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 Ever a Good Idea to Walk Away From My Mortgage?

Posted on Sep 24, 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 wanted to talk to you today about whether or not you should walk away from your home. There are still a lot of people who are considering this, and there are big movements because a lot of people have tried loan modifications for maybe one, two, or I have even heard of up to three years trying to complete a loan modification and have been unsuccessful.

So with all this frustration, some folks just want to throw their hands up and say they are just going to walk away from their home. What does it really mean to walk away from your home or mortgage? Most people in the strict sense, when you walk away, you are packing up, taking off and letting the house go. Meaning it’s going to go off to foreclosure. Walking away from your home and not dealing with the issue could have some potential liability issues for you as a homeowner. One of the things that I suggest is consider a short sale even if you don’t have the most elaborate hardship, you can still possibly do a short sale on your property.

One of the liability issues is if you have a second mortgage and it’s different from your first lien holder, you could be held liable for that. So that’s one of the reasons why walking away and simply just letting the house go to foreclosure is not necessarily a great option. If it was me, I wouldn’t want to take that risk and find out if that second lien holder is going to come back and file suit against me to collect from walking away. There are other possible tax ramifications that could be an issue if you just walk away then if you did a short sale.

Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist and I’m here to help. If you have any specific questions, feel free to give me a call. I would be happy to talk with you about your specific situation and see if a short sale might be right for you or we can see if you have any other options available to you. Thanks and have a great day.

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Can I Postpone My Foreclosure Date In Order To Complete A Short Sale?

Posted on Jul 6, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone Mark Peek here, your Roseville and Sacramento short sale specialist, thank you for checking out my blog today. I work with Keller Williams Realty in Roseville and Sacramento and use this blog to share valuable information on avoiding foreclosure with distressed property owners who are unsure of what to do. If you are considering a short sale or are just ready to get out from under your mortgage give me a call today to learn about the numerous real estate options in front of you.

For my blog today I wanted to speak to homeowners who may already have a foreclosure sale date planned about getting an extension. When talking with homeowners interested in completing a short sale I always suggest to act quickly in order to avoid any possibly foreclosure paperwork. However, if you have already started the foreclosure process and have a sale date scheduled we still may be able to complete a short sale. I normally tell Roseville and Sacramento homeowners that I need a completed short sale packet at least thirty days in advance of your sale date in order to get your property on the market and to find a buyer. On average it takes a large national bank, such as Bank of America or Chase, seventeen days to review and approve a short sale package once we have an offer. That is why having a full thirty days is a big help in finding you a qualified buyer, a proper negotiation, and a fast approval.

If you are facing foreclosure and have questions on your options please call me today in order to get started as soon as possible. For more information on your short sale take a minute to try the Short Or Stay Calculator on my website to learn if it’s the best option for you. Thank you for your time today and I hope to hear from you soon.

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What Does the Term Cash For Keys Mean and Are There Any Incentives for Completing a Short Sale on my Home?

Posted on Jun 29, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone, this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. I wanted to talk today about a question I get commonly asked about and that is if they complete a short sale, will they get cash for keys? Cash for keys is a term that was used in the days of foreclosures and is still being used today. So if your house is foreclosed on, and the bank has taken possession, at this point they want to try and get the former owner or the tenant out of the property. At that time, they may and they didn’t always do this, but most banks and lenders did offer cash for keys and still do. This is only in the case of foreclosure sales.

If you are completing a short sale, there is a potential incentive to complete a short sale so you could almost call it cash for keys. Many lenders are offering this, not all do, and it’s not a guarantee. There are different programs out there whether it’s Bank of America’s Cooperative Short Sale or HAFA short sales. Some other banks like HSBC have their own proprietary and Wachovia has the seller relocation incentives for completing a short sale.

Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist and I am here to help. So if relocation funds are an absolute necessity to you in order to relocate and complete a short sale, call me today. I would be happy to check to find out what bank you have and see what programs you might actually qualify for. Again, it is very similar to cash for keys but it is just basically a relocation incentive when it is applied to short sales. If you have any questions, feel free to give me a call or send me an email. You can click the start here button at the top of our webpage and I’ll be happy to follow up with you. Thanks and have a great day.

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