NOW THAT JP MORGAN HAS REACHED A SETTLEMENT WITH THE GOVERNMENT, IT WILL BEGIN THE PROCESS OF PROVIDING DEBT FORGIVENESS AND OTHER MORTGAGE RELIEF TO STRUGGLING HOMEOWNERS. UNDER THE TERMS OF THE AGREEMENT, JP MORGAN WILL RECEIVE CREDIT FOR RELIEF IT PROVIDES IN FOUR MAJOR CATEGORIES: MODIFICATIONS RATE REDUCTION/REFINANCING LOW INCOME AND DISASTER AREA LENDING; […]
If your forgiven debt, under a short sale, loan settlement or credit card cancellation and settlement, your forgiven debt is subject to taxation. You will usually receive a form 1099-C Cancellation of Debt from the lender. This form sets out the amount of cancelled or forgiven debt. You will file the 1099-C with your federal […]
Fannie Mae no longer participates in the traditional HAFA short sale program. The new Fannie Mae HAFA short sale program places more stringent guidelines on borrowers who reside in the properties and want to have a short sale with deficiency forgiveness. HAFA is an acronym for Home Affordable Foreclosure Alternatives and is a branch of […]
In 2012, under the Wigod v. Wells Fargo Bank, N.A., 673 F.3d 547 (7th Cir. 2012), the Seventh Circuit Court of Appeals ruled that despite having signed a loan modification agreement and entered into a trial period, the homeowner could maintain a private cause of action against the lender or servicer under certain circumstance. The court […]
Beginning January 2014, new CFPB (Consumer Financial Protection Bureau) rules to protect homeowners and consumers shopping for home mortgages went into effect. The rules sharply reduce the runarounds and stalling techniques frequented by the banks for both sort sales and loan modifications under the HAMP Making Home Affordable Program. Virtually every mortgage now issued will […]
First time home-buyers you are in luck. FHA has unleashed a new program called the HOMEOWNERS ARMED WITH KNOWLEDGE or HAWK program last month for homeowners purchasing for the first time. This program is a way for home buyers to cut their mortgage insurance premium costs by attending counseling classes. The idea behind it is […]
2014 is the YEAR OF THE SELLER in Miami-Dade and Broward counties. There are more buyers then inventory of properties on the market. A sellers market therefore makes hiring the services of an experienced team of realtor and real estate attorney/title agent more crucial then ever. Buyers and investors want to get properties at the discounted […]
IN THIS DAY AND AGE, AFTER THE MORTGAGE CRISIS, IT IS A CRAZY THOUGHT TO ENTER INTO A PURCHASE SALES CONTRACT TO BUY A PROPERTY WIHTOUT ENLISTING THE ASSISTANCE AND ADVICE OF A REAL ESTATE ATTORNEY. ALMOST 50 PERCENT OF ALL HOMES HAVE BEEN AFFECTED BY THIS MORTGAGE CRISIS, EQUATING TO ISSUES ON TITLE, MORTGAGE […]
Great news for foreign investors. The City of Miami has received approval for designation as an EB-5 Regional Center for Foreign Investment under the U.S. Citizen and Immigration Services immigrant investment visa program. This newly designated center is one of the few government owned and managed regional centers in the United States. It will translate […]
WHETHER YOU ARE BUYING OR SELLING REAL ESTATE… THE MARKET IS HOT!! WE ARE BACK TO THE DAYS OF THE BIDDING CASH WARS, WITH BUYERS PLACING OFFERS AT OVER LISTING PRICE, AND SELLERS CHOOSING THEIR BUYER FROM MANY A POOL OF EAGER TAKERS. HOWEVER, IN THE TAIL END OF THE FINANCIAL FORECLOSURE CRISIS, WITH SO […]