Short Sale Nightmares

Short sales accounted for 12 percent of home sales in October 2012. This number is a vast improvement over October 2011, when 28 percent of all home sales were short sales, according to the National Association of Realtors®. The number of short sales now outnumbers foreclosures in most regions, which is good news for lenders….

How are Short Sales on a VA Loan Different?

Today’s veterans have President Roosevelt to thank for their housing benefits. Signing the GI Bill of Rights into law provided our service members – who fight so hard to maintain the American dream – the chance to actually achieve it themselves: a federally guaranteed home loan with no down payment. Like the Federal Housing Administration’s…

Tax and Credit Implications of the Short Sale

Is this really the ultra-savvy financial move it is made out to be, or are real estate agents and foreclosure rescue firms glossing over the ugly tax and credit implications of a short sale? Why Care About My Credit if I Already Have Late Payments? If you have already taken some hits to your credit…

Understanding the HUD/FHA Short Sale Process

Distressed homeowners who have exhausted most other methods to avoid foreclosure on their homes typically decide to perform a short sale. If you have an FHA-backed loan, you’ll be happy to learn that the United States Department of Housing and Urban Development (HUD) offers a program, known as the Pre-Foreclosure Sales Program, which allows the…

What is a HAFA Short Sale?

Although its nickname begs to differ, the federal government’s Home Foreclosure Affordable Alternatives (HAFA) program is actually a full short sale, one of the latest additions to what’s becoming quite a menu of short sales. The flavor du jour, HAFA was created to streamline the approval process and help the homeowner move on in life…

How to Buy a Short Sale Home

What ever happened to the days when a homeowner who just wanted to sell his home found a willing buyer and, after several negotiations, the home sold? The economy, silly. The real estate market’s tumble into the ashes flooded the market with “distressed properties” – a sweet euphemism for homes that the owners could no…

A Short Sale Real Estate Primer

Back in real estate’s dinosaur days, the short sale specialist was a rarity. I worked with a total of one of these specialists in the entire decade and a half that I sold real estate. I, like many of his other colleagues, didn’t quite understand his specialty – how the process worked. Lucky for the…

Alternatives to the “F” Word – How to Avoid Foreclosure

Delinquent: No longer just a word to describe unruly adolescents. Full-grown responsible adults now bear the scarlet letter because, for one reason or another, they can’t make their mortgage payments. Since the events of 2008, it doesn’t take a genius to figure out why someone may not be able to make his house payments, especially…

Short Payoffs and Other Solutions for Underwater Mortgages

While we all want to think of our homes as sound investments, the changing real estate climate sometimes works to bring a home’s value down. If your home loan is now substantially higher than the value of your home, you may wish to refinance or negotiate a short payoff. If you can’t qualify for either…

Do I Need to Short Sell My Home?

Las Vegans John and Lenore were in trouble. They received a notice from their mortgage lender that their house payments were doubling – from $1,500 to over $3,000 a month. Lenore had just been laid off from her job and John, a professional fighter, worked sporadically. They’d planned on living off their meager savings until…