Wednesday, November 21, 2007

San Diego Short sales - lender info

You Can Avoid Foreclosure and Keep Your Home: "Mortgage lenders The mortgage lenders listed below have voluntarily joined the federal government to assist homeowners who are concerned about the future or have suffered due to recent changes in the economy. If your lender is listed here, you can help protect your home by contacting them immediately! Lender Phone #1 Phone #2 Bank of America (800) 846-2222 (716) 635-2264 Chase Home Finance (800) 848-9136 Chase Home Finance (800) 526-0072 ext. 533 (800) 527-3040 CitiMortgage (800) 926-9783 Countrywide (800) 763-1255 (800) 669-4576 HSBC Mortgage Corporation (800) 338-6441 (888) 648-3124 Irwin Mortgage Corporation (888) 444-6446 James B. Nutter & Company (800) 315-7334 Midland Mortgage (800) 552-3000 (800) 654-4566 Mortgage Service (800) 449-8767 National City Mortgage (800) 367-9305 Nationwide Advantage Mortgage (800) 356-3442 ext. 6002 Principal Residential Mortgage, Inc. (800) 367-6448 (800) 962-4450 Sun Trust Mortgage (800) 443-1032 Option 2 Wells Fargo Mortgage (800) 766-0987 Wendover Financial Services Corporation (888) 934-1081 (800) 436-1022 Washington Mutual Home Loans, Inc. (866) 926-8937 (800) 254-3677"

You Can Avoid Foreclosure and Keep Your Home

You Can Avoid Foreclosure and Keep Your Home: "If keeping your home is not an option - call your lender to discuss these possibilities: - (Top) * Sale: If you can no longer afford your home, your lender will usually give you a specific amount of time to find a purchaser and pay off the total amount owed. You will be expected to use the services of a real estate professional who can aggressively market the property. * Pre-foreclosure sale or short payoff: If you can't sell the property for the full amount of the loan, your lender may accept less than the amount owed. Financial help may also be available to pay other lien holders and/or help towards some moving costs. You may qualify if: o The loan is at least 2 months delinquent o You (or your real estate professional) can sell the house within 3 to 5 months o A new appraisal (obtained by your lender) shows that the value of your home meets HUD program guidelines * Assumption: A qualified buyer may be allowed to take over your mortgage, even if your original loan documents state that it is non-assumable. * Deed-in-lieu of foreclosure: As a last resort, you 'give back' your property and the debt is forgiven. This will not save your house, but it is less damaging to your credit rating. This option might so"

This information is good in general, but it does not necessarily apply to owners of California properties. You definitely need to speak with a California Real Estate Attorney before selecting any of these options.

Monday, November 19, 2007

Home Foreclosure and Tax Liability for Debt Cancellation

Questions and Answers on Home Foreclosure and Debt Cancellation: "Questions and Answers on Home Foreclosure and Debt Cancellation 1. What is Cancellation of Debt? If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt. Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you. 2. Is Cancellation of Debt income always taxable? Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: * Bankruptcy: Debts discharged through bankruptcy are not considered taxable income. * Insolvency:"

Sunday, November 18, 2007

san diego short sales - deed in lieu of foreclosure

With San Diego real estate sales slowing to lowest levels since in decades, how can a short sale property in San Diego be sold? What if the listed price is already much lower than the competitions? How will your Realtor ever get the short sale approved by a lender?

For now you may not have to sell it. An alternative to foreclosure is a deed in lieu of foreclosure.

And in the last two weeks the lenders have been contacting me and asking if my clients are still interested in offering a deed in lieu of foreclosure.

If you have received a Notice of Default, so not just hope that you may get an offer. Some properties are just not going to sell at a price a lender will accept. Speak to a real estate attorney licensed in California.

Interestingly for many upside down homeowners, a deed in lieu of foreclosure may be a far superior option to a short sale.



purchases have slowed to incredibly low rates. Property are not selling whether thThere is a lack of qualified buyers. This has negativleand this effects not only right side up homeThe lack of qualified buyer has effected

The north san diego county association of Realtors reported very slow sales. Median prices dropped over 5% in both September and October. This lack of sale is also being felt by owners with upside down properties.

Prices are high and very few people with the cash or high enough salaries to qualify for the requisite loans are buying. The lack of qualified