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

 

702-800-5744

 

 

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.

 

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

Short Sale Therapy

by mchupa 30. December 2011 04:07

Thank you for visiting our blog. We will be rolling out information on a regular basis to better educate and assist both agents as well as sellers. If you feel like you have been banging your head against the wall to get the bank to approve your short sale you have found the right blog. We have successfully closed 100's of short sales with full satisfaction and NO deficiency looming over our client's heads. We are currently training over 60 agents on the process from beginning to end. Over the course of 4 years we have trained thousands of agents across the country on the short sale process. If you’re in need of what we like to call "short sale therapy" please leave a comment and we will be glad to help you.

 

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