Posts Tagged ‘short sale’

9 Months ‘Til Due

Posted: March 19, 2013 in bank reo, CDPE, Commercial Real Estate, CRE, CRS, David Alvarez, David N. Alvarez, investment strategies, JoinDNA, Keller Williams, Keller Williams Realty, KW, KW Commercial, Leasing Vacancies, Market Share, Nissi Agents, Real Estate, Residential, short-sale, The Real Estate Game, Uncategorized, wealth creation
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Time is ticking and this real estate “baby” is due.  What “baby” could that possibly be? In 9 months the Mortgage Debt Relief Act will expire on, December 31, 2013, for homeowners that owe more on their home than what it is currently worth.

Just like a pregnancy requires a great doctor, so do underwater homeowners require a great real estate broker. The top five states that experienced mortgage fraud in Q4 of 2012 were: 1. Nevada 2. Arizona 3. Florida 4. New Jersey 5. California; all 50 states experienced some type of mortgage fraud. No homeowner should have to go through such thing.

While there is much talk about a recovering real estate market, there are still homeowners that lost too much equity on their property the past 5 years to be helped by today’s current market.

Most homeowners think they have plenty of time to take advantage of this Mortgage Relief Act because 9 months seems far away, but in reality time is very short. Here are top 5 reasons why underwater homeowners do not take action:

1.  Too embarrassed.

2. Do not know a qualified broker.

3. Fear of the unknown.

4. Heard bad advice from unqualified people.

5. Are in denial of their problem.

If you are a homeowner who owes more on your home, and do not know what to do, then do not allow any reason stop you from getting the help you deserve. A homeowner who does not take action today will suffer unnecessary future consequences. Most foreclosures that occurred in 2012 could have possibly been avoided if the homeowner sought help by a qualified real estate broker.

The truth about today’s real estate market is that recovery is taking place, and yes there is a shortage of available homes for sale, but for underwater homeowners who experienced 50%70% loss in equity, not even a 10% appreciation in 2013 can save them from the past economic downturn.

My recommendations are the following, get in touch with a qualified real estate broker right now, get the answers you know you need, and then decide what is best for your family. Don’t allow fear to hold you back from getting rid of this nagging debt. Lastly, take advantage of the potential bank incentives that are being offered to homeowners that range from$3,000-$20,0000. Most importantly, start right now.

 Download this month’s FREE report about, Mortgage Fraud Alert, at http://www.NissiAgents.com. You may always call our FREE 24-hour voice-recorded line at, 1.866.476.1677 Ext. 455 to set up a FREE consultation or with any questions you may have about today’s market. You may connect with me personally through social media at: www.JoinDNA.com. If this article helped you in any way, please share it with a family member, friend, or neighbor that may also benefit from this. The more you give, the more that comes back to you

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Don’t be scared, school will be out for the kids sometime in late May to mid-June for most of you reading this. However, those days will arrive before you least expect it. If you will be moving before or around summertime, then now is the time to plan, especially due to the housing shortage we are experiencing, which I shared in my previous article.

With over 8 years of personally listing and selling properties, I continuously look for ways to improve the experience for the people we help in today’s market. Here are some great tips I share with families that need to relocate, upgrade, or downsize before school is out and summer starts.

As the saying goes, “Begin with the end in mind, then start at step one.”

First, identify the financial scenario you will most likely be in once you sell your current property. For example, once you sell your current property will your next home be bought cash, with conventional financing, or will you temporarily rent. This knowledge helps you gain a better understanding of what is up ahead. As well as see any evident challenges that will present themselves to the type of financing you will need for your next purchase and overall moving scenario.

Second, now that you have a better understanding of your projected financial scope, you can then decide your buying options and what areas you will focus on for your next home purchase. Lets say a family has been pre-approved for $450k loan, but based on their family decision they decide to look at homes between $350k-400k because they are downsizing, now they can focus on homes of that price range and see what is available in today’s housing inventory.

Third, which I actually recommend to be done first if possible, share your moving intentions with the entire family. Not every family member can handle sudden change as easy as you, so by preparing the family mentally, emotionally, and financially it will be less stressful for everyone, especially you. Plus, the synergy of the move will be healthy and seen as beneficial instead of negative. Depending on the distance of the move, kids are thinking of the friends they may lose and the new school they are going to, and need time to process all of this. Be aware of this, and be sensitive to their needs.

There are many details involved in the process of listing and selling a property. These basic three steps will get you going in the right direction. If you would like to do a FREE consultation over the phone on any of these three steps, we are available to help you.

As always, we provide FREE reports and information about today’s market at http://www.NissiAgents.com. You may always call our FREE 24-hour voice-recorded line at, 1.866.476.1677 Ext. 355 to set up a FREE consultation or with any questions you may have about today’s market. You may connect with me personally through social media at: http://www.JoinDNA.com. If this article helped you in any way, please share it with a family member, friend, or neighbor that may also benefit from this. The more you give, the more that comes back to you.

I am excited for what the year 2013 has to bring, but for a moment, Realtors knew serious change was imminent. The Mortgage Debt Relief Act of 2007 had expired on December 31, 2012. More setbacks for “upside down” homeowners were expected. For example, homeowners that did not complete a “short-sale”, prior to the mentioned date, could anticipate a change in after sale tax consequences.

Suddenly, great news arrived! In early January, with all the fiscal fiasco, a revived miracle happened. U.S. Congress extended the Act of 2007 for one more year. In other words, December 31, 2013 is the new expiration date of this Act. Many current homeowners that still need to complete a short-sale could use the many benefits it offers for a distressed homeowner.

If there was ever a good time to put a home up for sale, it is in 2013. With experts such as, KCM Crew, from Holbrook, New York, projecting 3-3.5% appreciation nationwide on home values, and increase of bank cooperation with homeowners and Realtors, things are looking better for the real estate recovery.

First, what is a short-sale? CDPE (Certified Distressed Property Expert) training says, “A short sale is, and occurs, when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage and foreclosure is avoided.” A question many still have, “How do I know if I qualify for a short-sale, and will this Act of 2007 still benefit me?”

If you, a friend, a family member, or a neighbor owes more on your home than what it is currently worth, here are some recommendations. First, share you specific situation to a certified and trained Realtor who understands the short-sale process. Second, become informed of all of your options. Third, with help of your certified and trained Realtor, decide the best option for you and take massive action until completed.

We realize that homeowners have many questions. Here are some helpful things you can do right now. If you or someone you know is wondering if they qualify for short-sale; qualify for a possible $3,000 assisted relocation money; need better understanding of this extended Mortgage Debt Relief Act of 2007; or, if you were told in 2012 you couldn’t do a short-sale, but still have nagging suspicion you were misinformed, then please feel free to download right now our FREE reports at http://www.BeatBankRepo.com for immediate answers.

Last, we will be hosting a FREE Pre-Foreclosure Solutions Seminar for homeowners on Saturday, January 26, 2013 at 11:00am-12pm in Hesperia, CA. Please call right now our FREE voice-recorded line to RSVP at, 1.866.476.1677 Ext. 01753. As always, feel free to connect with me personally at: www.JoinDNA.com. If this article helped you in any way, please share it with a loved one. The more you give, the more that comes back to you.

The clock is ticking fast and the Mortgage Debt Relief Act of 2007 will expire at the end of this year. This Act was put in place to protect distressed homeowners from paying taxes on debt forgiven once their short sale closes.

Prior to this act when homeowners negotiated a short sale, traditionally banks were legally required to report the debt wiped off the account to the IRS. Even though the homeowner did not see a dime of this forgiven money at the close of escrow Uncle Sam classified this forgiven debt as income. Unfortunately, this left some homeowners to foot the bill for the taxes on that “income”.

While congress decides whether to or not to extend the act beyond December 31st, homeowners who have been on the fence of indecision must act immediately. Unbeknownst to most, foreclosure can cause more damage than most are aware of. The Mortgage Debt Relief Act of 2007 is designed to offer homeowners relief from having to pay income taxes on forgiven mortgage debt, saving them from trading one unreasonable debt for another.

So what needs to be accomplished before this expiration date? All you need is a successfully approved and closed short sale transaction before the end of Monday, December 31, 2012.

If you’ve been listening to the mainstream media you’ll hear two very different opinions on the subject. Some experts expect the act to be extended, while others are of the opinion that the housing market is on the verge of another foreclosure wave. I genuinely hope this extension takes place so that more homeowners may take full advantage of this act. We must be realistic in our approach though; prepare for the worse, and expect the best. In the event that it doesn’t receive an extension in the very near future, many homeowners that would have otherwise been able to benefit from this Act will miss out on this opportunity. For those that take action right now, and the extension happens to pass, you will be closer to experiencing relief from the weight of that mortgage burden once and for all.

It is my sincerest wish to see more homeowners informed and prepared for the fast approaching changes. As a matter of fact, here is how you can help a neighbor, friend, and family member, share with them this article right now. They will thank you, and you will feel good that you were part of a solution in their moment of crisis.

Therefore, backed by popular demand, the many questions homeowners have in today’s evolving real estate market will be answered in a FREE Pre-Foreclosure Solutions Seminar happening on November 3, 2012. This seminar is for homeowners who are seeking an answer regarding their situations and better understand how the markets are behaving in their neighborhoods. Seminar will take place on November 3, 2012 @11am, in Upland, CA. Please call: 760.596.9856 to RSVP, and connect with me online at www.JoinDNA.com  for real estate market updates. For immediate answers regarding pre-foreclosure solutions please visit: www.BeatBankRepo.com. – #dna