Foreclosure

Large Inventory of Foreclosures in Massachusetts Just Now Coming to Auction

September 14, 2016

Foreclosure auctions in Massachusetts were up 44 percent over the first seven months of this year, as compared to the same period in 2015. David Cotney, the Massachusetts Commissioner of Banks, told MassLive that the state is currently “having to clean out a large inventory of mortgages that have been in default for years.” Massachusetts […]

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Five Things To Avoid When Writing Your Short Sale Hardship Letter

June 25, 2011

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 the lender why you are no longer able […]

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How Does A Short Sale Affect Your Credit Score?

April 7, 2011

Foreclosure vs. Short Sale: Which Option Is Best For My Credit Score? As someone who deals with homeowners facing foreclosure on a daily basis, I am often asked whether a short sale or foreclosure results in more damage to your credit. Unfortunately, there is no straight- forward answer. The reason why this is such a […]

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Short Sale Tax Consequences: Understanding The Qualified Principal Residence Exemption

March 24, 2011

Mortgage Forgiveness Debt Relief Act and Short Sale Tax Consequences

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The Mortgage Forgiveness Debt Relief Act

March 15, 2011

If you recently lost your home to foreclosure, or were fortunate enough to get your lender to agree to a short sale, you need to be certain that you correctly report this information on your income taxes. Most individuals are unaware the the IRS treats canceled debt as income. In general, if you owe a debt […]

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Massachusetts Short Sales: Frequently Asked Questions

March 7, 2011

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 short sale myths that give these often misunderstood transactions a negative connotation. Short […]

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Proposed Settlement To Force Lenders To Pay For Principal Loan Reductions

February 24, 2011

The Wall Street Journal is reporting that The Obama administration is trying to push through a settlement with the major loan servicers that could force America’s largest banks to be on the hook for reductions in loan principal worth billions of dollars.  News of the proposed settlement is noteworthy because it would be the first […]

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Bank Regulators Likely To Fine Banks Over Foreclosures

February 18, 2011

MSNBC reported today that US Bank regulators are close to punishing mortgage servicers for widespread violations of state and federal laws that resulted in thousands of defective foreclosures throughout the United States.  If anyone ever wanted to see the types of errors the banks were making, take a look at this assignment actually recorded by the […]

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Massachusetts SJC Agrees to Hear More Foreclosure Cases

February 17, 2011

Earlier this week, we posted an article regarding the Ibanez Effect and the Massachusetts SJC’s decision to immediately take up a direct appellate review of the Bevilacqua case which addresses whether a third party purchaser holds legal title to a property if they purchased it from a bank following foreclosure. The always informative Massachusetts Land Use Monitor blog […]

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The Ibanez Effect: Foreclosures, Securitization and Short Sales.

February 14, 2011

Early in 2011, the Massachusetts Supreme Judicial Court (SJC) approved a lower court ruling that called into question the validity of thousands of foreclosures throughout the Commonwealth. In US Bank vs. Ibanez, the SJC held that the lender did not have the legal authority to foreclose because they couldn’t actually prove that they owned the mortgage.  Specifically, […]

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