Great News! Mortgage Debt Relief Act Extended!

Congress approved the other day the extension of the Mortgage Debt Relief Act until 2014.  This is awesome news for those homeowners who are upside down on their home and thinking about doing a short sale.

In a nut shell,  the government is encouraging you to do a short sale. They are saying you do not have to pay taxes on the amount that is forgiven, if its your primary residence.  If your home is not your primary residence there are other ways you do not have to pay taxes either.

For more information on whether or not you qualify for a short sale email me at nate@1245team.com or call me 703-725-2929

I look forward to chatting with you about your options.

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Nationstar & Greentree Short Sale Fairfax Ridge Approval Letter Specialist

If you have a condo at Fairfax Ridge 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.

Nationstar Mortgage and Greentree were the loans on this short sale. Real Estate Agent Short Sale Specialist for Virginia & Maryland

11352 Aristotle Drive, Fairfax, VA 22030- 2bd/2ba with garage - $250,000
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 105k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, going through a divorce.

Ratified Contract: 08/29/2012 
Final Approval Date: 10/09/2012
Close Date: 11/02/2012

Result: Full deficiency waiver for our seller.
We listed this property in June and got a contract quickly.  But Nationstarts BPO (appraisal) came in higher than our first buyer wanted to pay.  Meaning the bank thought the home was worth more than our offer.  The buyer walked and we quickly got a new buyer the end of August.  We got final approval on October 9th and closed November 2.  In all, the entire process took a little more than 4 months.

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 Nationstar Mortgage and Greentree Contact Us. We have a proven record with Nationstar Mortgage and Greentree Short Sales. We can help you withNationstar Mortgage and Greentreein 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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Another Short Sale closed with the 12:45 Team in Alexandria & Fairfax Virginia

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Another Chase Short Sale Approved The Reserve Manassas Park

If you have a condo at The Reserve Manassas Park you have two options... Throw away money for the next 10+ years or do a short sale with us. 

Chase Mortgage Short Sale The Reserve Manassas Park Real Estate Agent Virginia & Maryland

9722 Holmes Place, Manassas Park 20111 - 2bd/2ba  - $140,000
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 125k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, place was to small, paying more in mortgage then they would if they were to rent the same place.

List Date: 08/02/2012
Final Approval Date: 9/20/2012
Close Date: 10/30/2012

Result: Full deficiency waiver for our seller.

This Chase short sale was rather easy. It took less than 50 days to get full approval and the seller was forgiven the entire deficiency amount. 

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

If you have any questions concerning Chase Mortgage Short Sales Contact Us. We have a proven record with Chase Mortgage (Preforeclosure) Short Sales. We can help you with Chase Mortgage Short Sale in Virginia & Maryland.

 

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Chase Mortgage Short Sale & SLS Specialized Loan Service The Reserve Manassas Park

If you have a condo at The Reserve Manassas Park, let us help you do a short sale so you do not waste away your life savings on a condo over 150k upside down.

Chase Mortgage Short Sale & SLS Specialized Loan Service  The Reserve Manassas Park Real Estate Agent Virginia & Maryland

9711 Handerson Place, Manassas Park 20111 - 2bd/2ba with garage - $140,000
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 145k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, place was to small, paying more in mortgage then they would if they were to rent the same place.

List Date: 01/12/2012
Final Approval Date: 7/17/2012
Close Date: 7/30/2012

Result: Full deficiency waiver for our seller.
This short sale was definately interesting but we got it done again for our clients!  Chase, who normally is very easy to do a short sale with, gave us complications early on.  They denied the file twice because they said the seller could afford the property.  If anyone knows the properties at The Reserve, most of these are upside down by over 150k!!  So my client was not going to keep this property for the next 20 years and throw away his life savings. 

So we were persistant and escalated the file.  What do you know they approved it! It just took alot longer than most of our short sales.  Most are getting done in 90 days.  This one took 6 months.  But our client was forgiven over 150k! 
If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

If you have any questions concerning Chase Mortgage Short Sales or SLS Specialized Loan Service Contact Us. We have a proven record with Chase Mortgage(Preforeclosure) SLS Specialized Loan Service Short Sales. We can help you with Chase Mortgage Short Sale SLS Specialized Loan Service in Virginia & Maryland.

  

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Sharon & John short sold 2 properties with the 12:45 Team AHMSI

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AHMSI - American Home Mortgage Short Sale Approval Letter Fairfax Center Landbay Real Estate Specialist Agent Virginia & Maryland

AHMSI - American Home Mortgage Short Sale Approval Letter Real Estate Specialist Agent Virginia & Maryland

4124 Fairfax Center Creek Dr, Fairfax, VA 22030 - $405,000
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 180k!!

To find out when your home will be an asset again visit:
www.1245shortsale.com

For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, lot of debt

List Date: 03/13/2012
Approval Date: 3/21/2012
Close Date: 6/29/2012

Result: Full deficiency waiver for our seller.

AHMSI American Home Mortgage, This was our sellers 2nd short sale with us. Both were with AHMSI.  The first one they did was a HAFA short sale because it was their primary residence. Read more about it here.  For this one it was a regular short sale. They had rented the townhome out for a few years at a very big loss and could not continue doing so.  We got the approval letter in less than 90 days and closed in 106 days!

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

If you have any questions concerning AHMSI American Home Mortgage HAFA Short Sales Contact Us. We have a proven record with AHMSI American Home Mortgage (Preforeclosure) Short Sales. We can help you with AHMSI American Home Mortgage HAFA Short Sale in Virginia & Maryland.

 

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Bank of America Short Sale Testimonial from our Client on Zillow

Read our client Eboni's review on zillow below. 

http://www.zillow.com/profile/NateTheRealtor/Reviews/

"I had a condo that I could no longer afford. I filed bankruptcy back in 2009 so the condo had been sitting there since then, almost 3 years. I received a post card from Nate about doing a short sale and how they had been successful in my condo complex. I gave him a call. He was professional and was quick to get started. Any time I emailed him or called, he was quick to respond. The short sale went through in about 2 months from the day I contacted him. I have never been more impressed then I was with Nate and the 12:45 team who assisted him on the short sale. Everyone I talked to on the time, was professional and handled themselves with class. I would still be stuck with this condo if it wasn't for Nate. I would recommend him to anyone who is thinking of doing a short sale. Now I am burden free and I owe it all to Nate and the 12:45 team. Great Job Nate!"

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