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Posted by on Apr 18, 2013 in Success Stories | 0 comments

Short Sale Success Stories | Buford

Short Sale Success Stories | Buford

5087marsh-1-1This site has been live for almost 4 years and we failed to tell you of our success.  Not to boast but rather to share the short sale success stories we’ve had (and failures) so that you can see what will work for you or not.

One of the most memorable stories was a home for sale in Buford.  It was a Chase short sale and our client had lost his job.  Just months prior he was working hand in hand with a prominent author in leadership.  Unfortunately for him, his boss sold the company which left him as an odd man out.  After several months of trying to make ends meet he could no longer afford the home.  This continued for over a year when Chase told him about a short sale.

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Posted by on Apr 11, 2013 in FAQ | 0 comments

Do Short Sales With Freddie Mac Result in A Deficiency Judgement?

Do Short Sales With Freddie Mac Result in A Deficiency Judgement?

Freddie Mac HomeDo Short Sales With Freddie Mac Result in A Deficiency Judgement?

In a short sale, it’s a pretty common question to ask whether or not, Do Short Sales With Freddie Mac Result in A Deficiency Judgement? Luckily for us there’s a clear definition already out there for this.

Chapter 55.3.1: IRS Form 1099-C, Cancellation of Debt (04/25/06) states that the Servicer must report cancellations of Borrowers’ mortgage debt on IRS Form 1099-C, Cancellation of Debt, as required by the Internal Revenue Code.  Under 55.3.1.d .6 it defines a short sale (not by name) as “A discharge of indebtedness under an agreement with the debtor to cancel the debt at less than full consideration.

Most of the time you want to get it in writing and possibly reviewed by an attorney but this is pretty clear that a short sale completely cancels the debt.  The way it’s worded above, it’s worth pointing out that your credit report often reports a short sale this way as well.

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Posted by on Apr 1, 2013 in Bank Specifics | 0 comments

Bank Of America Short Sale Process

Bank Of America Short Sale Process

Bank Of America Short Sale Process

bankofamericashortsaleWe’ve talked a lot about the Bank of America Short Sale process over the years, but they continue to be slowing improving their processes, almost to the point of being the preferred lender to do a short sale with.  Unfortunately, that distinction won’t help them a ton but will help home owners get over their fear of the short sale process.  They recently made a few changes to their process.

One of the biggest problems with short sales is that the home buyer tends to get antsy and decides to buy something different.  This usually causes the short sale “processor” to have to start over.

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