Distressed Properties Category
There is fantastic news for underwater homeowners! On January 1, 2013, Congress passed a year long extension of the Mortgage Forgiveness Debt Relief. Originally passed in 2007, the Mortgage Forgiveness Debt Relief Act exempts qualifying homeowners from paying taxes on mortgage debt forgiven during a short sale, loan modification or foreclosure. With the extension of this act, struggling homeowners can avoid foreclosure without facing thousands, even tens of thousands, in potential taxes. The act, however, was only extended through December 31, 2013. So if...Continue Reading!
Mortgage Forgiveness Debt Relief Act Extended! Little attention has been given to a key part of the fiscal cliff deal approved by Congress this week, an extension that prevents distressed homeowners from being taxed on forgiven mortgage debt. This is great news for struggling, underwater homeowners in Las Vegas, and across the country. The exception for “qualified principal residence indebtedness” was created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners whose mortgages have been restructured to prevent foreclosures, or...Continue Reading!
Ready to Purchase Distressed Property in Las Vegas? If you're shopping for a new home in the Las Vegas, Henderson, or North Las Vegas areas, you've no doubt realized that many of the properties out there are "distressed", meaning they're either in foreclosure or being listed as a "short sale". These properties can offer great value, but there are some things that are specific to buying them. Here are some things you should know. What is the difference between a Foreclosure and...Continue Reading!
Is the Strain of Foreclosure Crushing You? You have options! Perhaps a lot has changed since you bought your home. If you or someone you know are among the 10 million homeowners who are falling further behind every month because of an unmanageable mortgage payment, then that weight may feel unbearable. But there is actually some encouraging news: You have options, and foreclosure is not one of them! As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, Jason Lindstrom of Lindstrom...Continue Reading!
Fear of foreclosure is a national epidemic. Millions of homeowners fell behind on their mortgage payments last year, and then proceeded to fall further behind every month. These are tough times and there are no easy answers. The fact is, major lenders, the federal government, and local agencies across the country have stepped up their efforts to stem the tide of foreclosures. More help is available than ever before. As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, ...Continue Reading!
Need Help? Is your Mortgage Payment is no Longer Manageable? For many Las Vegas families a lot has changed since they bought their home a few years ago. Many home values have tanked in value, unemployment has spiked. Millions across the nation feel stuck in a home they can't afford to sell because they owe more on their mortgage than the home is worth. And for some, the mortgage payment is no longer manageable, so they are slipping farther and farther behind every month. Unemployment, underemployment and...Continue Reading!