Short Sale

When Your Short Sale Buyer Cancels

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Dear Broadpoint: I’m in the middle of a short sale. Bank of America is my lender, and the buyer backed out. Someone told me that there is a law that if you submit a new offer, Bank of America has to review it right away. Is that a law? And, if so, what’s the civil [...]

May 16, 2012 CONTINUE READING THIS POST →

Missing Out on Short Sale Incentive

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Dear Broadpoint: We need help. Rather than let our house go to foreclosure, we got a Realtor® and put the house on the market as a short sale.  We advised our Realtor® that we were interested in applying for the $3000 relocation expenses. She indicated that she would apply for that. We neither filled out [...]

May 9, 2012 CONTINUE READING THIS POST →

More Good News for Short Sale Sellers in 2012

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If you are considering selling your home as a short sale, 2012 may be the year for you. First off, the Mortgage Forgiveness Debt Relief Act of 2007, which protects certain short sale sellers from tax liability, is set to expire at the end of the year. The Treasury has amended the HAFA guidelines for [...]

April 25, 2012 CONTINUE READING THIS POST →

How to Write a Hardship Letter

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There are many reasons that prospective short sale sellers need to participate in a short sale. Most of these reasons include some sort of hardship. And, most short sale lenders, these days, will require a hardship letter as part of the short sale package. The most common hardships that appear on hardship letters are: 1) [...]

April 11, 2012 CONTINUE READING THIS POST →

After Short Sale, You Can Buy Again

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Everyone wants to know the answer to the following question: “Is it true that I can short sale my house and purchase again with no waiting period?” The answer is “yes” and “no” and “maybe.” According to the excellent chart that I’ve shared below (courtesy of my friends at American Capital Home Loans), if you [...]

March 21, 2012 CONTINUE READING THIS POST →

Getting Out from Underwater – New Year’s Resolution

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Everyone makes New Year’s Resolutions—lose 5 pounds, go to the gym three times a week, work harder, spend more time with family, etc. This year, it seems that many homeowners may want to add another New Year’s Resolution to the list: getting out of my underwater property. (That is, homeowners who owe more on their [...]

January 4, 2012 CONTINUE READING THIS POST →

The Cost of a Short Sale

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Here’s a question that people are always curious about: How much does it cost to do a short sale? Well, the answer is two-fold. If you are wondering how much commission you will be required to pay in a short sale transaction, the answer is ‘zero.’ Here’s why: In a short sale transaction, the seller [...]

December 28, 2011 CONTINUE READING THIS POST →

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