Long Island Short Sales: Alert On Fraud

Long Island Short Sales: Alert On Fraud

April 24, 2010 by · Leave a Comment 

With the increase in homeowners selling their homes for less than they owe, there is a rising possibility of fraudulent transactions. And this will only be exacerbated by the federal government’s implementation of the Home Affordability Foreclosure Alternatives (HAFA) program. HAFA is a foreclosure prevention aimed at requiring lending institutions that took TARP funds, to […]

Long Island Short Sales: Update For April 2010

Long Island Short Sales: Update For April 2010

April 17, 2010 by · Leave a Comment 

The supply of foreclosed homes that banks need to sell is rising again, signaling further downward pressure on home prices in some parts of the U.S. Even though the number of people behind on mortgage payments kept rising last year, the flow of homes into bank ownership slowed markedly because of time-consuming efforts to figure […]

Long Island Short Sales Blog: Mortgage Forgiveness Debt Relief Act

April 15, 2010 by · Leave a Comment 

For homeowners who need to know about the Mortgage Forgiveness Debt Relief Act, probably the best resource is http://www.irs.gov/individuals/article/0,,id=179414,00.html. Every homeowner should know that when they sell their home for less than what they owe on their mortgage, the amount that is not paid is taxable. For example, if you owe $300,000 on your mortgage, […]