FREE Las Vegas Short Sale Kit DOWNLOAD

How do I start the short sale process? Answer: A FREE Short Sale Kit Start the short sale process by downloading a FREE short sale kit that contains the information and forms you need to start your short sale and … Continue reading

Deed in lieu vs Foreclosure?

What is the difference between a deed in lieu and foreclosure?   Answer: A deed in lieu of foreclosure (also known as a deed in lieu) still results in you having to leave your home. However, you’ll technically avoid having … Continue reading

When does the Mortgage Forgiveness Debt Relief Act expire?

When does the Mortgage Forgiveness Debt Relief Act expire? A: The Mortgage Forgiveness Debt Relief Act Expires 12/31/2012 Download the free guide. Here’s another post I wrote on this topic: http://michaelsrealestate.com/short-sale-1099-and-the-mortgage-forgiveness-debt-relief-act/

What is a HAFA short sale?

What is a HAFA short sale? A: HAFA stands for Home Affordable Foreclosure Alternative Program. HAFA is a program of the Department of the Treasury & Housing and Urban Development which is administered through your participating lender. The benefits of … Continue reading

Short Sale 1099 and the Mortgage Forgiveness Debt Relief Act

Do I get a 1099 if I do a short sale? A: Almost certainly, yes, you will get a 1099 if you complete a short sale. The Mortgage Forgiveness Debt Relief Act Expires 12/31/2012 In 2007, the Mortgage Debt Relief … Continue reading

Bank of America Cash for Keys Program Nevada

Bank of America Cash for Keys Program, Nevada   LIMITED TIME OFFER On May 15, 2012, Bank of America announced a new short sale Relocation Assistance Program: Homeowners are eligible to receive $2,500 to $30,000 in relocation assistance. For a … Continue reading

What is the difference between how a deed-in-lieu is reported on my credit score vs. a short sale?

What is the difference between how a short sale is reported on my credit vs. a deed-in-lieu? A. This is right out of the MHA Handbook: (Credit) Reporting for Deed in Lieu should be as follows: Account Status Code = … Continue reading

What do you suppose is the shadow inventory size in Las Vegas right now in 2012?

Q: What do you suppose is the shadow inventory size in Las Vegas right now in 2012?   Answer: Let’s start here: There are still over 150,000 mortgages underwater in Las Vegas but how many are in default and yet … Continue reading

What do lender consider acceptable short sale hardship reasons?

Q: What do lender consider acceptable short sale hardship reasons? A: Here is a list of the most common short sale hardship reasons however all hardships have to be documented and approved by your lender: http://michaelsrealestate.com/short-sale-hardship-reasons/

What are the signs of short sale fraud

Q:  What are the signs of short sale fraud or loan modification fraud?  A:  The FBI reported a jump of 71% in mortgage relief fraud investigations from 2008-2009, and expects this number to continue to grow. That’s why it’s my … Continue reading