Recorded on January 10, 2012 aoao postponements & canceled of Foreclosures.

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The Women’s Council of Realtors hosted an overview of the current short sale policies that BofA is following.

The five most common reasons that Short Sales are declined were discussed. It’s fair to assume that these reasons are common among all lenders. Distributed by Tubemogul.

Duration : 0:6:37

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Sept. 21 (Bloomberg) — Sales of previously owned U.S. homes rose more than anticipated in August as investors used cash to buy distressed properties.
Purchases of existing houses, which are tabulated when a contract closes, increased 7.7 percent to a five-month high 5.03 million annual rate, figures from the National Association of Realtors showed today in Washington. Michael McKee reports on Bloomberg Television’s “InBusiness with Margaret Brennan.”(Source: Bloomberg)

Duration : 0:2:19

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http://www.squidoo.com/shortsaleaid

How To Do a Short Sale
Why Would a Lender Accept a Short Sale?

A short sale in real estate is not always a pleasant transaction.

There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a “short sale.”

More than half of my sales in Sacramento over the past few years are short sales. That’s how prominent short sales have become.

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers:

* Obtain legal advice from a competent real estate lawyer
* Call an accountant to discuss short sale tax ramifications

As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a Short Sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.

By Elizabeth Weintraub, About.com

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Bank of America will resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed. (Oct. 18)

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