Short Sales

Housing and the 2016 Presidential Election

September 28, 2016

What will the next four years look like if the housing market impacts your vote for president? GBSS and the Closing Table Blog examine the options. During Monday night’s debate, Republican nominee Donald Trump responded to Democratic nominee Hillary Clinton’s assertions that he “rooted for the housing crisis” by saying it was “called business.” Embed […]

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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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Senate Passes Mortgage Debt Relief Act Extension

December 17, 2014

As reported December 17, 2014, by National Mortgage News: The Senate approved a bill late Tuesday that would retroactively extend over 50 expiring tax provisions for one year, including the Mortgage Debt Relief Act,  a 2007 law that shields distressed homeowners from paying taxes on any mortgage debt forgiven in a short sale. The Senate approved […]

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Freddie Mac Short Sale Guidelines

November 9, 2013

The Freddie Mac Short Sale Servicing Guidelines streamline the short sale approval process with the introduction of the Standard Freddie Mac Short Sale.

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Fannie Mae Short Sale Guidelines

February 16, 2013

Fannie Mae Streamlines Short Sale Transactions 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 November 1st, are designed to simplify the short sale approval process for all loans owned or guaranteed by Fannie Mae. According to the […]

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Mortgage Debt Relief Act Extended Through 2013

January 8, 2013

American Taxpayer Relief Act of 2012 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 Relief Act of 2012, avoided draconian sunset tax provisions that were scheduled to take effect after 2012 under the Bush-era tax […]

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What Are The Tax Consequences of a Massachusetts Short Sale?

February 7, 2012

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 you live in a recourse […]

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Massachusetts Short Sales: Five Tips For Buyer’s Agents To Ensure Short Sale Approval

November 12, 2011

A Buyer’s Agent Can Take Proactive Steps To Ensure Short Sale Approval. Five Things Buyer’s Agents Must Do On All Massachusetts Short Sales.

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Massachusetts Short Sales: Five Tips For Listing Agents To Ensure Short Sale Approval

September 17, 2011

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 begin to pick up around the country. A […]

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FTC MARS Exemption:Good Or Bad For Short Sale Agents?

July 28, 2011

FTC Issues Stay On Enforcement Of Certain MARS Provisions 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 homeowners as […]

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