Port Orange Real Estate News: Tax Relief for Short Sales !

Along with the Fiscal Cliff facing the Nation at the end of the month, is the end of the Mortgage Forgiveness Debt Relief Act effective since 2007. Most people won't be affected by the scheduled end of this Act. The people that will be affected the most are those that could afford it the least.

When a home is Sold through Short Sale, the bank is accepting a payoff for less than they are owed. They are "short" on their income. They have to show that forgiven amount as an income to the seller to the IRS. The Mortgage Forgiveness Debt Relief Act basically said that homeowners selling their homes through short sale would not have to pay taxes on the Forgiven Debt. This amount could be as big as $100,000.00 or more, which would be a big Income Tax Bill at the end of the year.

 An extension is included in the Family and Business Tax Cut Certainty Act of 2012 that recently passed out of the Senate Finance Committee with bipartisan support. If this Act does not get passed by Dec. 31, 2012 , then all home owners selling through Short Sales will be paying taxes on their sale.

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Port Orange Real Estate : Short Sale News

One of the problems with Short-Sales has been having to deal with Second Liens. They wait to respond, ask for more money from first lien holder, or money from homeowner, and often want them to take line of credit to repay balance. They stall and often kill the first offer on a Short-Sale.

This is done with the knowledge that they will get no money if the home is foreclosed and they will have to sue the homeowner for balance. This, in turn, forces the homeowner to file bankruptcy.

"Why cause the delay and unneccessary hardship? Just make the decision and get on with it." This may be what U.S. Rep. Jerry McNerney, D-Calif. was thinking when he proposed The Fast Help for Homeowners Act.

By eliminating the delays, first liens may be more willing to negotiate with second lien holders. If nothing else, it will improve response time. The Act will give second liens on Federal Mortgages 45 days to respond, and on the 46th day will have to accept the deal.

If nothing else, this Act will make second lien holders respond faster.

If you are thinking of Buying or Selling in the Port Orange Area, contact us at Selling Daytona Homes. Use our site to look for homes in the Area and see what some of the Cities have to offer.


Source: “Evasive Second-Lien Holders Thwarting Short Sales,” HousingWire (July 25, 2012)

Port Orange Real Estate : Short Sale Improvement Here !!

In the last week, there have been a few changes to the Short Sale Process that will be a welcome relief to buyers and sellers. Buyers won't have to wait months for an answer on a home they want to move into now. Sellers won't have to wait as long to know that they aren't getting foreclosed on, aren't damaging their credit more, and can move on.

First BOA (Bank of America) has made a few changes to the Equator System to try and streamline their already improved system. They have made response times shorter and provided forms for Realtors so that there is less confusion.

Second, the FHFA ( Federal Housing Finance Agency ) directed Fannie Mae and Freddie Mac to streamline the process for : Short-Sales, Deeds-in-Lieu, and Deeds-for-Lease. Servicers will be required to do the following:
 review and respond to requests for short sales within 30 calendar days from receipt of a short sale offer and a complete borrower response package;
 provide weekly status updates to the borrower if the short sale offer is still under review after 30 calendar days;
 make and communicate final decisions to the borrower within 60 calendar days of receipt of the offer and complete borrower response package.

 Short Sales have become a part of Real Estate Business. The stress for Buyers, Sellers, and Realtors has been tremendous. Maybe, we are seeing the light at the end of the tunnel.

If you have Questions about Short Sales and how they can help you, Contact Us .

Source : © 2012 Florida Realtors® : Freddie Mac sets new short sale timelines, Fannie to follow

Sold Short Sale !!!

This home was a Short Sale and it closed Quickly. Priced right on the market and the owners are able to move on. For more information on this property, follow THIS LINK . For more homes that are Short Sales or in Foreclosure, contact us through OUR WEBSITE . We are Experienced in Helping Buyers and Sellers with Distressed properties.

Short Sale in Venetian Bay, $269,000 !!!

Tile Roof, 3-Car Side Entry Garage, 5 Bedroom, Screened Pool, Granite Counters; and more. It is a corner lot backing up to a Conservation Area and Facing a Lake. Situated in Venetian Bay making it a short ride to I-95, New Smyrna's beaches or Port Orange and the Pavilion. An Impressive Golf Course Community with potential to become the Gem of New Smyrna Beach.This is one home that pictures never could do justice for. To view this listing, follow this LINK TO HOME .

Short Sale in Covendale!!!

3Bedroom, 2 Bath, with 3 car Garage with a Beautiful Pool!! Only $275,000! Don't miss out on your opportunity to own this great home. For more info follow this Link .

Waters Edge Short Sale for $149,900 !!!

This is a fantastic buy for somebody that is willing to wait for it. A Lakefront 4 bedroom home only 4 years old. In a Community that is only minutes away from the New Pavilion in Port Orange and Zoned for Port Orange Schools. This wont last long!!
To view more images of this home, follow THIS LINK .

Waters Edge Short Sale !!

This is a Fantastic Lake Front Home and a great opportunity for Homebuyers. This Short Sale was under Contract but the Buyer has decided to pursue something else. We are close to the end of the Short Sale Process. For more information and pictures on the home, please view on our Website. ShortSaleHome