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

Chase Short Sale Facts – Redding CA

Deficiencies judgements in the State of California on Chase First Lien Mortgages short sales real estate transactions are waived 100% of the time.

Chase bank is beginning to offering struggling homeowners up to $48,500 in moving incentive payments. This moving incentive is only being offered to Chase homeowners who are already behind on their payments and is determined by what portfolio the loan falls in.

There is no way for the Redding Short Sale team to determine which homeowners will qualify for these moving incentives.

The best advice the Redding Short Sale Team can give to struggling Chase homeowners is they should work with an experienced short sale real estate agent.

Contact us directly to learn about the short sale process.
Direct (530) 921-1063 Laura Reilly-Realtor

Time is of the essence. Chase short sale negotiators are not permitted to reveal the “Chase” Price Opinion for compliance reasons.

It takes about 2 weeks from the time the valuation is done before Chase has a property value. So the sooner your start the better.

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

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Chase Short Sale Facts – 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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How to Short Sale to Avoid Foreclosure – Redding CA.

Tax Relief for Distressed Property Owners-Short Sale-Redding CA

The pressure is on for 2012 US congress to extend  the mortgage tax relief for homeonwers who may have mortgage debt canceled or forgiven through a short sale.

Did you know the Department of Justice made a settlement with big banks such as GMAC, Ally Bank, CitiMortgage, Chase, Wells Fargo and the biggie Bank of America.

This settlement to the big banks included approx. $25 Billion a Billion with a “B” to help struggling homeowners with loan modifications and other solutions to avoid foreclosure or short sale their home.

The fight is one for the extension of the mortgage debt relief act, extending the tax exemption.

It is anybodys guess if the tax exemptions will be extended.

Learn your options.

Any tax extension may ease the pressure on some distressed homeowners. But it would not eliminate it. All extensions ultimately will have another expiration date, possibly just one more year away.

Short sale real estate transactions can take several months, and the timelines are likely to stretch as homeowners, escrow officers and real estate agents rush to beat the deadlines.

Is a short sale right for you? What happens to the tax extension?

Ask us. Direct (530) 921-1063

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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Tax Relief for Distressed Property Owners-Short Sale-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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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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Short Sales are not the same as Foreclosures-Redding CA

Short Sales and Housing Shortage In Redding CA

A short sale is the sale of property where a seller homeowner agrees to sell the home for less than they owe on the mortgage.

This process is helpful to banks and homeowners alike, this process HAS been far too long for all but the most tenacious of home buyers and can take several months to a year to complete.

But alot of that is about to change.

Starting Nov. 1, Fannie Mae and Freddie Mac the housing giants; gave nine private mortgage insurers the ability to approve short sales and deeds in lieu of foreclosure for distressed homeowners without requiring a separate review.

The amazing move is expected to reduce delays, costs and uncertainty involved in processing short sales and deed in lieu, according to mortgage giant Freddie Mac.

The Redding Short Sale Team applauds the nation’s mortgage insurers for committing to work with homeowners and buyer and the servicers to help more borrowers obtain short sales and other foreclosure alternative.

Short sales and deeds in lieu of foreclosure are important tools to prevent foreclosures and help struggling homeowners.

Are you interested in learning about the short sale process and if it can help you?

Contact us…

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 and Housing Shortage In Redding CA

Repairs and Short Sales-Redding CA

Many homeowners ask ” Do I need to do repairs or fix things in my home during a short sale transaction?”

The simple answer..

NO

The buyer needs to add the cost of the repairs to the purchase price and determine if this is still a good deal for them. Some buyers may choose to do the work themselves, or to purchase the property as is.

In all short sale cases the current homeowners usually do not