Redding Short Sale Team

Short Sale Mortgage Debt Relief Act Extended – Redding CA

Mortgage Forgiveness Debt Relief extended through 2013

For huge numbers of financially distressed  property owners of homes with underwater mortgages, this was the biggest issue in the entire fiscal cliff debate. The mortgage debt relief act provisions in the IRS tax code, first enacted in 2007, expired at midnight Dec. 31 on 2012.

Had Congress not acted, the IRS tax code would have reverted to its pre-2007 treatment of mortgage principal reductions or cancellations by lenders and banks, whether through loan modifications, short sales, deeds-in-lieu or foreclosures: All principal balances written off would be treated as ordinary income to the homeowners who received them.

For illustration, if a lender wrote off $80,000 of debt to facilitate a short sale, the seller would be taxed on that $80,000 at regular marginal rates, just as if they had earned it as income salary.

A return to taxation of principal reductions would have disrupted short sales , a growing segment of the home real estate market in 2013, and almost certainly would have encouraged more struggling home owners to take foreclosure and or bankruptcy.

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Short Sale Mortgage Debt Relief Act Extended – Redding CA

How to Short Sale to Avoid Foreclosure – Redding CA.

Banks and other lending institutions are continuing to make strides in helping homeowners who want to sale their home inorder to avoid the sting of foreclosure.

For many years now homeowners have been turning to this foreclosure solution.

What is a short sale?

A short sale is when the lender on the property i.e. Bank of America, Chase, Wells Fargo, etc. agree to accept a purchase price from a new buyer that is smaller than the amount the current homeowner owes on the mortgage.

Another reason why short sales may become even more popular…

If the mortgage interest deduction is eliminated by the the US Congress because of the fiscal cliff issues, it would give many more underwater homeowners and other distressed property owners one more reason NOT to hang on to their homes.

Short Sales are a common and much needed real estate transaction in this US economy.

Want to learn about your options?

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

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Short Sale Certified by the National Association of Realtors License #01760446

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How to Short Sale to Avoid Foreclosure – Redding CA.

Short Sales take over Foreclosures -Redding CA

A short sale in a real estate transaction is when the mortgage lender on the property agrees to accept the mortgage payoff for less the the amount owed on the home.  

Why would banks agree to this?

Banks and mortgage lenders are becoming easier to work with on short sales vs. the other alternative which maybe foreclosure.

A foreclosure to a bank will mean a larger loss to the bank due to legal fees, taxes, insurance and property maintenance.

Large banks such as Bank of America, Chase and Wells Fargo are offer homeowners incentives to cooperate in a short sale vs. the bank having to contend with a foreclosure.

The short sale process use to take six month to a year, banks are now working to streamline the process and the process is taking about three months now to get a short sale approved

Do you want to know if a short sale can benefit you?

Contact Us Direct (530) 921-1063 Laura Reilly

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Short Sale Certified by the National Association of Realtors License #01760446

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Short Sales take over Foreclosures-Redding CA

My Neighborhood is Going Down Hill -Redding CA-Short Sale

A very, very common condition in real estate is the area or neighborhood conditions can change. It is just a matter of fact and of life that situations change.

Often homeowners would like to move but think they can not because they owe more on the mortgage can then could possibly sale the property for.

A “short sale” makes it possible.

In a short sale real estate transaction the lender on the property from Bank of America to Wells Fargo – may work with the homeowner to sell the property for less then is owed on the mortgage.

This process takes several months and requires participation of the homeowners, but it may just be the fix for a difficult situation.

The Redding Short Sale Team has experience dealing with banks and property owners, ask questions.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

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Short Sale Certified by the National Association of Realtors License #01760446

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LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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My Neighborhood is Going Down Hill-Redding CA-Short Sale

Short Sales are Not the Same as Foreclosures -Redding CA

The Redding Short Sale Team writes a great deal about real estate short sales in Redding, and we discuss avoiding foreclosures and their effect on homeowners and our Shasta County Properties.

Short sales are not the same thing as a foreclosure, but for some people looking into moving and selling their opportunities in Redding CA, short sales might be your best bet.

Short sale real estate transactions offer homeowners who are underwater on their property an opportunity to release themselves of their mortgage debt without going into foreclosure.

When a foreclosure occurs, the bank or lien holders take over full ownership of the home.

What happens during a short sale, the homeowners agree to put the house up for sale, but the purchase price is less than what is still owed on the mortgage.

In turn the bank agrees to accept less then the full amount owed on the mortgage.
A short sale is when a lender is being paid off “short”, less than the amount owed.

A short sale takes several months to complete. The sale of the property is not solely left to the discretion of the property owner, as is the case during a traditional property sale in Redding CA.

A offer to buy the real estate must pass through the bank or bank(s) for approval before going into a traditional escrow.

For this reason, short sales can sometimes take months to come to fruition, a process that will require patience by the homeowner, potential buyer and agents involved.

The best advice homeowners need when approaching a short sale is to not go the process alone.

Having the expertise of a property short sales agent at your side can make the entire process as easy as possible in this difficult situation.

The Redding Short Sale Team has experience dealing with banks and property owners, ask us for free advise.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

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Short Sale Certified by the National Association of Realtors License #01760446

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LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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Short Sales are not the same as Foreclosures-Redding CA

Short Sale Resource-Redding CA

What is a short sale?

A short sale, is the process of selling property for less than the mortgage that is owed on the home.

What Banks can do a short sale.

All of them!

There are so many families in Redding CA looking for short sale information, because of the current real estate market conditions. It can be difficult to sell a home , when you have to move.

Banks and mortgage lenders are better prepared to handle this complicated transaction.

The Real Estate Agent.

We at the Redding Short Sale Team has assembled an experienced team to help with all the people that contact us for short sale help.

Time is of the essence so it’s important to call as soon as possible.

The Redding Short Sale Team specializes in general single family residential real estate, we will be working with first-time home buyers and investor who are looking to purchase property in Redding Ca.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

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Short Sale Certified by the National Association of Realtors License #01760446

Check Out My Credentials Here

LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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Short Sale Resource-Redding CA

Help for Underwater Homeowners Who Have Never Missed a Payment-Short Sale-Redding CA

Underwater homeowners in Redding CA and around the country participating in Fannie Mae and Freddie Mac’s ambitious new plan to allow short sales by homeowners who have not missed a mortgage loan payment could see light at the end of the tunnel.

Beginning Nov. 1 2012 Fannie Mae and Freddie Mac’s short sale plan is to allow mortgage servicers to begin accepting short sale packages from nondelinquent homeowners who can demonstrate hardships like the loss of a job or death of a spouse.

This short sale program offers huge potential relief for hundreds of thousands of underwater homeowners who have continued paying their monster mortgages on time to finally get rid of them.

Mortgage lenders who have agreed to settle for less than the original principal amount on the mortgage loans, understanding that the property valuation is less than they anticipated, because of the housing bust and recession, may be a welcome relief for many homeowners in Redding CA.

Fannie and Freddie have blessed the transaction and recognize that on time short sellers deserve a benefit also.

Want to apply for a short sale? We can help?

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

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Short Sale Certified by the National Association of Realtors License #01760446

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LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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Help for Underwater Homeowners Who Have Never Missed a Payment-Short Sale-Redding CA

Great News on Short Sales in Real Estate-Redding CA

A short sale in real estate sometimes called a pre-foreclosure sale, most commonly occurs when the value of a home has decreased and the homeowner owes more than the property is now worth.

In a short sale, the bank agrees to accept the money from the sale even if it doesn’t cover the current mortgage debt. In the past, the only way a lender would agree to a short sale, in general, is if the homeowner has defaulted and stopped paying on the mortgage.

Great news! Under the new rules, sellers can by current on their payments and possibly still qualify.

One of the common issues with a short sale transaction is that it can be an uncertain process, with time frames that vary greatly among banks.

The sale can only be completed with the agreement of the mortgage holder. Lenders, most commonly mortgage companies and banks, might take months to decide whether or not to accept an offer from a potential buyer.

How to qualify.

Homeowners may automatically qualify if they can document certain specified hardships:

Death of a borrower or co-borrower
Divorce or legal separation
Illness or disability
Need to move more than 50 miles for a new job

Want to learn more about the short sale process?

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

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Short Sale Certified by the National Association of Realtors License #01760446

Check Out My Credentials Here

LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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Great News on Short Sales in Real Estate-Redding CA

What other options may the bank have instead of foreclosure when I am late on mortgage payment?-Redding CA-Short Sale

Depending on the situation, mortgage banks may consider one of the following.

1.Loan Workout.

Basically, a loan workout is any resolution of a problem loan between the bank and homeowner that modifies the original loan agreement.