Time is Running Out: How the Mortgage Debt Relief Act can save you!

by qnicholasc 7. June 2012 07:50


Short Sale Las Vegas Melissa Chupa

Distressed homeowners in Las Vegas will soon no longer be able to take advantage of the Mortgage Debt Relief Act. The law, enacted in 2007, helps distressed homeowners by relieving them of additional tax responsibility that often accompanies cancelled or forgiven debt.


“For many homeowners, even if the bank agreed to cancel or lessen their debt, they were unable to afford the extra taxes that they owed” says Melissa Chupa, Broker/Owner of Sovereign Realty. “In many cases, the additional taxes would equal tens of thousands of dollars. It was like trading one unmanageable debt for another,” Chupa added.  


The Mortgage Debt Relief Act has provided opportunity for millions of distressed homeowners in the marketplace to take advantage of short sales or loan modifications without worrying how these actions will affect their future finances. The law is set to expire and time is running short for homeowners with unaffordable mortgage to take advantage of its benefits.


As a short sale trainer and expert, Melissa Chupa is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help financially strapped homeowners regain peace of mind and a sense of stability for the future.


Melissa has developed a free report entitled “Time is Running Out: How the Mortgage Debt Relief Act can save you” that is accessible from her website, www.getcash2shortsale.com


Sovereign Realty

~Committed to Helping You Make the Right Move~

Melissa Chupa, Broker/Owner




Bank of America $30,000 Short Sale Incentive Program

by qnicholasc 18. May 2012 09:36













For a limited time Bank of America is offering distressed homeowners up to $30,000 to short sale their home. To help reduce foreclosures on its books, Bank of America will be offering this enhanced relocation program to struggling homeowners if they agree to short sale their home. Under the program qualified homeowners can receive $2,500 to $30,000 in what they call short sale relocation assistance. The amount each homeowner receives is based on the appraised value of the home and they will receive no less than $2,500. This program is proof that banks in recent months are embracing short sales and doing everything they can to entice homeowners to not foreclose.


With just 6 month left until the Debt Forgiveness Act expires this is an exciting benefit to homeowners to help them move on but you must act quickly.


If you are struggling please do not wait until it’s too late! Contact us for a confidential appointment today. With over 5 years of experience in negotiating short sales and hundreds of successfully closed short sales, we will take the time to help each homeowner evaluate the best course of foreclosure prevention for them. Contact us today and let us help you make the right move.  Melissa Chupa, Broker/Owner of Sovereign Realty (702)800-5744 or visit Foreclosure Prevention for more help.


Bank of America Leading in Short Sales

by mchupa 20. April 2012 12:36

                                                                                                                                                                                                                                                                                                             Bank of America is leading the way in short sales according to a recent article posted.  As people continue to face mortgage troubles Bank of America is becoming more accommodating and approving more short sales as an alternative to foreclosure.  We have been getting more HAFA approved short sales accepted through Bank of America than any other bank.  Bank of America is also offering their own short sale incentive program as well.  For those negotiating short sales we would love to hear how your experience has been with Bank of America recently.  Your comments are appreciated. 

If you are a struggling homeowner with Bank of America or another servicer and you would like to know your options please contact us at: 702-800-5744 or visit us at Foreclosure Alternatives.

244 more days until the Debt Forgiveness Act expires!


AB 284 and How It's Effecting Our Market

by qnicholasc 12. April 2012 13:55



As we have discussed in previous posts Las Vegas inventory is dwindling. As of today we have a little less than a 6 week supply of homes which is determined by the average number of homes we sell each month. Demand to buy is at an all time high. We are listing properties and within hours receiving multiple offers. I have heard properties receiving 25 offers! What has caused this to happen? October 1, 2011 Assembly Bill 284 was put into effect. Since then we have seen a steady decline in Foreclosures being filed. What is AB284? Basically it has made the guidelines stricter for banks to foreclose on homeowners and requires that proper documents are available showing that the bank has the right to foreclose. Many believe that this will allow many homeowners to be able to stay in their home for up to 2 years without making a payment! Sounds good right? Not really. There are a couple major things homeowners need to consider.


1. The Debt Forgiveness Act expires at the end of 2012. How does this affect you? Well if you owe $200,000 and your home eventually forecloses and is sold say for $100,000, the IRS looks at the $100,000 deficiency as earned income that you will be taxed on! The IRS is on the top of my list of people not to piss off or owe money too.


2. Banks have already started Judicial Foreclosures. Basically after milking the system and not paying your mortgage for 2 years the bank will take you to court to foreclose and seek full deficiency! Now you could potentially be on the hook for A LOT of money. You will most definitely need an attorney and I doubt they will come cheap in this case.


3. Closure. Many people are in this mortgage struggle voluntarily and involuntarily. Sure it's great to not have to make your mortgage payment and have some extra cash or maybe you need it to live on. At the end of the day do you want to go to sleep worrying about the above mentioned risks or be able to take advantage of starting over now with no worries? The banks are working with us to help homeowners either modify their mortgages or short sale their homes. The benefits of short sale are that we can negotiate full deficiency waiver and while the Debt forgiveness Act is in place you would not owe the IRS. I know I would sleep better not worrying about my mortgage company suing me or owing taxes on money I do not have to the IRS.


Our goal is to educate homeowners on all their options and help inform them of consequences they may be faced with if they choose to not act. We will show you all of your alternatives and we never charge.  Our services are completely free.  If you are struggling or would like help navigating through this difficult situation call us. Do not wait until it's too late call today.


Melissa & Nick Chupa, Broker/Owners of Sovereign Realty





Las Vegas Housing Inventory Keeps Dropping

by qnicholasc 10. April 2012 09:13


Housing inventory levels in Las Vegas have continued to drop consistently week after week since October 1, 2011.  Many believed that there would be a wave of foreclosures to hit the market with the "shadow inventory".  However banks seem to be rolling out many more programs in lieu of flooding the market with foreclosures.  More so banks are working with homeowners to prevent foreclosure.  For those who do not qualify for or want a loan modification the banks have been easier to work with in short selling their homes.  Check out the article in the Review Journal.  In many cases we are getting banks to not only accept the short sale, wave the deficiency judgment but also give the seller relocation funds.  If you are struggling with your mortgage or would just like to weigh your options contact us today for a confidential consultation.   Our services are free and at no time should you ever have to pay anyone to do a modification or short sale.  For more resources visit Foreclosure Alternatives or call us at 702-800-5744.


New Changes with HAFA to Help Prevent Foreclosure

by qnicholasc 6. April 2012 08:34


There have been some great new changes to the government programs HAMP and HAFA. The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures. This program has allowed many homeowners to short sale their home rather than foreclose. This program has offered full release of any deficiency judgment and provided seller incentives (money) to complete the short sale.


Most recently they issued a supplemental directive with the following changes:


They are no longer occupancy requirements to be eligible.


They have increased the amount a servicer may authorize to pay any subordinate mortgage holder up to $8,500 in exchange for lien release and full release of borrower liability.


Mortgage holders can now report to credit bureaus in two ways: 1. Paid or closed account/zero balance. 2. Account paid in full/a foreclosure was started.


They have also extended the deadline for this program till the end of 2013.


Although they have extended this deadline there is no news in regards to the Debt Forgiveness Act being extended. HAFA releases you from your mortgage company pursuing any deficiency where as the Debt Forgiveness Act releases you from IRS ramifications, as they see the deficiency as earned income. This could leave many homeowners owing the IRS a substantial amount of money if they do not act quickly and the Act is not extended.


If you are facing foreclosure or have thought about short selling your home please contact us TODAY so that we can give you all the alternatives. There are many companies popping up charging money for this FREE service and many more portraying themselves as experts with little or no experience.


We have closed 100's of short sales and specialize in HAFA with a 100% success rate. Many can say it but we can prove it.


Call us today for a confidential consultation. 702-800-5744


Not Just Another Short Sale Seminar

by mchupa 21. March 2012 20:06

 Are you ready to take those short sales to the next level? Come find out from Melissa Chupa broker of Sovereign Realty how to turn that bank NO into a YES. With a 100% close & deficiency waiver ratio come find out how to be that shark and save your clients sale before its too late!  Melissa has been offering her expertise both locally and nationally to agents and clients for over 5 years. With the clock ticking on the Mortgage Debt Relief Act you need every tool as an agent to get those short sales closed and your clients protected with a full satisfaction. 


Ten Facts for Mortgage Debt Forgiveness

by qnicholasc 19. March 2012 11:38


If you are a homeowner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.


Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.

1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.

2. The limit is $1 million for a married person filing a separate return.

3. You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.

4. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence.

5. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.

6. Proceeds of refinanced debt used for other purposes – for example, to pay off credit card debt – do not qualify for the exclusion.

7. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.

8. Debt forgiven on second homes, rental property, business property, credit cards or car loans do not qualify for the tax relief provision. In some cases, however, other tax relief provisions – such as insolvency – may be applicable. IRS Form 982 provides more details about these provisions.

9. If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.

10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.

This expires at the end of the year if you are considering short sale call us NOW!  Do not take a chance and be held liable for the difference and have to pay the IRS.

For confidential consultation contact:

Melissa Chupa





Summerlin Short Sale

by qnicholasc 16. March 2012 11:43

Check out this amazing short sale! http://www.propertypanorama.com/mls.asp?id=177816

We are averaging approval times of 30-45 days with full deficiency waived.

Many of our clients are even eligible for $3000 to $35,000 cash incentive from the bank to short sale!

If you are interested in purchasing a home we have many homes to choose from and we close them.

If you are struggling with your mortgage call us for a free confidential consultation. 

You should NEVER have to pay to short sale your home!

Call us today at 702-800-5744 or visit us at www.ssrealtylv.com

Is Your Mortgage out of Balance with your Budget?

by mchupa 2. March 2012 09:17


The Las Vegas Real Estate market has been a roller coaster of foreclosures and unemployment.  We understand how quickly your situation can change and that with just a few little things your life and finances can be thrown out of whack.


Once the scales turn against you, it can feel like it is impossible to ever tip them back in your favor again. When your financial problems reach the point where they threaten your home, it is difficult to manage the stress. Sometimes it is even difficult to force yourself to seek help.


With our current state there are some things to consider.  The Debt Forgiveness Act expires at the end of the year.  It could be extended but does anyone really know it will?  If you do not seek help now and the Act expires there could be major consequences with the IRS.  The other thing to take into consideration is that many banks are helping homeowner’s short sale their home and even paying them to do so.


As a real estate professional s who has dedicated the past 5 years to helping homeowners, as well as training agents on how to do so, we believe now is the time to act.  Our mission is to provide financially-challenged homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.


Choose to face this challenge with an experienced professional.


We can help you realign the balance in your financial life and tip the scales back in your favor. Call or email us and schedule your free, confidential consultation. We can work together to make sure you end up ahead.



Melissa Chupa, Broker/Owner


Certified Distressed Property Expert


National and Local Short Sale Trainer






Know your options: www.getcash2shortsale.com



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