For short sales, loan modification or deed in lieu, do it now.

Posted by & filed under Buying, Selling.

President Bush was horrified.  The IRS had debt forgiveness as taxable income while people were losing their homes to short sales and foreclosures.  At his Administration’s urging, Congress quickly passed the The Mortgage Forgiveness Debt Relief Act.  Allow me to explain this. People were losing their jobs during the recession.  You can’t pay a mortgage without an income.  The solution is to sell and get out but home prices had crashed.  As a result,…

Stop Foreclosure with a 125% Loan Modification

Posted by & filed under Homeowner Tips, Selling.

Bergen County homes have done better than most housing markets in the US.  They may have done better but they have not escaped the economic collapse.  As a result our home values have depreciated over the past few years. For many homeowners this has created a horrible situation.  Their home is not worth what they paid for it. For homeowners who need to sell their home, many find it impossible…