Tag: short sale
We just got our first look at the new client update system, which will provide updates to sellers on the progress of our negotiations with the bank. It looks awesome, and we should have the finished product very soon. That will allow the seller to view the current status of the file as we work on the note purchase with the lender. We are very excited to have this new communication tool up and running very, very soon.
Also, if you are an affiliate (Realtor, etc), May 31th is the deadline for any listings that you want to send in which have foreclosure sale dates already scheduled. After May 31th, we will no longer accept deals from Affilites where a sale date has been scheduled. So, if you have a deal that you need to get in before the deadline, make sure you call your rep right away so you dont miss the deadline.
We will still accept properties from owners who have a sale date 60 days away or more after May 31st, but not from affiliates. If you have any questions about the policy change, feel free to post on the blog here.
Thanks,
Jason Smith
May 25, 2011
Think we’re heading for a recovery? Think again. And this is WITH record low interest rates…just wait until the Fed is forced to raise interest rates because of inflation pressures. That will cause real estate prices to fall even further, so over-leveraged houses are here to stay, and walkawaytoday.org should be your first choice as a buyer for these properties.
Sales of existing homes fell in February after three straight monthly increases. According to the National Association of Realtors, homes sold at an annual rate of 4.88 million in February, went down 9.6% from January and 2.8% lower than February 2010 sales. The dip was much worse than what was predicted. “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained,” said Lawrence Yun, NAR chief economist. As the credit market tightens, the recovery road looks rocky. There is a record level of all-cash purchases as investors are making a killing of homes at bargain prices, as inventory rose to 3.49 million units… Traditional home buyers are expected to return only when mortgage credit conditions return to being normal.
Prices touched their lowest level in nearly nine years, implying a housing market recovery was still a long off. The National Association of Realtors said Monday sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. The percentage decline was the largest since July. Economists polled by Reuters had expected February sales to fall 4.0 percent to a 5.15 million-unit pace from the previously reported 5.36 million unit rate in January, which was revised slightly up to 5.40 million.
Oversupply of homes and a relentless wave of foreclosures are pressuring prices, holding back recovery in the sector, whose collapse helped to tip the U.S. economy into its worst recession since the 1930s. Foreclosures and short sales, which typically occur below market value, accounted for 39 percent of transactions in February, up from 37 percent the prior month. All-cash purchases made up a record 33 percent of transactions in February. Sales last month fell across the board, with multifamily dwellings declining 10 percent and single-family home units dropping 10.0 percent. At February’s sales pace, the supply of existing homes on the market rose to 8.6 months’ worth from 7.5 in January. A supply of between six and seven months is generally considered ideal, with higher readings pointing to lower house prices.
March 23, 2011
2nd mortgages are killing short sales. Walkawaytoday.org uses their unique legal process to gain leverage over the 2nd mortgage, and thereby removes the 2nd mortgage problem
Continue October 13, 2010
The best way to learn about us is to contact those that we already work with. Walkawaytoday.org works with many affiliates, all across the country who refer short sale properties to our company
Continue July 22, 2010
when you sell to walkawaytoday.org, we purchase the mortgage note directly from the lender, thus there is no 1099C because there was no cancellation of debt – rather we purchased the debt
Continue March 10, 2010
http://www.youtube.com/watch?v=hHCbhDm1g8E
October 28, 2009
walkawaytoday.org provides an alternative to the traditional ‘short sale’. They work wtih both Realtors and directly with property owners who want to move on from their property quickly
Continue October 13, 2009
The foreclosure crisis has caused millions of homes to be kept off the market. The recent ‘foreclosure moritorium’ will only compound the problem. What will happen when this inventory fluds the market??
Continue October 7, 2009
Over 50% of us homeowners are underwater. With the stigma of foreclosures diminishing, more homeowners are making the decision to walk away, and it’s not suprising
Continue August 13, 2009
We wanted to share with you yet more proof that shows the success rate of short sales is completely dismal. This report just came out in USA Today just a couple days ago. If your still wasting time and effort on a short sale, you gotta see this article. It will shock you.
CLICK HERE TO READ THE ARTICLE
August 7, 2009
[youtube=http://www.youtube.com/watch?v=t69-aqa3boQ&hl=en&fs=1&rel=0&color1=0x234900&color2=0x4e9e00&border=1]
June 26, 2009
Campbell communications recently reported their findings regarding the actual rate of short sale failure. It is shocking to say the least
Continue May 22, 2009
Do banks really persue deficiency judgments? If so, how can you protect yourself?
Continue March 19, 2009
One of the most common questions we are asked is this: “When you ‘short sale’ my mortgage, will there be any tax consequences?” This is a good question, and we’ll answer it for you here.
In a traditional foreclosure, short sale or any scenerio where the bank takes a loss, what the bank will usually do is issue a 1099 for the ‘loss’ that the bank took. That 1099 is counted as income to you, and is subject to taxation. For example, if you owed 300k on your property, and we acquired the property from you, and settled with the bank for 200k, the bank would have taken a 100k ‘loss’. In the past the bank would send a 1099 and take a loss (banks almost NEVER persue deficiency judgements, but I’ll address that in a seperate post).
Here’s what has changed.
The Mortgage Forgiveness Debt Relief Act was introduced in Congress on September 25, 2007, and became law on December 20, 2007. This act offered relief to homeowners who would formerly owe taxes on forgiven mortgage debt after facing foreclosure. The act extends such relief for three years, applying to debts discharged in calendar year 2007 through 2009. (With the Emergency Economic Stabilization Act of 2008, this tax relief was extended another three years, covering debts discharged through calendar year 2012.)
Normally in US law when a lender decides to forgive all or a portion of a borrower’s debt and accept less, the forgiven amount is considered as income for the borrower and is liable to be taxed.
However, after the signing of the Mortgage Forgiveness Act, amendments have been made to remove such tax liability and allow the borrower and lender to work freely together to find a common solution that is beneficial to both parties. This protection is limited to primary residences
so, you’re off the hook for tax liability if it’s a primary residence. Great news!
But what if you have an investment property or 2nd home you need to get rid of?
Well, you may still be able to get off the hook for any tax consequences, but you have to be able to show that you were insolvent at the time the bank took the loss. Insolvency means that your debts exceed the value of your assets. To figure out whether or not you were insolvent, you will have to total up your assets and your debts, including the debt that was settled or written off. That’s good news for many folks who are in a foreclosure situation, or thinking about walking away from their properties.
March 14, 2009