What is a backup offer and what purpose does it serve in this exuberant Denver Real Estate Market? A backup offer is a second place offer. The home is already under contract with Buyer 1, but Buyer 2 submits a contract to the seller. When the seller signs the backup contract, it means that, if […]
Waiting Periods Waived
September 30, 2013 by Leave a Comment
The Great Recession that started in late 2007 forced many responsible Colorado homeowners into mortgage loan default and/or bankruptcy. Because of this, the Federal Housing Authority (FHA) realized that credit histories don’t always reflect a person’s true ability or willingness to pay on a mortgage, and on August 15, 2013, announced its shortening of the […]
Mortgage Forgiveness Debt Relief Act
January 10, 2013 by Leave a Comment
Under normal circumstances, debt forgiven as a result of a short sale or mortgage modification would count as income for tax purposes. Lenders send out 1099s to account for the amount of the debt they have forgiven. However, the Mortgage Forgiveness Debt Relief Act (Act) that was passed in 2007 states that mortgage debt that […]
Getting Good Advice in a Short Sale: Know the Players
July 7, 2011 by 2 Comments
How do you get good advice when considering a short sale? First, make sure your trusted advisor has extensive experience in the short sale world. Research the process and the advisor, ask tons of questions, and be wary of anyone who thinks they know it all. Each bank has several short sale programs each with […]