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Taxes With Forgiven Debt In A Short Sale

Published April 15, 2011 in Bank America Short Sales - 0 Comments

Orlando Short Sale Expert

Hello and Welcome to the Orlando Short Sale Expert show. We are Central Florida’s short sale experts. Today we are going to chat concerning something that is incredibly significant, taxes.

If you are considering a Orlando short sale, you should be aware of the tax ramifications. When you go through a short sale, their is a fraction of debt that is forgiven. And according to the IRS, forgiven debit is taxable debit. So, if you bought a house for $200,000 and today it is worth $100,000, the IRS sees that $100,000 difference as taxable. However, do not fear. The government has given us two options to avoid paying those taxes. Initially, you may qualify for the Mortgage Debt Relief Act of 2007. The majority of Orlando potential short sale clients meet the requirements. If you do not meet the requirements for that you can file for insolvency. In order to file for insolvency, fill out IRS form 982. That can lighten you of any tax liablity.

Between those 2 alternatives most people would not have to pay any taxes on the forgiven debt from your Orlando short sale. Remember that we are not CPA’s or licensed to give tax advice. Please be sure to talk with your tax advisor about this procedure.

Do you need to sell your home or are you underwater and can’t make your mortgage payments? Are you facing located in facing foreclosure in Florida? Are you looking for more information on short sales, loan mods, and avoiding foreclosure? Mark Alan Adams is Central Florida and the Orlando Area’s leading short sale expert. He can answer your short sale questions. Contact the Mark Alan Adams Team. We are Florida’s Short Sale Specialists.

Watch this and more short sale videos from Mark Alan Adams The Orlando Short Sale Expert

Also, follow The Mark Alan Adams Team on their blog at The Orlando Short Sale Expert

Promissory Notes And Your Short Sale

Published April 8, 2011 in Bank America Short Sales - 0 Comments

Orlando Short Sale Expert

Today we are going to chat about promissory notes. A promissory note is simply a promise to pay. We are seeing promissory notes asked for more regularly among Orlando short sales and especially by mortgage insurance businesses.

We just had a client who had to short sale his Orlando property. His first mortgage was with Bank of America and his second was with a local Orlando lender. Bank of America signed off on the offer without any doubts. Nevertheless, the HELOC had mortgage insurance on it. So, the mortgage insurance company was paying for the Home equity line of credit. Now the mortgage insurance company has entered the negotiations and they have requested a $30,000 promissory note over the next 20 years. We worked to get that promissory note negotiated to a quantity that he could pay off in a very short amount of time.

We are seeing these promissory notes more frequently, but you need to recognize that this is not a horrible thing. If you are asked to sign a small promissory note in order for a short sale to clear, that is not a bad deal. You can be forgiven thousands of dollars in debit with the guarantee that the bank will not pursue you for deficiencies.

If you choose to go to foreclosure, they will probably file a deficiency lawsuit against you and you will be troubled by this for years. So, please remember that promissory notes are not horrible. We try to negotiate them away and in many cases are successful.

The Orlando Short Sale Expert can answer your questions. Mark Alan Adams’ Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale expert, Mark Alan Adams, at Orlando Short Sale Expert presented by the Short Sale Specialists of Orlando

Having Difficulty Selling Your Short Sale?

Published April 2, 2011 in Bank America Short Sales - 0 Comments

Short Sale Shift

We are Minnesota’s leading short sale team, located in the Twin Cities area. If you have some questions regarding your Minneapolis short sale we can help out. Even if you are doing a loan mod or attempting to keep away from foreclosure, we can answer your questions. We make videos twice a day for potential customers just to get details out to the public concerning Minneapolis short sales.

We have been observing tons of short sales that are not selling or even obtaining offers. Lots of people are thinking about what will ensue if they do not sell their house. If you know the short sale process, you realize that not selling your home is basically impossible. Since the MLS is so well put together, your home will get looked at and it will sell at the price it is worth. If your realtor prices your Minneapolis short sale appropriately, it will sell. We have to find the fair market value of your house in order to sell it. Remember you are under a timeline since you are missing payments.

We recently took an extra short sale today from another agent. This other agent was telling her customers that they probably wouldn’t qualify for a short sale. Yet, when we looked at their precise situation closer, we saw that they most likely will meet the criteria. This isn’t something that most realtors would recognize. Nevertheless, since we have closed tons of short sales we recognize that almost everyone qualifies. Contact us today with your short sale questions. We can help you through this difficult and confusing time.

Minnesota Short Sale Shift can answer your questions. We are Minnesota’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota

How Long Will A Short Sale Take?

Published March 29, 2011 in Bank America Short Sales - 0 Comments

Sold By Short Sale

If you are thinking about doing a Philadelphia short sale, you may be wondering how long this process will take. I’ll be truthful. There is not a definite response to that inquiry. Nonetheless, i can tell you this. From the first moment that we meet until your short sale is closed, it usually takes five to seven months. Here’s why.

First we have to put your home on the market. We will market your house just like it is a customary sale. We are required by law to reveal that your home is a Philadelphia short sale. Nonetheless, we will still be giving you broad service with stuff like virtual tours, online photographs, online advertising, and direct mail marketing. We do all of these things to get the maximum and best price for your home. We are focused on obtaining the maximum and best price that the market will allow. We treat your Philadelphia home like a conventional sale.

After we get an offer on your house we will submit a folder to the bank which includes an offer and lots of financial details from you. How fast the short sale is closed is dependent upon how fast you can get the financial information to us. We get lots of of these documents upfront but quite a few of these items expire. For illustration, the lender requires your two most recent wage stubs. So, if we begin your short sale in January and complete your Philadelphia short sale in May, we will have to update your salary stubs.

If you would like more information on the subject of Philadelphia short sales, please give us a call or get in touch with us today.

Philadelphia Sold By Short Sale can answer your questions. We are Philadelphia and Wilmington Foreclosure Avoidance and Short Sale Specialists.

Get more help from Philadelphia short sale Realtor, Matt Fetick, at Sold By Short Sale presented by the Premier Short Sale Realtor in Philadelphia and Wilmington

Perfectly Pricing Your Short Sale

Published March 22, 2011 in Bank America Short Sales - 0 Comments

Short Sale Shift

Today we are speaking about how to make sure that you don’t damage your Minneapolis area short sale. The Minneapolis area short sale progression is completely different than selling your home as a standard sale. There are unique strategies that you make use of with a short sale. Also, because you have to build a case with the lender on several different levels, there are different ways to list a Minneapolis area short sale home. There are also different negotiating standpoints that need to be worked on with the purchaser.

Another thing that we notice is that potential clients need to be coached when working with a Minneapolis area short sale. At times homeowners are stunned by how low the value of their house has dropped. When the home has no offers at a specific price level, the price has to be reduced, since the only we can begin negotiating with the bank is to have an offer.

We have never had a problem getting a short sale agreed, even when we as Minneapolis area short sale agents, are shocked by how low the price is. Quite honestly, your property will sell in the range that it is worth. Each home placed in the MLS is viewed by everyone that wants to purchase a Minneapolis area property. Realtors and buyers are utilizing the MLS. So, if your property is on the MLS people will see it and people will buy it if it is priced correctly.

The entire short sale process in Minneapolis area depends on the fair market value of the property. We would be glad to help you with the sale of your Minneapolis area home and walk you through the short sale procedure.

Minnesota Short Sale Shift can answer your questions. We are Minnesota’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota

Short Sale Vs Foreclosure

Published March 17, 2011 in Bank America Short Sales - 0 Comments

Sold By Short Sale

There are a lot of terms out there to figure out. Short sale, foreclosure, deed in lieu of, etc. are all terms normally heard in the existing market. At times it can be puzzling trying to figure out what is actually happening. Some short sale clients receive a foreclosure notification and they do not understand what that means. So, let me explain it to you.

When you default on your loan or stop making payments, when you run into the 90 day mark, the bank will start foreclosure measures. Basically, the lender is asking the court for the permission to sell the property to make good on the debit. Foreclosure proceedings take a while to close, especially in Philadelphia.

Here’s what will take place. After 90 days go by and you have stopped making payments, the lender will contact you to speak about it. If you are not able to bring your mortgage current, the lender will start the foreclosure procedure. The foreclosure progression doesn’t mean sheriff sale. What it means is that they are going to ask the judge to allow them to sell the home. This progression can take six to nine months.

We know that potential short sale clients who have their Philadelphia home on the market for short sale often get there property under contract but they still get foreclosure notices. The lender continues the process just in case they have to sell the home at sheriff sale. They do not want to start all over again.

You may be in foreclosure or in the process of being foreclosed upon even while you are doing a short sale. Don’t worry. We will work with your lender to make sure they know that there is an offer on your house. Just understand that you have a lot of time. Let your realtor know that you are in foreclosure so that they can get in touch with your lender promptly and get you the assistance that you need.

Philadelphia Sold By Short Sale can answer your questions. We are Philadelphia and Wilmington Foreclosure Avoidance and Short Sale Specialists.

Get more help from Philadelphia short sale Realtor, Matt Fetick, at Sold By Short Sale presented by the Premier Short Sale Realtor in Philadelphia and Wilmington

Negotiating Liens And Judgments With Short Sales

Published March 14, 2011 in Bank America Short Sales - 0 Comments

Short Sale Shift

Thank you for joining us at present. We are the premier short sale team in Minneapolis. Our major focus in the Minneapolis vicinity is short sales. We’ve also assisted people all over the nation find a short sale expert to work with. When you are carrying out a short sale, you need to be sure that you locate a short sale agent that has familiarity closing short sales. Education earned through closing short sales is more worthwhile than any class or documentation that a short sale realtor can obtain.

We wanted to talk with you regarding one thing that distinguishes our Minneapolis short sale team from other specialists. What do you do if you have a lien or judgment against your house other than your mortgages? There are additional judgments and liens, such as a state tax judgment, that can bring about problems with your Minneapolis short sale. Abruptly, if you get a short sale approval, the bank sees that there is a judgment that needs to be taken care of.

If you are talking with someone that has a lien on a property, they will get zero at a trustee auction. They do not have a negotiating position. Nevertheless, lots of short sale agents will stop at that situation. You can get past that, and we do every single day.

Practice in the short sale process is vital to the success of your short sale. If you have liens against your property, we have worked with this predicament several times in the past. You merely need an agent that knows how to handle a difficulty such as this. If you have any questions please send us an email, fill out our contact document, or chat with us if you see that we are logged in on the home page of our website.

Minnesota Short Sale Shift can answer your questions. We are Minnesota’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota

Should I End Paying My Mortgage Payments To Do A Short Sale?

Published March 13, 2011 in Bank America Short Sales - 0 Comments

Orlando Short Sale Expert

Hello! I’m Mark Alan Adams, owner and founder of the Mark Alan Adams Team. We are the premier short sale agents in the Orlando locale. Today, I would like to chat concerning a piece of misinformation. A lot of Orlando potential customers have been told, or believe, that they should stop paying their house payment in order to complete a short sale. I regularly get that question from Orlando potential clients in my initial talk with them.

Any qualified professional that tells a homeowner to stop paying their loan payments is setting themselves up for a gigantic liability. For myself, I would question that person’s capacity and familiarity of the real estate and short sale trade.

All of that being said, we close a huge quantity of short sales. With some of those Orlando short sales, our homeowner hasn’t even missed a single payment. Let me state that once more. You don’t need to miss payments to complete a Orlando short sale. Hopefully that clears stuff up.

If you want to discover more about Orlando short sales, click on the link to the right of this video that says “Get your short sale package now.” We will email you a package. We are not going to high pressure sale you or hassle you. Our simple goal is to inform you about the short sale procedure in Orlando. We want people to go into the short sale process as educated as possible. Obtain that package. Read it over and call us with any questions. My private cell phone number is even listed on this blog. I am always accessible for questions. We hope to chat with you soon.

The Orlando Short Sale Expert can answer your questions. Mark Alan Adams’ Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale expert, Mark Alan Adams, at Orlando Short Sale Expert presented by the Short Sale Specialists of Orlando

B Of A Getting Better With Their Short Sale Process

Published March 12, 2011 in Bank America Short Sales - 0 Comments

Orlando Short Sale Expert

Good afternoon again! I hope all of you had a fantastic first week of the brand new year. We had a lot of B of a short sales approved last week. That leads me to my theme for today, which is Bank Of America short sales.

Bank of America used to have a very bad status in the short sale business. If you had a residence and your tried to do short sale in Orlando, many realtors would not do them because they knew the Orlando short sale was destined to flop.

Nevertheless, B of a has truly stepped up and started cooperating with real estate experts in closing Orlando Short Sales. There have been lots of improvements at Bank of America when working with Orlando short sales. They now employ a new system called Equator, which makes the short sale method a much smoother transaction. There was a period when you would send in your short sale folder to Bank of America and it would get misplaced. Today that doesn’t happen. Everyone can see the advancement and homeowners are receiving assistance with their Orlando short sales.

If you have a Bank of America loan and are thinking about a short sale with your Orlando area home but you have heard awful things about it, I’m here to tell you that Bank of America is leading the way now with short sales. If you have a B of a loan and are interested in doing a short sale, check out the link on our website. Even if your loan isn’t with Bank of America, check out our free short sale package to understand precisely how the Orlando short sale method works.

The Orlando Short Sale Expert can answer your questions. Mark Alan Adams’ Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale expert, Mark Alan Adams, at Orlando Short Sale Expert presented by the Short Sale Specialists of Orlando

What Is A Short Sale?

Published March 9, 2011 in Bank America Short Sales - 0 Comments

Orlando Short Sale Expert

Today I would like to chat with you about what exactly a short sale is. Simply put, a short sale is the sale of a property for a smaller amount than what is really owed. The bank accepts a smaller amount than what is due to them.

Usually, the follow up question to that is “How do you meet the criteria for an Orlando Short Sale?” There is no qualification procedure. You don’t have to call your lender to ask for permission to perform a short sale in Orlando. There are many reasons why you might choose to execute a short sale.

-You might have lost your job

-You have had a death in the family unit.

-You are retiring.

-You have had a decrease in wages.

-You have recently gotten married and are consolidating houses.

-You are beleaguered by debt

-You have to relocate for a job or a different reason.

There are a large number of reasons that someone might want to do a short sale. Actually, the key reason that someone might desire to do a short sale is because you want to sell your Orlando home and you owe more on your property than what it is valued at.

To the right is a link for our short sale package. If you are doing any investigation into short sales, you need this package. You aren’t obligating yourself to hire my team. This package is basically a precise description of what is involved in completing a short sale. It clears up the short sale process for you and provides you a little information on what a short sale is. The best part, it’s totally free. Thank you for stopping, and have a terrific day!

The Orlando Short Sale Expert can answer your questions. Mark Alan Adams’ Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale expert, Mark Alan Adams, at Orlando Short Sale Expert presented by the Short Sale Specialists of Orlando

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