Short Sale Shift

Hello everyone my name is Josh Pomerleau with Short Sale Shift, Minnesota’s premiere short sale group, thanks for checking out my blog today. I work with Keller Williams Realty in the Minneapolis area and blog on daily basis from the short sale trenches to offer distressed property homeowners with useful info on their options for avoiding foreclosure. If my blog is useful at the moment take a minute to browse my web site where you’ll find over five hundred informational videos in addition to a short sale specialist ready to answer any questions you may have.

There seems to be a ton of confusion as to what to do with the 1099A  after you got rid of your mortgage home loan. That you more or less did by losing your home at the same time in the form of a foreclosure or a short sale.  Not to mention the 1099C that you may get as well. So hopefully this will clear it up a little.  But when you do get your forms do save them and do bring them to your tax advisor to see how they may help you filing them correctly.  There are a ton of homes in the Santa Maria real estate market just like many other markets where the homes ended in foreclosure or a short sale.A 1099A hopefully followed by a 1099C is what the previous home owners would be getting.But please understand that this blog is only informational and for specific situations you need to consult your tax preparer.

Short Sale Power Hour

There are a lot of ways that you can correspond with the lender while working on a short sale file. However, email communication is certainly the favored method of the bank. In order to better organize your process and collect extra information give a few of these suggestions and tips a try.

Standarized the topic line of your email. For illustration, every time put the loan number, street address, and seller name in the subject line. If you keep those three pieces of information in the topic line, in that order, your email will be much better organized.

We recently filed Chapter 13 to avoid foreclosure, but now I am thinking about letting the house go and changing to Chapter 7? We can’t afford the house mtgs, taxes and insurance on our reduced salary. Question – in a chapter 7 can the creditors (?) come in and take stuff from your house? If so, what are they looking for – high ticket items? We do not have any. Husband is afraid they will come in and take all kinds of stuff. I disagree. With all the foreclosures coming down right now, they do not have the time or expense to chase all these down.
What about the 2 cars we are behind on payments on?
Has anyone gone thru this?

A number of things likely come to mind when you think of virtual real estate investing. If you are already familiar with real estate investing you may think of short sales, bulk reo investing and virtual real estate investing or you may think of it in terms of real estate portfolios and real estate retirement plans. Likely you also wonder how these things will factor into your life as a real estate investor in the current economy.

It is likely that you think of a number of things when you hear the words virtual real estate investing. If you are already familiar with real estate investing you may think of short sales, bulk reo investing and virtual real estate investing or you may think of it in terms of real estate portfolios and real estate retirement plans. You may also consider what roles these things play in your life as a real estate investor in different economies.

I saw this bill about a year ago. There was a lot of details in the article. I found it on AOL. The bill provides a way for people to avoid foreclosure and at the same time assist banks from suffering the negative shortcomings of foreclosed properties. Does anyone have any info on that to share with me?

Only if there is some profit in doing so to them. Unfortunately, most are a scam. They will get an upfront out of pocket fee from you & then you will find yourself in no better a position than you were before you paid them their scam fee. (How they make money & stay in business)
You might be better off to call your lender and ask for a loan modification. If you don’t qualify for one now, ask what it will take to qualify for one.

my mortgage company has offered me a package to avoid foreclosure of my home. This package will leave me virtually no monies to pay any of my other outstanding debts which include my car payment – a car I need desperately in order to get to and from work – a drive of 20 miles each way. It also leaves me with little to eat on or maintain the daily expenses that life brings such as electric & gas bills. Am I better off just accepting the foreclosure and getting out of the house. And if so, what will this do to me in regards to getting any credit in the future.

My husband left me, I can’t pay the mortgages (I have 2 of them), I can’t sell before 7/13 or I will be penalized 5% on EACH loan, I am unable to refinance & afford the payment so I am stuck. I don’t want to foreclose. Does anyone have any suggestions?