2010 is the year of the Shortsale

More homeowners will be in trouble this year, with over 10M adjustable loans renewing. Lenders are encouraging homeowners, who believe will walk away and end up in foreclosures, to do a Short Sale instead.

Government program - NEW Home Affordable Foreclosure Alternative (HAFA) Guidelines (4/5/2010):

  - Homeowners will earn $1,500-3000 for doing short sales. More for Wachovia Borrowers.(Ask Me NOW)

 - First Lien originated before 2009

 - Standard Shortsale Forms will be used, regardless of Lenders.

 - Lenders will have to respond within 10 days.

 - Lenders wil not pursue deficiency judgment after short sale closing. (Consult your Tax Attorney)

 - Borrower MUST list with a Realtor. NO FSBO doing a HAFA short sale allowed.

Time is NOT on your side when you are considering a short sale. You MUST quickly and work ONLY with a real estate expert who has successfully completed and graduated from advanced real estate education programs. Nancy is a graduate of Harris Real Estate University. She is a Certified Distressed Property Specialist.

  Simply fill out the form below and She will email you the requirements.

And if you have any questions, don't hesitate to ask!

If you know somebody who is having trouble in their house payment, please CALL NOW!

UPDATE - California State Tax - Forgiven Debt - Signed by the Governor  4/11/2010

The tax breaks apply to debts discharged from 2009 through 2012.  Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
 
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions.  Most notably, taxpayers who are bankrupt are exempt from debt relief income tax.  Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.