Selling Poinciana One Property at a Time.: What Happens When The Debt Relief Act Expires In December?

What Happens When The Debt Relief Act Expires In December?

Good morning Superstars.

Here are some of this week's Superstar discussions.

When the Debt Forgiveness Act ends in December, will Short Sales also end... or not?

We aren't hearing much about this act expiring in December. http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-De

Started by Cheryl Retterath

5 yesterday
Reply by Ron Scribner

Freddie Mac investor Citibank Servicer

We have a situation what to do: Freddie Mac investor CitiBank is the servicer they will not process a short sale without a offer has anyone…

Started by Cynthia

4 yesterday
Reply by Ron Scribner

wells fargo equator system

HELP :) work for a small office and no one is familiar with the wells fargo short sales let alone the equator system and to top it of...thi…

Started by Katrina Ferguson

4 8 hours ago
Reply by Brett Goldsmith

Shady short sale

I'm a buyer who was told my first offer was rejected by us bank. We've asked the selling agent a few times for the rejection letter, but he…

Started by Trevor Keyes

9 yesterday
Reply by Beverly Cibulsky

Chase Incentives Plus Hafa!!!

I know this has been discussed before, but kinda tired and not finding the discussions I remember! Have seller with 20k Chase incentive, go…

Started by Beverly Cibulsky

3 on Thursday
Reply by Brian Avery

How much will Freddie Mac allow a Jr lien holder to receive?

My Wells Fargo negotiator (servicer for the 1st Freddie Mac lien) is claiming that Freddie Mac will allow $6,000 or 10%, whichever is les…

Started by Jim Brown

3 on Thursday
Reply by Ron Scribner

HELP - FHA Short Sale with BoA forcing the owner to be foreclosed on eventually....

I have a FHA SS right now with BoA, and here is the situation: -owner is retired with pension and social security for income = about $2800/…

Started by Trong Dang

4 on Friday
Reply by Trong Dang

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Comment balloon 7 commentsBryant Tutas • September 16 2012 06:35AM

Comments

lot of good posts to dig into this week.   Short sales are indeed a 'science' and no matter how many times as a buyers agent we are 'close' it just never seems to happen.   Although i am in a big one right now and its' close' again.  They tell us a range ..than they raise the range..

Posted by John & Irma Nelson, San Antonio Real Estate Agents - San Antonio Homes (San Antonio Real Estate Broker/Agent with Get It Sold Realty) almost 7 years ago

I don't think it will. . it should be extended. .it is helping so many people. .

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) almost 7 years ago

We have been blogging on this subject over the last few weeks.  It is a very important Bill that needs to be extended for the benefit of homeowners in distress!!

http://activerain.com/blogsview/3441407/mortgage-debt-relief-act-reminder-to-get-this-bill-extended-

Posted by Dan Hopper, Denver Realtor / Author / Advocate/Short Sale (Keller Williams Realty Downtown LLC) almost 7 years ago

I also think it will get extended but not until after the elections which will keep everyone waiting. Regards Dave

Posted by David Grbich, Orange County Real Estate - 949-500-0484 (Realty One Group - www.FindCARealEstate.com) almost 7 years ago

Bryant - Most likely some home owners cannot afford the mortgage payment will reconsider their options, if the Dept Relief Act is not extended beyond December 31, 2012.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) almost 7 years ago

We learn to speak CHinese for sure, LOL. We need a change and hopefully Mitt will do something for real estate.

Posted by Charles Stallions Real Estate Services, Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl. (Charles Stallions Real Estate Services Inc) almost 7 years ago

This seems to be a dying topic with the expiration of the debt relief act just weeks away.  I really feel that I am missing something.  As a real estate agent it seemed that short sales has been a great way to help many home owners that can no longer afford the up side down situation of the home they reside in.  Now the seller will be taxed on the 1099 and have a possible loss of credit for who knows how long. 

One I see no real out rage at this topic not being more on the front burner.

There also is not a lot of information using insolvency to avoid the tax.

I hear no fear from real estate agents about this being a set up to do a dis service to their clients.

Many sellers who count on receiving funds from the bank are also losing that due to their account being serviced by a different entity.

Taking that into account we seem to be pushing short sales harder than ever.

Posted by Dwight Puntigan, Dwight Puntigan (DRP Realty, LLC) over 6 years ago

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