FREE Las Vegas Short Sale Kit DOWNLOAD

How do I start the short sale process? Answer: A FREE Short Sale Kit Start the short sale process by downloading a FREE short sale kit that contains the information and forms you need to start your short sale and close it as soon as possible. *WORKS WITH ANY LENDER* Download a FREE short sale […]

Deed in lieu vs Foreclosure?

What is the difference between a deed in lieu and foreclosure?   Answer: A deed in lieu of foreclosure (also known as a deed in lieu) still results in you having to leave your home. However, you’ll technically avoid having “foreclosure” on your credit report and you’ll avoid being evicted from your home. What is […]

When does the Mortgage Forgiveness Debt Relief Act expire?

When does the Mortgage Forgiveness Debt Relief Act expire? A: The Mortgage Forgiveness Debt Relief Act Expires 12/31/2012 Download the free guide. Here’s another post I wrote on this topic: https://michaelsteam.com/short-sale-1099-and-the-mortgage-forgiveness-debt-relief-act/

What is a HAFA short sale?

What is a HAFA short sale? A: HAFA stands for Home Affordable Foreclosure Alternative Program. HAFA is a program of the Department of the Treasury & Housing and Urban Development which is administered through your participating lender. The benefits of applying for a HAFA short sale are: a.) Possible cash incentive, up to $3,000; b.) […]

Short Sale 1099 and the Mortgage Forgiveness Debt Relief Act

Do I get a 1099 if I do a short sale? A: Almost certainly, yes, you will get a 1099 if you complete a short sale. The Mortgage Forgiveness Debt Relief Act Expires 12/31/2012 In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to […]

Bank of America Cash for Keys Program Nevada

Bank of America Cash for Keys Program, Nevada   LIMITED TIME OFFER On May 15, 2012, Bank of America announced a new short sale Relocation Assistance Program: Homeowners are eligible to receive $2,500 to $30,000 in relocation assistance. For a limited time, Bank of America is offering enhanced relocation assistance payments in which qualified homeowners […]

What is the difference between how a deed-in-lieu is reported on my credit score vs. a short sale?

What is the difference between how a short sale is reported on my credit vs. a deed-in-lieu? A. This is right out of the MHA Handbook: (Credit) Reporting for Deed in Lieu should be as follows: Account Status Code = 89 (deed-in-lieu of foreclosure on a defaulted loan) Payment Rating = 0, 1, 2, 3, […]

What do you suppose is the shadow inventory size in Las Vegas right now in 2012?

Q: What do you suppose is the shadow inventory size in Las Vegas right now in 2012?   Answer: Let’s start here: There are still over 150,000 mortgages underwater in Las Vegas but how many are in default and yet not on the market for sale? (ergo the definition of the term “shadow inventory.”) SHADOW […]

What do lender consider acceptable short sale hardship reasons?

Q: What do lender consider acceptable short sale hardship reasons? A: Here is a list of the most common short sale hardship reasons however all hardships have to be documented and approved by your lender: https://michaelsteam.com/short-sale-hardship-reasons/

What are the signs of short sale fraud

Q:  What are the signs of short sale fraud or loan modification fraud?  A:  The FBI reported a jump of 71% in mortgage relief fraud investigations from 2008-2009, and expects this number to continue to grow. That’s why it’s my duty to educate homeowners in my community on the cautions they need to take, and […]