Mortgage Forgiveness Debt Relief Act Expires in 2012

Mortgage Forgiveness Debt Relief Act Expires in 2012.  Short sales can take 2-8 months.  Most of ours are being completed in 90 days but a rare few are taking 6+ months.  This debit relief act will save you a lot of money and is something to really consider as to why you need to short sale now rather than later in the year.

Again, I am not a tax advisor, so please consult your tax advisor for better explanation.  

Two ways to avoid paying taxes on your deficiency that was waived:  

- If it was your primary residence - The Mortgage Forgiveness and Debt Relief Act and Cancellation expires in 2012

- Insolvency - Your liabilities are more than your assets 

Read more about these below

http://www.irs.gov/individuals/article/0,,id=179414,00.html

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Indymac - Service Link / SLS Specialized Loan Service Short Sale Approval Letter - Penderbrook Square, Fairfax, VA

12163 Penderview Terrace, Fairfax, VA 22033 - Penderbrook Square 1bd/1ba - $146,000
Indymac - Service Link / SLS Specialized Loan Service

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 in 115 days from contract.  The seller was forgiven over 100k. For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts


Hardship: Upside Down on the mortgage, outgrew the condo

List Date: 10/06/2011
Contract Date: 10/10/2011
Approval Date: 1st loan - 1/17/2012 & 2nd loan 1/31/2012
Close Date: 2/08/2012

Result: Full deficiency waiver for our seller.

This one was one of our more difficult short sales.  That only means it took it a little bit longer to get what we wanted.  Indymacs servicer Service link kept wanting alot more money than the property was worth.  We had to dispute the BPO with Fannie Mae.  This took some time, but we finally got the number to where we needed it.  SLS Specialized Loan Service intially wanted a larger payout to forgive the debt but after a few rounds of negotiations we got them to accept 10% of the loan balance. Our seller only had to give them a cash contribution of $2,240 because Indymac paid the rest.

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



See the Approval letter for 1st Loan

2nd loan approval letter

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The First 30 Days of a Short Sale

Watch this 3 minute video of the 3 most important steps in a short sale process.

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Huntington Station Metro Townhome Short Sale SOLD Alexandria, VA Real Estate

We sold our client's Townhome at Huntington Station in Alexandria today. The lender was Citi Mortgage and over $520,000 was owed. The home sold for $430,000.  This was our quickest short sale to date yet.  It only took 2 months from contract to close. Congrats to our seller who was forgiven over $100,000 !!   If you have any questions about short sales or you know someone that needs help, call me at 703-725-2929 or email me at natejohnson@kw.com  Please also visit our websites  http://www.myshortsalecondo.com/ and http://www.myshortsaletownhome.com/

To see the short sale approval for this condo Click Here and Here





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