Alternative Options May Leave Mortgage Debt Relief Act Irrelevant For Some Homeowners

Posted on Dec 3, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone my name is Mark Peek, your Roseville and Sacramento short sale specialist, thank you for your time today. I work with Keller Williams Realty in the Roseville and Sacramento area and use this blog to share valuable information with distressed property owners who need to sell their homes fast. If your mortgage is underwater or if you are struggling to make your mortgage payments each month please take a minute to browse my website or call me directly to learn more about your options.

For my blog today I wanted to talk with Roseville and Sacramento homeowners about the Mortgage Debt Relief Act that is set to expire soon and how it could alter your short sale. There has been a lot of chatter lately about this because we only have a month left for Congress to extend this great benefit for distressed property owners. The Mortgage Debt Relief Act allows a homeowner to avoid paying taxes on the difference between the selling price of the home and the balance due on the mortgage. This has saved numerous Roseville and Sacramento homeowners a lot of money but there may be similar options available past 2012. One option that many homeowners have used in the past is insolvency. If you currently have more debt than assets there is a good chance that you may be able to qualify for insolvency. If this is a possibility for you then contacting a CPA may be in your best interest. If insolvency is an option for you then the Mortgage Debt Relief Act is irrelevant.

If you have questions about your underwater mortgage or are ready to start your short sale please fill out a contact form on my website or call me today. Thank you for your time and I look forward to helping you soon with all of your Roseville and Sacramento real estate needs.

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Is it Helpful to Look at the Short Sale and Foreclosure Statistics from the Month of August?

Posted on Sep 17, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. I want to talk to you today about the rate of foreclosures in August. We just got a report that came out for August of this year and we did see an improvement. Foreclosures were down from where they were in 2011, but not as much as we would like. The Roseville and Sacramento region still ranks up in the top of all regions for the foreclosure rate. Unfortunately we have had seven years of this market so when our market started to decline was about June 2005. Luckily we now have a marginal improvement. The question is should you stay in your home, should you wait it out and how long is it going to take? So we now have a marginal improvement and it took seven years to get there. So at the current rate, how long is it going to take for you to break even on your house and should you stay? One of the things I recommend is for you to take a look at our short or stay calculator on our website. If you input your information on there then you can get a better idea of how long it’s going to take for you to break even and whether or not it’s worth it to you. At the end of the day it’s a business decision. Do you want to keep paying for something that isn’t worth what it is right now?

If we are talking about a small gap, then it’s probably worth staying but for every $100,000 that you are underwater on an average mortgage takes you close to about 10 years to recover and break even, so it’s something to consider. I suggest again to try the short or stay calculator. If you have any questions about your specific situation, and you may be considering a short sale, please contact us today. Again, I’m Mark Peek with Keller Williams Realty, your Roseville and Sacramento short sale specialist and I’m here to help in any way that I can. Thanks and I look forward to working with you soon.

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