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Monthly Archives: December 2012

Short Sales for those nearing retirement.

Short Sales for SeniorsShort Sales for Seniors.This month the bulk of my short sales have been helping client’s that are nearing
retirement. These sellers had all reached the same conclusion. They all had wonderful homes that they all loved, but could see that they had to come first,not their homes. Their homes had all taken a nose dive in value and they where all saddled with very large mortgages.The short sale was the solution that let them all sell their houses and move on with their life.
What the short sale achieved for them was huge. They all knew that they would never see their home values returning to any were near what they owed, and with the new short sale laws they would not have to worry about the lenders seeking a deficiency judgment.

Along with the short sale approvals many of them also received $3,000.00 from their lenders for their cooperation during the short sale.

I’m a senior myself and have also be through a short sale with my home.I know how to guide you through this most difficult type of real estate transaction.My service to you as your short sale agent is always free.

I am a certified short sale specialist and I specialize in Short Sales for Seniors.

 

Temecula Short Sale Agent, Cyber Sid at your service,Short Sale QR Code

by Sidney Kutchuk  AKA…Cyber Sid
      SHORT SALE AGENT    www.aShortSale.com
   CALL ME, 951.217-6745 cell

 41720 Winchester Rd #I  Temecula Calif. 92590      951-217-6745    DRE# 01156692   Google me

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Soon-to-expire tax break for short sales is driving a spurt in “short sales.”

Temecula Short Sale Specialist | 951-217-6745 | Realty Works Temecula

The Mortgage forgiveness Act ends Dec 2012 with no extension in sight.

A soon-to-expire tax break for troubled homeowners is helping drive a spurt in “short sales.”
During the three months ended Sept. 30, short sales in which homeowners had fallen behind on mortgage payments soared 22% over last year, according to a report released Thursday by online marketing company RealtyTrac. By comparison, short sales by people current on their payments went up 17%.

In a short sale, homeowners sell at a price that is less than what they owe the bank, and the bank agrees to absorb the loss. The bank unloads the house and the homeowner gets out of a mortgage he can’t afford.
And currently, homeowners don’t have to pay federal tax on the unpaid mortgage debt because of a bailout-era law known as the federal Mortgage Debt Forgiveness Act.
But the act expires on Dec. 31 and, unless it is extended, the IRS in January will start treating unpaid mortgage debt as taxable income for many borrowers. The average amount of forgiven debt in a short sale is about $95,000, according to Blomquist. The tax on that could go as high as $33,250, even more if the Bush tax cuts expire.

Source:  NEW YORK (CNNMoney).