http://A-ZSHORTSALES.COM Here in Kissimmee & Orlando, FL short sales are very common in our market place. I will review with you 5 basic questions that are commonly asked.

1. What is a short sale?
A short sale is when a sellers home is being sold for less then what the current mortgage balance is owed. In order for a short sale to be possible it will be subject to third party approval which is the sellers lender. The sellers lender ultimately will have to agree to allow the home to be sold for less than the mortgage balance owed.
2. Will the seller’s credit rating be affected by a short sale?
While the short answer to this questions is yes, it will be. However there are other so called foreclosure alternatives that may have a greater impact on your credit for example bankruptcy or just letting the home go to foreclosure.

3. If a seller is in bankruptcy, will that affect the short sale of the property?
Absolutely, most lender would not consider a short sale if the homeowner is in the middle of a bankruptcy proceeding. a short sale between the parties is considered a collection activity and such a negotiation is prohibited in bankruptcy. If you have claimed bankruptcy and want to short sale your home it can be done once the bankruptcy has been discharged.
4. Are there tax implications when short selling a home?
circumstances are individual to the lender. As a short sale represents a loss for the lender, they can report the amount lost a debt forgiveness to the seller. If a formal tax form 1099 is filed, the seller may be responsible for paying taxes on the amount of debt forgiveness. However every short sale is unique and each lender short sale approval should be read carefully as there have been many times where lenders have given complete debt forgiveness.
5.Why would a lender allow a short sale to occur?
Plain and simple it cost them far less money than having to file a foreclosure proceeding. Remember the banks do not want to own homes.
Visit us at www.a-zshortsales.com

Please feel free to comment below and don’t forget to subscribe. Thank you.

Duration : 0:2:31

(more…)

Technorati Tags: foreclosure, foreclosure options, kissimmee short sale agent, orlando short sale, real estate pro, real estate professional, short sale, short sale expert, short sale home, short sale info, short sale options, short sales

Realtor Jeff Coga’s testimonial from a happy realtor using his short sale services. Video developed and edited by the team at Krazed Kat Creative. http://www.krazedkat.com

Duration : 0:2:59

lass=”more-link”>(more…)

Technorati Tags: foreclosure, home, Houses, income, krazed kat, real estate, scott braun, short sales, tom mody

“left”/>Michael Gray interviews attorney William Mahan about the tax consequences of real estate short sales and foreclosures for the Financial Insider Weekly. Part three of three focuses on federal tax relief and bankruptcy.

Duration : 0:8:59

(more…)

Technorati Tags: bankruptcy, federal tax relief, michael gray, real estate, short sales, william mahan

4/23/10 – California – TRILOGY PROPERTY SOLUTIONS (www.trilogypropertysolutions.com/(888) 803-0505)
met with our attorney, RON BALLARD, (www.californiashortsalelawyer.com/(949)597-9596),
the Top Short Sale Attorney in California, in Orange County to discuss and shed some light on the April 2010 Freddie Mac Newsletter article on “Short Payoff Fraud” regarding the licensing of short sale negotiators, highest and best offers on short sales, realtors fiduciary responsibility, and more. The intention of this discussion is to clarify misstatements, misunderstandings, and fact from fiction. We discuss the impact of this article on legitimate investors and other short sale buyers and their large role in helping to resolve the current housing crisis. We also talk about the advantages on your credit and your future of a short sale over foreclosure, filing bankruptcy, and deed-in-lieu of foreclosure.

From our Attorney, Ron Ballard:
“First, its valuable to note that the author is not named nor is any specific contact information provided for follow up (just generic contact points). This brings the level of authority of the article into immediate question.

Second, the article is entirely inconsistent with Attachment A to Freddie Mac Bulletin 2009-24 of October 2009 which states: Property flips are not inherently illegal and not all transactions involving a rapid purchase and resale are improper. Legitimate property flips are acceptable transactions in connection with loans purchased by Freddie Mac. It goes on to specify, Some indications of property flip transactions that may be legitimate
include: . . . Sales of properties that the seller acquired at below market value after purchasing as a result of a distress sale (i.e. . . ., short sale, . . . ) where any increase in the sale price over the property sellers acquisition cost can be clearly shown to be result of the difference (if any) in the markets reaction to distress sales and typical arms-length sales. Bulletin 2009-24 came from the division in Freddie Mac which determines the standards for loans it will purchase. The April 12 online article is attributed to a member of Freddie Macs Fraud Investigation Unit
with respect to the discount Freddie Mac will allow on loans for which it agrees to a short payoff. Apparently these two units are not aware of each others opinions. Freddie Macs general counsels office needs to reconcile these discrepancies.

For reasons explained below, I am confident that the ultimate direction of Freddie Mac will be more consistent with Bulletin 2009-24.”

Duration : 0:5:8

(more…)

Technorati Tags: 1099, avoid, avoid foreclosure, ballard, bank, bankruptcy, bk, chris mclaughlin, Deficiency, dre, forclosure, foreclosure, fraud, freddie, Freddie Mac, HAFA, HAMP, hardship, illegal, Investment, investor, jeff watson, judgement, legal, Luxury, mac, MHA, mortgage, overleverage, preforeclosure, property, Realtor, sale, short, short sale, short sales, stop, trilogy

4/23/10 – California – TRILOGY PROPERTY SOLUTIONS (www.trilogypropertysolutions.com/(888) 803-0505)
met with our attorney, RON BALLARD, (www.californiashortsalelawyer.com/(949)597-9596),
the Top Short Sale Attorney in California, in Orange County to discuss and shed some light on the April 2010 Freddie Mac Newsletter article on “Short Payoff Fraud” regarding the licensing of short sale negotiators, highest and best offers on short sales, realtors fiduciary responsibility, and more. The intention of this discussion is to clarify misstatements, misunderstandings, and fact from fiction. We discuss the impact of this article on legitimate investors and other short sale buyers and their large role in helping to resolve the current housing crisis. We also talk about the advantages on your credit and your future of a short sale over foreclosure, filing bankruptcy, and deed-in-lieu of foreclosure.

From our Attorney, Ron Ballard:
“First, its valuable to note that the author is not named nor is any specific contact information provided for follow up (just generic contact points). This brings the level of authority of the article into immediate question.

Second, the article is entirely inconsistent with Attachment A to Freddie Mac Bulletin 2009-24 of October 2009 which states: Property flips are not inherently illegal and not all transactions involving a rapid purchase and resale are improper. Legitimate property flips are acceptable transactions in connection with loans purchased by Freddie Mac. It goes on to specify, Some indications of property flip transactions that may be legitimate
include: . . . Sales of properties that the seller acquired at below market value after purchasing as a result of a distress sale (i.e. . . ., short sale, . . . ) where any increase in the sale price over the property sellers acquisition cost can be clearly shown to be result of the difference (if any) in the markets reaction to distress sales and typical arms-length sales. Bulletin 2009-24 came from the division in Freddie Mac which determines the standards for loans it will purchase. The April 12 online article is attributed to a member of Freddie Macs Fraud Investigation Unit
with respect to the discount Freddie Mac will allow on loans for which it agrees to a short payoff. Apparently these two units are not aware of each others opinions. Freddie Macs general counsels office needs to reconcile these discrepancies.

For reasons explained below, I am confident that the ultimate direction of Freddie Mac will be more consistent with Bulletin 2009-24.”

Duration : 0:2:47

(more…)

Technorati Tags: 1099, avoid, avoid foreclosure, ballard, bank, bankruptcy, bk, chris mclaughlin, Deficiency, dre, forclosure, foreclosure, fraud, freddie, Freddie Mac, HAFA, HAMP, hardship, illegal, Investment, investor, jeff watson, judgement, legal, Luxury, mac, MHA, mortgage, overleverage, preforeclosure, property, Realtor, sale, short, short sale, short sales, stop, trilogy