The Mortgage Debt Relief Act Expires Dec 31, 2012
April 30, 2012 by admin · Leave a Comment
The Mortgage Debt Relief Act expires December 31, 2012. That means that this is the last year you can do a short sale and avoid having to pay income taxes on the debt forgiveness of the short sale. And since most short sales take 4-6 months to close escrow, time is running out to do [...]
Will I Qualify for a Short Sale?
April 30, 2012 by admin · Leave a Comment
Many people are surprised to learn that they can qualify for a short sale with little or no financial hardship and without being behind on their mortgage payments. This is called a Strategic Short Sale. In the past, lenders required borrowers to have a major financial hardship and to be delinquent on their mortgage payments [...]
How to Minimize the Impact of a Short Sale on your Credit
April 30, 2012 by admin · Leave a Comment
You can dramatically minimize the impact of a short sale on your credit by continuing to make your payments during the short sale process. There are 2 ways that a short sale impacts your credit: one is the short sale and the other is the missed payments, assuming you stop making your payments. The primary [...]
Battiata Real Estate Blog: US Short Sales Surpass Foreclosures
April 18, 2012 by admin · Leave a Comment
The number of short sales officially surpassed the number of foreclosures in January 2012, according to a Bloomberg News article that quoted a recent LPS study. Short sales accounted for 23.9 percent of home purchases in January, the most recent month available, compared with 19.7 percent for sales of foreclosed homes, data compiled by the [...]
Seminar for Upside Down Homeowners Sat April 21
April 3, 2012 by admin · Leave a Comment
The Battiata Real Estate Group will be holding a Seminar for Upside Down Homeowners Saturday April 21 at 10am at The Del Mar Hiltion. Attendees will get the facts from industry experts on foreclosure, deed in lieu of foreclosure, short sale and loan modification, including the tax, legal & credit implications of each. Topics will [...]
2012: The year of the Strategic Short Sale
April 3, 2012 by admin · Leave a Comment
2012 is shaping up not just to be the year of the short sale, but the year of the strategic short sale. A strategic short sale is a short sale with no financial hardship. In other words, the seller makes the decision to do a short sale on an upside down home even though they [...]
Buying after a Short Sale: FHA waives waiting period
March 27, 2012 by admin · Leave a Comment
FHA has introduced new guidelines for homeowners qualifying to buy another home after completing a short sale. Until now, homeowners had to wait 2-3 years after a short sale before they could qualify for an FHA loan. Now, in cases of a medical hardship or relocation due to job change/loss, FHA has waived the waiting [...]
How soon can I buy again after a short sale?
February 9, 2012 by admin · Leave a Comment
“How soon can I buy again after a short sale?” “How long do I have to wait?” As an agent who works with short sales every day, I am asked this question all the time. The information below is current as of February 2012. I will update our Battiata.com blog as any of these guidelines [...]
Deluge of Short Sales predicted in 2012 as Debt Forgiveness Act nears End
February 7, 2012 by admin · Leave a Comment
Experts are predicting a “deluge” of short sales in 2012, as under water homeowners race to start & complete short sales prior to the expiration of the Mortgage Forgiveness Debt Relief Act, which ends on December 31, 2012. The Debt Forgiveness Act, which was passed by former President George Bush in 2007, excludes homeowners who [...]
Banks Increasing Cash Incentives for Short Sales
February 7, 2012 by admin · Leave a Comment
Major US lenders are broadening their short sale incentive programs and offering cash incentives to more and more sellers in exchange for successful short sales. These programs, in which a seller is offered anywhere from $5,000 to $35,000 cash at the close of escrow of a short sale, were initially started as pilot programs by [...]
The Seminar for Upside Down Homeowners Sat March 10 at 10am @ The Del Mar Hilton
February 4, 2012 by admin · Leave a Comment
Matt Battiata & The Battiata Real Estate Group will hold The Seminar for Upside Down Homeowners Saturday March 10 at 10am at The Del Mar Hilton in Del Mar, CA. This will be the 9th seminar for upside down homeowners that the Battiata Real Estate Group has held in the past year. “There is still [...]
Making Home Affordable Options
February 4, 2012 by admin · Leave a Comment
The Obama administration’s Making Home Affordable (MHA) program includes a myriad of different programs for upside down homeowners. Here is a summary of the different programs available, all of which we cover in our Seminar for Upside Down Homeowners (next seminar Saturday March 10, 2012 at 10 am @ Del Mar Hilton): Home Affordable Modification [...]
Shadow Inventory Update: 7.5+ million Homes
December 6, 2011 by admin · Leave a Comment
Shadow inventory in the United States is currently estimated at over 7,500,000 homes and growing. Consider the following: Banks currently own over 800,000 REO’s (foreclosures) that they have not yet put on the market, and are simply sitting on. They cannot yet afford to take the losses on these homes, so they are letting them [...]
Chase Bank pays out $30K Short Sale Incentive
December 6, 2011 by admin · Leave a Comment
Recently, you may have read about major banks paying out thousands or even tens of thousands of dollars to incentivize upside down homeowners to do short sales. News reports over the past few months have detailed stories about JP Morgan Chase, Bank of America, Wells Fargo and other lenders paying out huge cash payments to [...]
The Impact of a Short Sale on your Credit Report
December 6, 2011 by admin · Leave a Comment
There are 2 ways that a short sale impacts your credit. The first is the actual short sale, which is reported on your credit as “debt settled for less than the amount owed.” This should not impact your credit until the short sale closes escrow. The second is the missed payments, assuming that you stop [...]
Battiata Real Estate to hold series of 5 Short Sale Seminars Nov 15-19
November 9, 2011 by admin · Leave a Comment
November 7, 2011 – With almost 50% of San Diego homes under water, and an increasing willingness on the part of lenders to work with upside down homeowners to avoid foreclosure, more and more San Diego homeowners are seeking to educate themselves on their options in dealing with an upside down home. Matt Battiata and [...]
Bank of America Short Sale Policy Change re Foreclosure Postponements
October 6, 2011 by admin · Leave a Comment
Bank of America’s Loss Mitigation Department told us today that, as a matter of policy, they will no longer postpone foreclosure sale dates on properties that are 18 months or more in arrears. Bank of America said they will consider postponements if there is an offer in review, but only on a case by case [...]
Mortgage Tax Debt Forgiveness Relief Act to Expire in 2012
October 4, 2011 by admin · Leave a Comment
The clock is ticking for San Diego homeowners who want to short sale their home and avoid getting hit with a huge tax bill from the IRS and California Franchise Tax Board. The Mortgage Tax Debt Forgiveness Relief Act, and its California state income tax counterpart, SB401, which exclude most homeowners from owing taxes on the [...]
San Diego Foreclosure filings, inventories & outcomes 2011 on Battiata.com
September 30, 2011 by admin · Leave a Comment
06073 – Foreclosure Filings 06073 – Foreclosure Outcomes 06073 – Foreclosure Inventories “>
Battiata Real Estate Group “Seminar for Upside Down Homeowners” Saturday Oct 1 at 12 noon at The Del Mar Hilton
September 30, 2011 by admin · Leave a Comment
The Battiata Real Estate Group “Seminar for Upside Down Homeowners” will be held Saturday October 1 at 12 noon at the Del Mar Hilton. The format for the seminar will be an educational forum for homeowners who are upside down on their homes to learn about their options. Topics will include short sales, loan modification, [...]
July 2011 North San Diego County Real Estate Market Analysis
September 29, 2011 by admin · Leave a Comment
This is an interesting July 2011 market report for North San Diego County put together by HomeDex for the North San Diego Association of Realtors. It shows median prices for single family detached and attached homes, our affordability index as well as many other indicators, and whether they are trending up or down. The median [...]
Battiata Real Estate Seminar for Upside Down Homeowners Oct 1 at Del Mar Hilton
September 22, 2011 by admin · Leave a Comment
SAN DIEGO, CA — With almost 50% of San Diego homes under water, and an increasing willingness on the part of lenders to work with upside down homeowners to avoid foreclosure, more and more San Diego homeowners are seeking to educate themselves on their options in dealing with an upside down home. Matt Battiata and [...]
RSVP List for 2011 Seminar for Upside Down Homeowners Building Quickly
July 26, 2011 by admin · Leave a Comment
The RSVP list for the upcoming Seminar for Upside Down Homeowners, which will be help Saturday, July 30 at 12 noon at the Del Mar Hilton, is building quickly. The seminar, which is free to and open to the public (although you must pre register through www.Battiata.com), will present upside down homeowners with all of [...]
CA SB 458 Prohibits 2nd Lienholders from Pursuing Deficiencies after Short Sales
July 15, 2011 by admin · Leave a Comment
Gov. Jerry Brown signed the much heralded SB 458 into law today, July 15, 2011. SB 458 extends the protections of SB 931 (passed in 2010), and ensures that any lenders that agree to a short sale must accept the agreed upon short sale proceeds as payment in full for the outstanding balance of all [...]
Upcoming: Seminar for Upside Down Homeowners July 30 2011
June 17, 2011 by admin · Leave a Comment
Matt Battiata & The Battiata Real Estate Group will host The Seminar for Upside Down Homeowners, Saturday July 30, 2011 at the Del Mar Hilton in Del Mar, CA. The purpose of the seminar will be to educate upside down homeowners on their options, including Short Sales, Loan Modification, Foreclosure, Chapter 7 & 13 Bankruptcy, [...]
