Long Island Short Sales: “Patience Equity”
April 18, 2011 by admin · Leave a Comment
Tweet It’s a term that I cannot take credit for but when it comes to buying Long Island short sales, patience equity is what you must be prepared to shoot for as a buyer. A common term used by people who buy “handyman specials” is sweat equity. This type of equity is what you’re buying [...]
Area Foreclosures and Your Town
June 7, 2010 by admin · Leave a Comment
The Long Island area foreclosures are up and most people know this. However, what you don’t know is that your town could be one of the hardest hit in the nation! The Federal Reserve Bank of New York did a report recently analyzing the data by the zip code level. What they found was that [...]
Challenges To Getting A Short Sale Done
May 20, 2010 by admin · Leave a Comment
If you are struggling right now with paying your mortgage, you may be wondering what challenges exist when trying to get a short sale done in order to avoid foreclosure. Among many things, you of course may be in disbelief that this is happening to you and you may also be worried about things like [...]
Short Sales And “Strategic Defaults” – Does It Make Sense For You?
May 5, 2010 by admin · Leave a Comment
Let’s remember that short sales are real estate transactions that involve a homeowner selling their home for less than what is owed on their mortgage. Any time a property owner doesn’t pay their mortgage, they are defaulting on their mortgage obligations. “Strategic Defaults” are decided or chosen. Conversely, most defaults are not chosen but are [...]
Long Island Short Sales: Alert On Fraud
April 24, 2010 by admin · 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
April 17, 2010 by admin · 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 admin · 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, [...]
