Bank of America HPO Cooperative Short Sale Program is being Rolled Out
Breaking news. Bank of America is rollling out the HPO Short Sale program…not sure what HPO acronym means? The program also refered to as “Cooperative Short Sale Program“. It’s a turnkey solution that: Pays the seller up to $3,000.00 at close of escrow Releases the seller from any liens or possible judgemtns for any unpaid balances. Requires very little in the way of documentation or hardship It’s a Strategic Short Sale… More to...
Read MoreSergei Fedorov Selling His Detroit Mansions on Short Sale
Sergei Fedorov, better known for scoring hat tricks than missing mortgage payments, is facing foreclosure on two of his Michigan mansions. The ex-Red Wings star owes more than $2 million on two Bloomfield Hills properties, according to Detroit News. The PrivateBank and Trust Company filed two notices on foreclosure against the hockey player today, compounding his financial woes. One home, purchased in 1999 for $1.25 million, has a balance of nearly $1.2 million, and is currently being sold for $999,999, per Zillow. It’s been on the market for more than two months. Fedorov acquired another...
Read MoreJon & Kate Sell PA Home on Short Sale
Jon & Kate apparently victims of a downturned economy sold their home in Pennsylvania on a Short Sale. Zillows report shows that 1/3 of all homes sold in February 2010, were sold for less than the orginal loan amount or, Short Sale. In the Forbes video below, Amy Bohutinsky, Zillow VP of Communications, describes the difficulties that Celebrities are having selling there homes despite their famous or “infamous” (Bernie Madoff) reputations. It appears that even the most famous of figures (Obama’s) have a percieved value, often less than what was once perceived. o o...
Read MoreShort Sales…Discrete, Dignified, Graceful Exit…Alternative to Foreclosure!
As real estate professionals we have spent the last several years helping homeowners avoid foreclosure in this ever changing economy…. We can finally say____Washington DC is waking up! The major networks and newspapers are advertising Short Sales…..could it be because…… As of the first of the year 24% of homes in America with mortgages were underwater….negative equity. 1 in 4 homes are upside down in equity. Simply put, if you walk outside your front door and turn either way, every 7th house=homeowner is in default. Better know as pre...
Read MoreNAR Jeff Lischer Executive Talks About HAFA Short Sales
This is great news from the organization that represent Realtors nationwide. Listen to Jeff Lischer Top NAR Executive Talk Candidly About HAFA Short Sales
Read MoreArnold To The Rescue…Californians Get Short Sale Tax Break…SB 401
Mr. Schwarzenegger Has signed California SB 401 providing Californians a mirrored tax break (IRS Mortgage Forgiveness Debt Relief Act of 2007) that saves residents who short sold their primary residence in 2009 or are planning to through 2012. This much needed tax break falls lock step in with the IRS planned relief that was approved by President Bush in 2007. What does it do? Gives relief to the 1099c that you may have received or may receive if you short sell your home. Fore gives tax debts that would have resulted…up to $500,000 per primary residence. The debt is aligned with...
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