Short Sale

What is a Short Sale?

November 28, 2009 by Chris Morrison · Leave a Comment 

When a seller experiences financial hardship and finds themselves unable to afford their home, they decide to sell. If the home is worth less then what is owed on the mortgage the seller has some options:

Walk away and allow the home to foreclose. (not good)

Forbearance (short term)

Work out a loan modification with your current lender.

[...]

The Mortgage Debt Relief Act of 2007

November 28, 2009 by Chris Morrison · Leave a Comment 

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
This provision applies to debt forgiven in calendar years 2007 through 2012. Up to [...]

A change to Arizona’s Anti-Deficiency Statute

November 28, 2009 by Chris Morrison · Leave a Comment 

****Update****
9/4/2009 Governor signs bill that repeals change to anti-deficiency statute
Governor Jan Brewer signed HB 2008, which repeals SB 1271 and its change to the anti-deficiency statute. AAR would like to thank our members for their quick response and action on this matter. AAR’s success is due, in part, to members like you who help engage [...]

Steps of a Short Sale

November 28, 2009 by Chris Morrison · Leave a Comment 

Over the last few months I have received many questions about the steps of short sale. This blog is being written for my fellow agents and anyone interested in learning about the short sale process. It will help explain why short sale can take so long to get accepted or even get a response. Every [...]