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From the Blog

Form_982

Form 982 and short sale taxes

Form 892 – and Loan Forgiveness Income Even if you or we already know the answer… This is where you need to begin your analysis — form 982. form 982 – mortgage debt forgiveness act Things to Remember 1. Expiration… the Mortgage Debt Forgiveness acts (both FED and California) are scheduled to expire this year, [...]

Wells_Fargo_Short_Sale_Package_image

Wells Fargo Short Sale Package

Wells Fargo Short Sale Package   Wells Fargo is a smart bank.  If you do not position your assets or income, ahead of time, Wells Fargo is likely to find you do not have a financial hardship. If you are found not to have a qualifying financial hardship you will need to leverage the law, [...]

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Bank of America Short Sale Package

This is a sample Bank of America Short Sale package. 1 blank Bank of America SS Packet 1st MTG Most of the time we use the Equator system to coordinate short sales with Bank of America. The exact questions and procedures in Equator change depending on who actually owns your loan (the investor) but investors [...]

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CA Association of Realtors Short Sale Addendum

SSA or the Short Sale Addendum Used properly, in conjunction with successful closing, you can protect your assets from the bank. There is just one hitch, the banks do not always provide short sale approval. Your Realtor will be asking you to turn over a roadmap to your assets and future income prior to getting [...]

short sales and taxes

CA Mortgage Debt Forgiveness Act Expires in 2012

The short sale and foreclosure tax laws begin changing at the end of this year.  That does not give most California’s much time to plan and execute a foreclosure or a short sale.   If you were thinking about a Strategic Default for a Short Sale, you need to plan and perhaps act fast. The [...]

short sale addendum

Short Sale Addendum Videos

The first short sale addendum video was created in 2010. It goes through the short sale addendum created by the California Association of Realtors and all Realtors in CA should present it to sellers. The second video is a bit of an update, in light of CCP 580e.

real estate attorney and short sale law

Two Step Short Sale and the new Short Sale Law – email from lender / negotiator

Our CA Two Step Short Sale (Tm) has been suggested by the bank negotiator  We are negotiating with a second.  That second is requesting 18,000 dollars to approve the short sale.  The senior lender was only offering 4,000 dollars.  We believe we will get this deal done with the second by offer up some real [...]

position your asset for short sale protection

Short Sale Package – Asset Protection Begins Before you Contact a Realtor

Asset Protection begins before your list your home for a short sale. Realtors generally ask you to fill out the banks short sale package. They generally put the hard close on you and want you to sign on their listing paperwork right away. This is frequently a very bad idea. If you have assets or [...]

Temecula, Riverside, Big Bear

©Copyright 2012 SANDICOR MLS. All Rights Reserved. The multiple listing data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the SANDICOR MLS. Real estate listings held by brokerage firms other than this one are marked with the Broker Reciprocity logo. The information contained within this page is for personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but is not guaranteed and should be verified by personal inspection or with the appropriate professionals.The data relating to real estate properties on this website was last updated as recently as 1/27/12 11:59 PM PST.

The information being provided by CARETS is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing.

Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of the CARETS MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.

Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

The data contained herein is copyrighted by CARETS® and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

If a listing displays “Short Sale/Subject to Lender Approval, then that listing has been identified by the seller and the listing broker as a “short sale". This means that, at the listed price, the proceeds from the sale may not be adequate to pay all liens and costs of sale. Any offer made that does not fully cover the existing amount(s) owed to the lien holders(s) plus the costs of sale could be subject to lien holder approval, which approval may be exercised at the sole and exclusive discretion of the lien holder(s)"

This IDX solution is (c) Diverse Solutions 2012.

John McConnin
DRE # 01445675
CA State Bar # 154852
john@favoriterealestate.com