Mortgage Debt Forgiveness Act Expiring – 2012 is the Year for Short Sales
January 19, 2012 by Markus & Heidi Brown · Leave a Comment
It’s big news for homeowners everywhere who are struggling to meet their mortgage payments: the Mortgage Debt Forgiveness Act is set to expire on December 31st, 2012, making this year the year to do a short sale. If you’re considering a short sale (which is a far better alternative to foreclosure), now is the time [...]
Short Sale Basics for Sellers
April 26, 2010 by Markus & Heidi Brown · Leave a Comment
People always ask me what a short sale is and how it works. In a nutshell, a short sale is when a home is sold for less than the amount owed on the mortgage for the home. This occurs when the bank agrees to take less than the full amount due on the mortgage. You [...]
No More State Tax on Forgiven Debt from Short Sales or Loan Mods
April 14, 2010 by Markus & Heidi Brown · Leave a Comment
Brought to you by the California Association of Realtors… Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law. For debt forgiven on [...]
Short Sales Just Got Easier
March 25, 2010 by Markus & Heidi Brown · Leave a Comment
Finally! You’d think banks would have figured out a long time ago that making the short sale process easier and streamlined would make the entire process more effective and therefore more lucrative for them. Not all of them have it figured out yet but we met with the Short Sale Manager of one large bank [...]
How to buy a short sale
February 22, 2010 by Markus & Heidi Brown · Leave a Comment
It’s funny. Sometimes buyers forget that buying a short sale has nothing to do with the transaction being short in terms of time. Short sale transactions can take anywhere from 30 to 90 days or more depending on the bank and the listing agent’s knowledge about how to process a short sale. There’s one house [...]
