Underwater Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief Act!

On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes , is great news for struggling homeowners nationwide. The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash. Under the Mortgage Forgiveness Debt Relief Act, any debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes. Now for another year, homeowners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability. As a Certified Distressed Property Expert (CDPE) agent, I am specially trained to help homeowners escape the threat of foreclosure. If you or someone you know is facing foreclosure, contact me for a private consultation. I can help find a solution.

The Foreclosure Fairytale

There is a lot of misinformation out there. I would not be surprised to find out that you have heard that a foreclosure is sometimes the best option for you. Nothing could be further from the truth. For the vast majority of homeowners out there who are in danger of losing their homes, a short sale represents a vastly superior option. The reality is that a foreclosure is a devastating option. As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I have put together all of the benefits of a short sale over a foreclosure in a free report that is available to anyone. Take a look at my site and download a copy of my free report entitled “The Foreclosure Fairytale” Then contact me for a free, confidential consultation.

Time is Running Out: How the Mortgage Debt Relief Act can save your home.

In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure. The act has helped many distressed homeowners find solutions to avoid foreclosure and opened up options to them that were previously unavailable. However, the Mortgage Debt Relief Act was always intended to be a temporary solution and it is now set to expire at the end of 2012. For distressed homeowners, this means that time is limited for you to take advantage of this program. Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.

Escape Your Unmanageable Mortgage

Escape Your Unmanageable Mortgage: Getting free doesn’t have to mean running away. Perhaps you have heard about it. On the news, a reporter tells a story about how the housing crisis has caused some homeowners to simply walk away from their homes. It sounds crazy, but many people are being led to believe that walking away from their home is a good (or even the best!) option. It is called Strategic Default. For distressed homeowners who believe that they have no good choices left, the idea of walking away free of consequence may sound like a relief. The reality, however, is that choosing strategic default has serious repercussions on your credit. THERE ARE BETTER OPTIONS AVAILABLE! As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to escape from unmanageable mortgages without running away. Facing your problems head-on is always the best solution. Let me help.

Check out my latest appearance on The Morning Blend!

This week was all about short sales and how they help homeowners!

How Short Sales Help

Check out my 2nd appearance on The Morning Blend!

This weeks topic was the Robo-Signing Settlement.

Robo-Signing Segment

Foreclosure Fears Foster True Grief

Reports of foreclosures by the millions have been in the news so much over the past few years that to some, it might seem like the new normal. But as a real estate professional who is in the trenches with financially stressed homeowners every day, it never feels like business-as-usual to me.

The prospect of losing one’s home is right up there among the major sources of grief, and often it goes hand in hand with other tragic setbacks such as the loss of a job, a divorce, death of a loved one, mounting medical bills or skyrocketing mortgage payments. Unfortunately, the first stage of grief is denial, and that’s even more the case when the threat of foreclosure is looming. No one wants to talk about or admit financial troubles—even when millions of others have founds themselves in a similar spot. It’s completely understandable, but for homeowners who are behind on mortgage payments, decisive action is often the most critical step toward ensuring the best possible solution.

As a real estate professional who has sought out the Certified Distressed Property Expert (CDPE) designation, I help homeowners to deal with every aspect of the grief and uncertainty that accompanies a mortgage which is no longer manageable. In the process, I help them to get on a path of financial solvency. If you or someone you care about would like to change the course of a life that’s facing foreclosure, I get it and I can help.

Contact me today at 402-598-3965 or peg@maloney.com

Successful Short Sale Steps

Solving Your Mortgage Crisis Just Got Easier

5 Steps for a Successful Short Sale

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.
First, do you qualify?

You must:

1. 1. Have a verifiable hardship, like unemployment, medical bills, or relocation.
2. Must have a monthly income shortfall.
3. 2. Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency.

3. If you meet these qualifications, follow these five steps to a successful short sale:

1. 1. Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale.
2. 2. Gather financial information (i.e., bank statements, pay stubs) from at least the last three months.
3. 3. Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford.
4. 4. Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency.
5. 5. Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved.
   

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today. I can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.