Senate Bill 6337 was recently introduced in the WA State Legislature regarding short sales. After a short selling homeowner gets the shortfall deficiency waived, the homeowner receives a 1099 in the mail because debt forgiveness is a taxable event. As we’ve learned, some people may have to pay taxes on the deficiency, others may not depending on their circumstances. More about […]
Archive | Short Sales
To the Students from the Dec 12, 2011 Short Sale Fraud class at Preview Properties, Marysville
Here are links to some of the things we covered today. Here’s a link to the free, HUD Approved Housing Counseling Agencies in WA State and the link with more info for ppl who might qualify for free legal aid. Here’s a link to a blog post I wrote about the two new forms from DFI and DOL, the […]
Can we just decide to ban all third party short sale negotiators?
Not a day goes by that I do not hear a story from a Realtor, loan originator or consumer about a questionable if downright bad experience with a third party short sale negotiator. We’ve reached a point in time where we ought to consider eliminating all third party short sale negotiators. At the end of […]
To the Students from the August 23, 2011 Short Sale Fraud Class at Preview Properties Everett
Here are links to some of the things we will cover today. Here’s that 60 Minutes Episode on LPS and the Robo-signer scandal. Sounds like the first of many lawsuits was filed today. Here’s a link to the free, HUD Approved Housing Counseling Agencies in WA State and the link with more info for ppl who might qualify for free […]
To the Students from the March 31, 2011 Short Sale Fraud Class
Hi Everyone, Here are the links we discussed in class: Here’s more info on the Foreclosure Fairness Act. Here’s more on the HAFA program. Here’s the story from the NY Times “In Prison for Taking a Liar Loan.” IRS Rule on debt forgiveness tax provisions is called the Mortgage Forgiveness Debt Relief Act. Special thanks […]
Washington State Department of Licensing Issues Short Sale Advisory
The Real Estate Division of the Washington State Department of Licensing and the Department of Financial Institutions have issued two memos about short sales. The DOL Short Sale Advisory is for home sellers but really should be for both sellers AND their Realtors/real estate brokers. DFI’s companion advisory is titled “Short Sale Guidance for Licensees” and contains many Q&As for both loan modification and […]
To the Students from the Advanced Short Sale Class at SKCAR Bellevue on November 8, 2010
Hi Everyone, Here are the important links we talked about in class today: Here’s the graph from CR’s website showing that 96.5% of all loans are being backed by the federal government. Here’s my list of questions to ask the listing agent on a short sale before you show the home. And here’s my list […]
To the Students from the Advanced Short Sale Class at PNW Realty Federal Way
Hi Everyone, Here’s the follow up from class. There was a request for more information on HUD’s “limited denial of participation” list and the federal ”general services admin” list. Here’s the graph showing that 96.5 percent of all loans are being backed by the government. Thanks again to CR who allows me to use his graphs in the […]
Questions to Ask the Listing Agent on a Short Sale
How many short sales have you successfully closed? How many of your short sales have gone into foreclosure? Has the seller completed the bank’s required paperwork? Are you negotiating this yourself or will a third party be negotiating? (If it’s a third party, see this blog post for 21 questions to ask your third party short sale […]
To the Students from the Sept 23, 2010 Short Sale Class at PNW Realty Fed Way
Hi Everyone, Here are the follow up questions and answers from class today. You all worked very hard this morning! Here’s the Statement of Charges on Hellickson….and look at the news story just breaking this evening on the Hellicksons. Somebody also asked for a link to the article on Shawn Portman Here is a link to […]