The Closing Table Blog

Fannie Mae Streamlines Short Sale Transactions Fannie Mae streamlines short sales with uniform servicing guidelines  Fannie Mae announced new short sale guidelines this past August in an effort to streamline short sale transactions. The Fannie Mae short sale guidelines, which went into effect Nov...

American Taxpayer Relief Act of 2012 The American Taxpayer Relief Bill extends The Mortgage Debt Relief Act through 2013. On January 1st, 2013 the U.S. Senate overwhelmingly passed legislation to avoid the so-called "Fiscal Cliff" by a vote of 89-8. The bill, referred to as the American Taxpayer ...

  Massachusetts Short Sales-FAQ's As someone who exclusively handles Massachusetts short sales, I am repeatedly asked the same questions from both homeowners and Realtors when considering a short sale.  As more homeowners default on their mortgages, I believe it is important to dispel some of the...

As tax season approaches, and more importantly, the expiration of the Mortgage Debt Relief Act of 2007, it is important to review the tax consequences following a short sale.  In general, the IRS will treat any canceled debt, such as forgiveness of a mortgage loan, as taxable income. Thus, if yo...

Getting a short sale approved is no easy task. Buyers can, and do, walk away if they feel the transaction is taking too long. Mortgage insurance companies frequently demand unreasonably high contributions from the seller, thus killing the deal. Servicing rights can be transferred to a new lender...

According to a recent report by California based RealtyTrac, distressed properties accounted for one third of all US housing sales in the second quarter of 2011. The glut of inventory is only going to increase as lenders slowly bounce back from the robosigning crisis and foreclosure filings begi...

As someone who exclusively negotiates Massachusetts short sales, I receive about three to five new short sale referrals every week from local real estate agents or distressed homeowners. While it may come as a surprise, I actually reject quite a few of these short sale requests.  The most common...

When working with Massachusetts short sale candidates, the most daunting task always seems to be writing the hardship letter. All homeowners requesting a short sale are required to provide the lender with a hardship letter. The hardship letter is your best, and only, opportunity to explain to th...

The Federal Trade Commission (FTC) recently issued a statement that it would no longer enforce several provisions of the widely scrutinized Mortgage Assistance Relief Services (MARS) Rule. The MARS Rule required all real estate agents working on short sales to make certain disclosures to homeowne...

During this past week alone , I have received ten new short sale requests.  As a Massachusetts short sale negotiator, my services are generally not required until the buyer and seller execute an Offer to Purchase. Once the offer is signed,  the buyer's agent inevitably calls me to request the se...