Jeremy Smiley - Realtor and Short Sale Specialist with London Properties
How long will a former homeowner who sold through a short sale or foreclosure have to wait before they can buy another home? Here are the rules…. Waiting Period Requirements to Buy a Home Again. The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies… Read More
It’s been a while since I posted any stories about my recent Fresno, CA short sale approvals. I pushed five short sales through last month; this month is looking good as well. Why does it feel like this is the month of Bank of America 1st’s and Wells Fargo (HELOC) 2nd’s? That’s all I’m working on any more… gotta love em!… Read More
Q. Will I have to pay federal taxes on the money my lender loses in the short sale? There are several different scenarios with regard to whether or not you will owe federal income taxes on the loss the lender takes in a short sale. When you do a short sale, your lender is agreeing… Read More
How will a short sale affect my credit? This is a great question as there is a lot of misinformation on the internet about this topic. A short sale is recorded on your credit report as “debt settled for less than the amount owed”. This typically will result in a relatively minor hit on your… Read More
Fresno distressed homeowners, aka: “short sales“ no longer have to pay California state income tax on forgiven debt. Enacted into law yesterday, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a “qualified principal residence,” borrowers will now be exempt from… Read More
Let me be 100% clear…I didn’t write this post…its from another blog…. With that said, he makes many excellent points…points I DO agree with. Read this and share your comments. Source: Market-ticker.denninger.net I’m tired of the repeated bull-crap from the media and various carny barkers about “moral obligations” to meet your payments on underwater property.
This is great news for Fresno homeowners. I’ve been expecting this for quite a while, and really, it’s just the beginning. Short sales are the best option for homeowners in Fresno right now. It saves your credit from foreclosure and completely eliminates the debt. And the new trend as of late, is getting homeowners who… Read More
Short Sale Tip of the Month Complete Short Sale Packages—Back to Basics You MUST be certain to submit a complete short sale package to each lender! This may seem like ShortSale101. So, no offense to the veterans among us. But, one of the number one reasons a short sale is denied or a short sale file… Read More
Great News For Wachovia Customers In Fresno Considering a Short Sale!!! Wachovia is really leading the way win it comes to approving short sales. They have decided that the best way to fight the current economic conditions in the real estate industry is to let homeowner’s short sale instead of foreclosing. This nets them more… Read More
