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.

 

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

702-348-6135

melissa@ssrealtylv.com


 

 

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

 

Melissa@ssrealtylv.com

 

702-800-5744

 

Know your options: www.getcash2shortsale.com

 

 

Short Sale at a Standstill

by qnicholasc 18. February 2012 18:01

Las Vegas Realtors ever find yourself not able to get the 1st and 2nd bank to agree on terms?  Well there is help here in Las Vegas.  Nevada's Hardest Hit Funds Program can help.  They can provide funds to help accelerate the short sale process and even contribute funds to the 2nd mortgage to settle.  With the Debt Forgiveness Act expiring at the end of the year.  Homeowners deserve every advantage they can get to prevent foreclosure.  If you are a Realtor in Las Vegas you owe it to your business and clients to educate yourself on this program.  February 22, 2012 Sellstate Sovereign Realty will have the director of Hardest Hits Funds explaining in detail how the program works and who qualifies.  RSVP today as seating is limited.  Email reception@ssrealtylv.com to RSVP.

Hardest_Hit_Class CDPE

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