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Monthly Archives: August 2012

August 31, 2012

Canyon Lake custom Pool Home.

Canyon Lake custom Pool Home.
This home is NOT a short sale. You can buy it and move in this month!


Canyon Lake Pool Home


Overview
Maps
Photos

$359,990
Single Family Home
Main Features
3 Bedrooms
3 Bathrooms
Interior: 2,794 sqft
Lot: 7,841 sqft
Location
29214 Old Wrangler Rd
Canyon Lake, CA 92587
USA
To get updates on open home dates and other property events, please click the “Like” button below:


Sidney M Kutchuk

Sidney M Kutchuk

Realty Works Temecula
(951) 676-4663
Expert@aShortSale.com
http://www.aShortSale.com

       

Listed by: Realty Works Temecula

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Call Realty Works Temecula for a showing 951-676-4663.

Temecula Short Sale Agent explains why you get a 1099-C

1099-c short sale

Do Not Ignore the 1099-C Form

Temecula Short Sale Agent explains why you get a 1099-C  after the close of a short sale.

When a Creditor (your lender)writes Off or Settles a Debt they do so with the 1099 form.A copy is mailed to you after the close of your short sale and a copy also gets reported to the IRS.The IRS may count this debt written off or settled by your creditor as taxable income.This is also called “Phantom income” and this has caused alarm for many homeowners doing a short sale.

Most people don’t know that with a Foreclosure, you will also get a 1099. In the case of a Foreclosure the 1099 is called a “1099-A”  and the ‘A’ stands for “Acquisition or Abandonment of Secured Property”. It is important to know that while there are many differences, the tax consequences for the ‘C’ and the ‘A’ are the same.

Will you be facing a large tax bill?
Because of The Mortgage Debt Relief Act of 2007 you may not be required to pay taxes on the ‘income’ as shown on the 1099-C. If your property was your principal residence you should be protected by this Act.However, you shouldn’t just assume that you won’t have to pay. It’s very important you consult a CPA or tax expert when selling your home as a short sale.

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You should talk to a Temecula Short Sale Agent if…

You should talk to a Temecula Short Sale Agent if…

You can no longer make your mortgage payment.
Need to sell your home but can’t due to current market values.
Have to relocate due to job change or military service.
Your near retirement and need to downsize.
Due to divorce or court order you must sell your home.
You have  given up on real estate and want out.

Call a Temecula Short Sale AgentBottom line if you need to sell your Temecula home for most any reason in todays market
you should talk to a Temecula Short Sale Agent at Realty Works Temecula.
I am a Certified Temecula short sale specialist
and I make it easy for you to talk to me. Call me direct on my cell at 951-217-6745 

by Sidney Kutchuk broker and Temecula Short Sale Expert

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Short Sales changes for homeowners with Fannie Mae & Freddie Mac loans.

Short Sales changes for homeowners with Fannie Mae & Freddie Mac loans

Here are some specific changes that will be effective this year on Nov. 1, 2012:

  • Eliminates current Fannie Mae and Freddie Mac short sale programs and creates a single standard short sale process for both entities (Fannie and Freddie HAFA programs will expire at the end of the year).
  • Enables servicers to quickly and easily qualify certain borrowers for short sales who are current on their mortgages without waiting for an approval from Fannie Mae or Freddie Mac
  • Offers special treatment for military personnel with Permanent Change of Station (PCS) orders.
  • Standardizes and clarifies foreclosure suspensions on a property with an approved short sale.
  • May pay borrowers up to $3,000 in relocation assistance.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to subordinate lien holders to expedite a short sale.

FHFA also clarified that a borrower experiencing a hardship must wait at least two years before becoming eligible for a Fannie Mae or Freddie Mac loan.

These new guidelines will improve short sales eligibility for those troubled homeowners trying to avoid a foreclosure so they can move on with their lives..

How long will it take to complete your Temecula short sale?

How long will it take to complete your Temecula Short Sale? Temecula Short Sale
The fact is the time-line from start to approval on a short sale has NOT been getting any shorter as many lenders have promised. It still takes about 90 days for short sale approval. Your lender and our government have put many systems and incentives in place to help you avoid foreclosure. But even with their promises of quicker approval times its just not happening.

One of the biggest issues is closing. Once you have you short sale approved your lender will give you 30 days to close.
This should now be the easy part. You have your short sale approved and we close right? Wrong! Once you have the approval
letter in hand a copy needs to go out to the buyers agent. The buyer has been waiting 90 days for this short sale approval letter.
Now they have 30 days to close and have to scramble to get the appraisal,inspections and final loan approval.This is were many
short sales blow up!Short Sale buyers If your short sale fails due to the buyer it’s a redo,no matter what your lender says expect a 30 day
delay to get back to approval and you have to get a new approval letter as when the lender issues a short sale approval letter that letter
is buyer specific. It has the buyer name in the body of the approval.You can not just move on to a backup buyer. 

How long will it take to complete your Temecula short sale? I quote 4 months. 90 days to get approved and 30 days to close if your buyer does not fail to perform. Thats a whole other short sale subject. By Sidney Kutchuk,Temecula Short Sale Agent.

 

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Stop Foreclosure with No deficiency and avoid the IRS with a Short Sale

Stop Foreclosure with No deficiency and avoid the IRS with a Short Sale.

Temecula Short Sale Agent

Stop Foreclosure


You still have time to get your home sold via a short sale before the end of this year thus avoiding the IRS and being protected via the …”The Mortgage Forgiveness Debt Relief Act ” and if your home is in California you have no worry that your lender will seek payment of any deficiency! They can’t,by law you are protected by SB 458 this Senate Bill was signed into law on July 15 2011.

With all this protection and the US Treasury HAFA program and many lenders offering you cash incentives to do a short sale the window is wide open now. Stop foreclosure and choose a short sale as your best no out-of-pocket option.

Still have questions? Ask me how I can help you. I ‘m a certified HAFA Short Sale Specialist. As a Temecula Short Sale Agent I have over 17 years helping homeowners through the short sale process. This is not a process to trust to just any real estate agent,you need a short sale specialist.
 
Stop Foreclosure with No deficiency and avoid the IRS with a Short Sale. Call me 951-217-6745

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Murrieta Short Sale Homes – Investor Special – 6 Bedrms $235,663.00

Murrieta Short Sale Homes – Investor Special – 6 Bedrms $235,663.00


Murrieta Short Sale Homes | by Realty Works

Overview

Maps

Photos

Market Stats 

$235,663
Single Family Home
Main Features
6 Bedrooms
3 Bathrooms
Interior: 2,671 sqft
Lot: 7,405 sqft
Location
27988 Busman Rd
Murrieta, CA 92563
USA

To get updates on open home dates and other property events, please click the “Like” button below:


Sidney M Kutchuk Sidney M Kutchuk

Realty Works Temecula
(951) 676-4663
Expert@aShortSale.com
http://www.aShortSale.com

      

Listed by: Realty Works Temecula

Our recent listings

 

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See more Murrieta, CA real estate for sale

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Listed by the…. Murrieta Short Sale Agents at Realty Works Temecula 951-676-4663.

29604 Baker Ln,Murrieta | Large single level home for rent.


Murrieta homes for rent | 951-824-6893


Overview
Maps
Photos
Neighborhood

$1,895
Residential Rental
Main Features
4 Bedrooms
3 Bathrooms
Interior: 2,937 sqft
Lot: 7,841 sqft
Location
29604 Baker Ln
Murrieta, CA 92563
USA
To get updates on open home dates and other property events, please click the “Like” button below:


Sidney M Kutchuk

Sidney M Kutchuk

Realty Works Temecula
(951) 676-4663
Expert@aShortSale.com
http://www.aShortSale.com

       

Listed by: Realty Works Temecula

Our recent listings

Subscribe to our listing feed

Nearby rentals

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Murrieta Short Sale 951-217-6745

Murrieta Short Sale listed by,Realty Works Temecula. Murrieta Short Sale Specialists


Murrieta Short Sale Agent


Overview
Maps
Photos
Market Stats

$304,663
Single Family Home
Main Features
5 Bedrooms
3 Bathrooms
Interior: 3,800 sqft
Lot: 8,276 sqft
Location
29691 Ski Ranch ST
Murrieta, CA 92563
USA
To get updates on open home dates and other property events, please click the “Like” button below:


Sidney M Kutchuk

Sidney M Kutchuk

Realty Works Temecula
(951) 676-4663
Expert@aShortSale.com
http://www.aShortSale.com

Listed by: Realty Works Temecula

Our recent listings

Subscribe to our listing feed

Nearby properties for sale

Powered By RealBird.com

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HAFA short sales pick up.

HAFA short sales pick up slightly after rules eased
Under the Home Affordable Foreclosure Alternatives program, mortgage servicers completed 6,069 short sales and deeds-in-lieu of foreclosure in June, according to Treasury data. The total equaled roughly 100 more than May and up from less than 4,500 in each of the first four months of the year.

The U.S. Treasury relaxed some rules in January to expand the program, which launched more than two years ago. Beginning in February, servicers are no longer required to verify a borrower’s financial information or if the monthly mortgage payment exceeded 31 percent of income.Also the amount of funds available to pay a Jr Lien was increased to $8,500.00

Of the deals completed, 1,500 were deeds-in-lieu of foreclosure. Under HAFA rules, a borrower must make a good faith effort to list and market the property before the servicers can offer a payment. The Treasury allows borrowers to receive at least $3,000 in relocation costs.

Nearly two-thirds of all HAFA deals occurred in California (42 percent), Florida (16 percent), and Arizona (7 percent), according to the Treasury.

Source: Calif Association of Realtors..