Mortgage Forgiveness Debt Relief Act May Get an Encore
In less than four months one of the clearest safeguards for Arizona’s distressed homeowners attempting a short sale is set to expire. The Mortgage Forgiveness Debt Relief Act of 2007 (“Act”) has made the choice between short sale and foreclosure a much easier one to make, and it may just stick around for an additional […]
Q&A: How Does A Short Sale Affect Me If I Claimed The Home Buyer Tax Credit?
We have had several clients ask about how a short sale or foreclosure affects their responsibilities to pay back the Home Buyer Tax Credit recently. Under the general rules an individual that claimed the 2008 Home Buyer Credit is required to pay back the entire amount of the credit, up to $7,500 if the home […]
Great News! New Federal Guidelines Will Make Short Sales Shorter
[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”] One of the biggest draw backs for a short sale is the amount of time it takes to get approval from the banks servicing the loan(s). In extreme cases it can take […]
Real Estate Law Questions: Can I Back Out Of My Purchase Contract After It Was Signed By the Seller?
The deed is done. The contract has been signed. Then something comes up which puts you in a bind. You’ve had a change of heart on the property or the money stream you thought you’d have is gone. But its too late, the deal is signed. You then begin to ask “Can I back out […]
