San Diego Homes

With the implementation of their new Equator software platform, Bank of America has dramatically improved their short sale processing. We are now generating short sale approvals from Bank of America in an average of 30-60 days, and in many cases less, which is a huge improvement. Bank of America also assigns one negotiator to handle [...]

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Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification.  Enacted into law yesterday, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law.  For debt forgiven on a loan secured by a “qualified principal residence,” borrowers [...]

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Ten Reasons to Avoid Foreclosure
  Foreclosure Follows You – Homeowners will always have to disclose that they have had a foreclosure on any mortgage application and many job applications that they submit in the future.  This can have an adverse affect on their future mortgage rates.  This is a credit item that is asked about specifically [...]

On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification [...]

Tags: foreclosure alternatives, foreclosure vs short sale, government programs for foreclosure alternative, hafa, home affordable forclosure alternatives program, short sale, what is a short sale