Knowing When To Flex Your Muscles On Short Sales

August 8, 2012 By

Atlantic Coast Title Group specializes in short sale processing and from time to time we find that we have to flex our muscles to get them approved. 

At times the negotiators for the short selling lender will not agree with us over a myriad of different issues. The most common issues are as follows:

  1. Sales Price
  2. Amount to pay the second lien(mortgage)
  3. Amount to pay on delinquent HOA dues
  4. Approving the sellers hardship

Many times negotiators are just missing in action and/or the file is constantly re assigned new negotiators. Fortunately for us we know which lenders are problematic and we know when and whom to escalate the file to. 

If your a real estate agent or a seller we are just a call away. We are happy to answer your questions and give you the best advice possible for any given situation. 

Call us at 561-624-9422 for more details.

Filed Under: Foreclosure, Home Buying, Home Selling, Mortgage, Short Sale Tagged With: , , , , , , ,

Short Sales And Federal Tax Liens: It Can Be Done!

June 13, 2012 By

If you are doing a short sale on your property and you have a IRS Tax Lien, the IRS will release their lien from the property in order for you to sell your home. It takes WORK, but it can be done!

In cases where the homeowner owes taxes, the IRS may place a Federal Tax Lien against you and that tax lien will also affect you personally. The IRS tax lien covers all of the person’s property, including the home. Typically you can request the IRS to release their lien as to the property you are selling by completing the information requested in Certificate of Discharge of Property found in Publication 783, IRS website.

The reason the IRS records Federal Tax Liens in the public records of the county you live is so that they get paid when you sell the property. In a situation where the homeowner is upside down and they will not be receiving proceeds from the sale, the IRS may agree to release their lien as to that property.

We have dealt with the IRS on several occasions and they are not fun. However, the IRS tax lien must be addressed in order to complete the short sale. We have been successful in getting the IRS to release their liens.

This entire process should be coordinated in conjunction with your title company or attorney. It is always a good idea to make sure that you are working with a title agent who knows the entire process of obtaining releases from the IRS.

Complete the form below or call us at 561-624-9422 for more details!

Filed Under: Foreclosure, Home Selling, Short Sale Tagged With: , , , ,

Bank Of America Set To Offer Up To $30,000 To Short Sale

May 16, 2012 By

 

Bank of America said Tuesday it’s launching a nationwide program that pays homeowners as much as $30,000 to complete short sales.

The lending giant tested a similar program in Florida last year from Sept. 26 through Nov. 30, and nearly 11,000 Florida borrowers verbally agreed to complete their short sales by August of this year. So far, 847 of the deals have closed.

The average payment as part of the Florida pilot is $12,000, the bank said.

To qualify for the national program, a seller must work with Bank of America to obtain a preapproved price prior to submitting an offer from a prospective buyer. The short sale must be started by the end of 2012 and close by Sept. 26, 2013. Also, Bank of America must own and service the mortgage.

Homeowners who now are in the process of a short sale with Bank of America may be eligible for the program.

The amount of money homeowners receive “will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations,” Bank of America said in a statement.

In a short sale, a lender allows a borrower with a financial hardship to unload the property for less than the mortgage amount. The transactions are faster than foreclosures, helping banks get troubled loans off their books.

In recent years, some banks have given a few thousand dollars to borrowers who leave their foreclosed homes in good condition. Last year, lenders started giving cash to homeowners who complete short sales as an incentive to cooperate.

Bank of America says it expects the national program to get the greatest response from homeowners in Florida, California, Nevada, Arizona and other states hammered by the housing crash.

Call us at 561-512-3567  or comment below before apply with BofA.  (we have some tips you must know about this program)

Filed Under: Mortgage, Short Sale Tagged With: , , ,