Mortgage Debt Relief Act Extended

Great news for distressed homeowners! On December 16, 2014 the United States Senate voted to extend the Mortgage Debt Forgiveness Act. A few weeks prior the House of Representatives also passed the extension of the Mortgage Debt Forgiveness Act. Now the bill is going to President Obama and it is expected that he will sign it. Homeowners who sold their home as a short sale in 2014 will receive a tax break!
The extension of this Act relates to any short sales conducted in 2014 and provides tax relief for mortgage debt forgiveness. This Act does not allow the IRS to tax distressed homeowners on the amount of forgiven debt when the consumer has sold their home through a short sale. For example, if Mr. Smith sales his home as a short sale and $100,000 of his debt is forgiven Mr. Smith will not pay taxes on that $100,000. It is estimated that extension of the Mortgage Debt Forgiveness Act will save distressed homeowners from paying taxes on more than $8 billion. Without the extension of this Act any amount that was forgiven as part of a short sale would count as income for the homeowner when filing their taxes for 2014.
According to RealtyTrac there were more than 170,000 homes sold as short sales in the first 3 quarters of 2014 and the average amount of debt forgiven as part of those short sales was approximately $75,000. This means that voting to extend the Mortgage Debit Forgiveness Act is helping hundreds of thousands of distressed homeowners.

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Short Sale 1732 Terracotta Drive Riviera Beach, FL 33404

1732 Terracotta Drive Riviera Beach, FL 33404

Another short sale just closed! Great townhouse in Riviera Beach, FL.  This townhome is a perfect end unit with lots of privacy.  It’s a two story home in a quiet, friendly, gated community. This home consists of 2 master bedrooms, a one car garage, tile floors on the first floor and carpeting upstairs.  It has a very nice kitchen and a large, open dining area.  This townhome also has a beautiful lake view and comes with hurricane shutters.

The townhome sold for $80,000.00 cash! If you or anyone you know would like information on short sales please contact me.  I am an expert in South Florida short sales.

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3050 N Evergreen Circle Boynton Beach, FL

This great 2 story town home is located in Parkside Village which is within the community of Quantum Park.  This community’s convenient Boynton Beach location gives its residents easy access to all that Palm Beach County has to offer.  This town house consists of 3 bedrooms, 2 and ½ bathrooms and a 1 car attached garage.  It is almost 1,700 square feet under air and is CBS construction built in 2004.  The town home is a very private end unit with lots of upgrades like granite countertops, tile floors down stairs and a home security system.   This home was sold with all of its appliances in working order.   It is a wonderful unit for people who love privacy because it backs up to a nice waterway.  This community is governed by an HOA which is $150.00 monthly and includes lawn care, pool service, roof maintenance, security and trash removal.  It was a short sale and sold for $187,000 with $5,000 back toward the buyer’s closing costs.

If you or anyone you know would like information on selling a home as a short sale please contact me.  I will walk you through the process.

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7361 Winder Court Lake Worth, FL 33467

7361 Winder Court Lake Worth, FL 33467

4 beds, 3 baths, $350,000

Wonderful move-in ready 2 Story, 4 bedroom, 3 bath home with a 2 car garage on cul-de-sac in the very  desirable West Lake Worth community of Lake Charleston.  This single family home features spectacular panoramic lake views throughout.  You will love to be outdoors in this home’s screened in pool and covered patio. It also features a large fenced in yard.

One of the best features of this home is the guest bedroom. Your guests will have plenty of privacy in this downstairs guest room with a full bathroom.  This wonderful house features tile in living room, dining area and kitchen and brand new neutral carpeting in the rest of the house.  There are wonderful views of the lake from the family room and the eat-in kitchen.  The kitchen also features granite countertops.  This great home offers a very large master bedroom with two walk-in closets.   This home has been freshly painted.

The home is on a cul-de-sac on a very quiet street in Lake Charleston which is in a wonderful school district.  This community is also conveniently located to shopping, restaurants, parks, I-95 and Florida’s Turnpike.

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JUST SOLD 7725 La Mirada Drive, Boca Raton, FL

JUST SOLD 7725 La Mirada Drive, Boca Raton, FL

Just closed on the short sale of this pristine two story, 3 bedroom, 2.5 bathroom town house with an attached 2 car garage in the beautiful City of Boca Raton, Florida.  This town home is located within the subdivision of La Mirada at Boca Pointe.  The community of Boca Pointe is located on over 1,000 acres which are filled with wonderful lakes, parks, walking paths and even their own fire station!  There are 28 Villages within Boca Pointe.

La Mirada is located on the 7th fairway of the Club at Boca Pointe golf course.  This subdivision consists of just over 200 town and coach homes.  All of the homes provide the residents with an individual entryway and attached garages.

This exquisite town home sold for $230,000, cash.  The home offers beautiful lake and garden views from a 25 foot screened patio.  The interior features of this town home include vaulted ceilings and walk-in closets.  The subdivision is governed by an HOA and the HOA fee includes your basic cable, water, maintenance and use of the common areas which include a pool and a spa, lawn care, insurance on the building, exterior pest control, roof maintenance, manned entry gate, security patrol and trash removal fees.  All major appliance were sold with this property including the range, refrigerator, microwave, wall oven, dish washer and even the automatic garage door opener.

This wonderful community is located between Powerline Rd and Lyons Rd in Boca Raton, FL.

If you or anyone you know would like information on a short sale please contact me. I will walk you through the process with ease!

 

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JUST SOLD – 7142 Taylorwood Drive, Lake Worth, FL

Beautiful 4/2.5, 2 car garage single family home in the development of Sterling Cove within the community of Lake Charleston in West Lake Worth.  This home offered many amenities such as granite countertops, stainless steel appliances, diagonal tile, crown molding, breakfast area, spa tub, volume ceilings, walk-in closets, split bedroom plan, huge exterior screened patio and a fenced back yard. The home is approximately 3,000 sq. ft. total on a corner lot with a wonderful lake view. This home was sold fully equipped with window treatments, hurricane shutters, and all major appliances.  Lake Charleston is a great neighborhood located in West Lake Worth, Florida off of Hypoluxo and Jog Road. The community is located within a wonderful school district and offers many amenities such as basketball and tennis courts, swimming pools, picnic areas and biking/jogging trails.  Lake Charleston has a low HOA fee which includes basic cable, maintenance of the common areas and use of the recreational facilities.  This was a short sale which sold for $300,000.00 cash.

If you or anyone you know is interested in getting more information about short sales please contact me. I will walk you through the process.

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Fraudulent or Predatory Mortgage Rescue Scams

Homeowners who are facing foreclosure may become perfect targets for predatory mortgage rescue scams.  These rescue scams will often seek out homeowners who are facing financial struggles and trying to save their homes from foreclosure. Often these scams cost the homeowner money and provide no results. There are lots of homeowners who are desperate to stay in their homes and save them from foreclosure.  Many times these desperate homeowners who are targeted by mortgage rescue scams and end up paying a lot of money to companies and/or individuals who make baseless promises to keep them in their homes and help them avoid foreclosure.

There are many things to be aware of if you are contacted by any company or individual offering help with your mortgage/foreclosure situation or any type of mortgage rescue program.  One red flag is if they guarantee to stop the foreclosure process.  Being able to stop the foreclosure process generally takes time and approval of the lender. It cannot be guaranteed by a third party.  Also, please be cautious of any program that requires you pay up front fees and asks for transfer of title to the property. Title to the property normally is only transferred at the time of a sale, whether that sale by a short sale or a foreclosure sale.  Also, you should never make your mortgage payments to anyone but your lender without having the lender’s approval to do so.

If you or anyone you know if facing foreclosure, please contact me. It may be possible for me to negotiate a short sale with your lender.  With my extensive expertise I will walk you through the short sale process with ease.

 

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Top Producer in 2012 and 2013

If you are looking for someone to help you sell your home it is extremely important to find a truly qualified real estate professional. I have been named a Top Producer by REAL Trends America’s Best Real Estate Agents for the years 2012 and 2013.

For over 25 years, REAL Trends has been known as the trusted source for trends in the real estate industry.  REAL Trends Best Real Estate Agents in America finds the best real estate agents and categorizes them by state and major cities.  In order to compile their unbiased report, REAL Trends collects, verifies and then ranks the top real estate professional.  The real estate agents named in this report by REAL Trends have proven results.

I am a highly qualified real estate professional with proven results. I can help you sell your home and can guide you through the short sale process from state to finish. Contact me today for more information!

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What is a short sale?

A short sale occurs when the sales price of a property is not sufficient to pay the mortgage which is owed and the seller is not able to pay the deficiency out-of-pocket. The term “deficiency” refers to what is still owed to the lender after the sale of the property including interests, fees, penalties, etc. All short sales must be approved by the seller’s lender.  In order to have the lender approve a short sale the seller must prove that the fair market value of their home is less than the balance owned on their mortgage note.

Sellers must bear in mind that approval of a short sale by the lender doesn’t mean that the lender waives the deficiency.  In other words, the lender may approve a short sale but still be able to get a judgment against the seller for the what is owned to them after the sale proceeds. Making sure the deficiency is waived is one of the most important issues to address in the short sale process. This is one reason it is extremely important to find a qualified real estate professional to help you through the short sale process.

The short sale process is further complicated if there is more than one lender on the property. Your realtor would then have to negotiate the short sale with not only the first lender but also the junior lien holder (the second mortgage).

If you are considering a short sale of your home you should deal with a real estate professional that has a vast experience in short sales.  Your realtor should be someone who handles many short sale transactions and has extensive education and training in short sales.

If you or anyone you know is considering a short sale please contact me. I can walk you through this process with ease.

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Foreclosure Agreement Will Provide Payment to More than 4 Million Borrowers

More than four million borrowers will receive payments beginning on April 12th pursuant to a foreclosure agreement reached last year between the Office of the Comptroller of the Currency and the Federal Reserve Board with thirteen major mortgage providers. This agreement will distribute over three billion dollars in cash payments to borrowers whose homes were involved in the foreclosure process in 2009 or 2010 and whose mortgages were serviced by: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo or their subsidiaries. The payments will be anywhere between $300.00 to $125,000.00. Most of the mortgage providers will begin sending payments to borrowers beginning on April 12, 2013. The payments will continue until approximately July, 2013. Goldman Sachs and Morgan Stanley have not made an announcement regarding when they will start distribution of payments to borrowers.

The payments will be sent to most borrowers in the form of a check with a letter. The letter will be sent by Paying Agent-Rust Consulting, Inc. Rust Consulting may also send certain borrowers a letter requesting more information to determine eligibility. Rust Consulting has already sent postcards to the borrowers making them aware of this payment. Borrowers may reach Rust Consulting at 1-888-952-9105 to update their information or to verify their eligibility.

If you are a borrower and are eligible for this payment it is important that you be aware of scams relating to this foreclosure agreement. If anyone asks you to call a different number or to pay a fee to receive your payment do not do as they ask and report the call to Rust Consulting.

For your information, receiving this payment pursuant the foreclosure agreement does not prevent you from taking any action you may wish to pursue related to your home and/or the foreclosure. If you have questions regarding options to avoid foreclosure please contact me right away!

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