result in the loss of their home. We specialize in helping homeowners who have fallen behind on their mortgage payments. We’ve helped people in Dane County and Rock County. You deserve a fresh start. If you are facing the possibility of foreclosure and you live in South-Central Wisconsin, we can help you.
Do you qualify for a short sale? How much is your home worth in this market? Contact us to find out. (608)921-8536 or…
Short Sale Janesville Wisconsin
WHEN MIGHT I CHOOSE A SHORT SALE?
If you are falling behind on mortgage payments, owe more than the house is worth and/or have a second or third mortgage, you want to avoid foreclosure and get a fresh start, you may want a short sale.
Short Sale Madison Wisconsin
WHAT IS A SHORT SALE?
A "Short Sale" occurs when a Lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it takes on average $60,000 to take a property back. We can often convince them that they will be better off financially if they sell the property now, to us, rather than taking the home through foreclosure and trying to sell it later.
Short Sale Beloit Wisconsin
HOW LONG WILL IT TAKE?
The Short Sale negotiation process can be a lengthy one. It may take several weeks or a few months to get an approval. Many Lenders have several layers of bureaucracy and processes which we work through in order to get a Short Sale approved.
Short Sale Evansville Wisconsin
WHAT DOES IT COST?
We do not charge for short sales, our fees are covered by the lender.
Short Sale Stoughton Wisconsin
WILL I HAVE ENOUGH TIME?
Time is of the essence in this situation, so you should always, at the very least, contact an advisor to find out what your options are and what can still be done. If you are just starting to fall behind, you have other options and may be able to work it out on your own with some advice. If you are a few days away from the sheriff's sale, there may not be enough time. Please call us as soon as you see the issue arise.
Short Sale Fitchburg Wisconsin
CAN I STAY IN THE HOUSE?
Since lenders no longer allow homeowners to live in their home if it is purchased via short sale, a home owner will need to find alternative housing arrangements.
Short Sale Oregon Wisconsin
HOW DO I KNOW THIS WILL WORK?
There's no way of knowing if the lender will agree to a short sale. However, we are very good at what we do, and can often present a very strong case and convince the lender to agree to the sale.
Short Sale Brooklyn Wisconsin
WILL I GET ANY MONEY FROM THE SALE?
Typically, no. Since the Lender is taking a loss on your loan, they will not allow any funds to transfer to you. A new program through the government, however, can give you $1,500 at closing for moving costs.
Short Sale McFarland Wisconsin
Visit Short Sale Specialist Network
WHAT CLIENTS HAVE SAID ABOUT ROCK REALTY.
"We are writing this testimonial to inform any potential clients that Michael Collins successfully helped save our home. We found ourselves in a financial hardship which caused us to be late on mortgage payments. This eventually led our lender to foreclose on our home. Michael Collins was able to negotiate with our lender and cancel the court auction. This gave us time to resolve our financial difficulties and eventually work out a payment plan with the bank."
"We both strongly endorse Michael Collins as an agent who has the experience and resources to help people like us in a similar situation. We are deeply gratefull for his efforts and plan to use him as our agent in any future real estate transactions."
Chris & Linda C.(Janesville, WI)
Rock Realty Clients
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"I found myself in a bad financial spot when I lost one of the two jobs I was working. Soon I didn't have the money to pay even my most important bills. After falling behind in payments on my house I was contacted by Rock Realty. They suggested that instead of losing my house through foreclosure I should attempt to do a short sale on my home.
It was easy working with Matthew and Michael from Rock Realty. They were able to keep a foreclosure off of my records and lift a huge weight off of my shoulders. The couple that we sold the home to were very happy to get it at such a cheap price. I would recommend Rock Realty to anyone who may be struggling to make their house payments."
Melvin A.(Madison, WI)
Rock Realty Client
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"I am nothing but honored and enthusiastic to be able to write and highly recommend Mike Collins with Rock Reality for your next real estate adventure. I had a very negative experience with a different major realtor in the Janesville area who rushed me in an out of houses, pressuring me to sign purchase agreements, and caring more about the money then the person and the house that best fit them.
It was just the opposite with Mr. Collins. Mike with Rock Reality is honest, takes the time to find the right home for you without pressure, cares more about doing what is right by his clients and his reputation than just simply making the sale. For Mike, word of mouth is the best advertising he can get and he cherishes keeping his positive.
Mike Collins and Rock Realty were fair and thorough. When it came to signing contracts and paperwork, Mike took the time to go line-by-line to make sure I understood exactly what I was signing. Never did I feel like I was being rushed or taking up time from a different appointment.
With great pleasure and gratitude, I recommend Mike Collins and Rock Reality for your next home hunt or sale.
Ben P.(Janesville, WI)
Rock Realty Client
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