BOA Bank of America & M&T Bank Short Sale Approval Letter Deficiency waived Fairfax, VA Penderbrook Square Condo

If you have a condo at Penderbrook Square or Northern Virginia, let us help you do a short sale so you do not waste away your life savings on a home upside down. I was in the same situation you are 2 years ago when I had to short sale my home. I know exactly what you are going through and would be honored to have a free consultation with you.  Call Nate at 703-725-2929

M&T Bank and Bank of America BOA were the loans on this short sale. Read the approval letters below. Real Estate Agent Short Sale Specialist for Virginia & Maryland

3904 PENDERVIEW DR 707 FAIRFAX VA 22033 - 1bd/1ba - $145,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved. The seller was forgiven over 75k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, relocated for work out of state

Ratified Contract: 2/27/2013
Final Approval Date: 4/24/2013
Close Date: 5/17/2013

Result: Full deficiency waiver for seller. Read the approval letters below.

This short sale went rather smoothly compared to most of ours.  We had a slight problem with the appraisal but came to terms with the buyer at $145,000.  Our seller was forgiven the entire deficiency and did not have to pay the bank any money at all!

If you would like for us to refer you to a tax professional with short sale experience, contact us at Nate@1245team.com

If you have any questions concerning M&T Bank or BOA Bank of America Contact Us. We have a proven record with M&T Bank or BOA Bank of America. We can help you with M&T Bank or BOA Bank of America in Virginia & Maryland.

 

 

 

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Mortgage Debit Relief Act Extension? Who Cares

I have homeowners calling me a lot lately about not wanting to do a short sale because of the Mortgage Debt Relief Act expiring at the end of this year.  So I wanted to let everyone else know what I am telling them and why most do not have to worry about this debt act expiring, if it does.  Just a reminder, this is how I did not have to pay taxes on my short sale. Its called Insolvency.

So lets say the Debt Act is not extended, there’s another significant exception to a homeowner’s obligation to pay taxes upon a deficiency waiver – insolvency. If you’re insolvent, as defined by IRS Code, then you have no tax liability on any deficiency waiver. What does it mean to be “insolvent”? I’m no tax expert (and anyone in this situation should seek advice from an accountant). However, it’s simpler than it sounds – you’re insolvent when your total debts exceed the total fair market value of all of your assets. Yes, “assets” includes everything you own. Most homeowners don’t have enough assets, so they’ll fit the bill. Just think about it. Using my example, above, if your house is worth $175,000 and you owe $300,000 and you’re decide to do a short sale, you’d have to have at least $125,000 in other assets – without any other debts – not to be insolvent.

So if you have been considering doing a short sale, but waiting until this Debt Act is extended, lets chat if you think you will qualify for insolvency.

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