Mortgage Blog

Understanding the Complexity of a Property Short Sale

Many people think a short sale primarily consists of simply selling your home with a realtor as part of a lender sanctioned transaction.  Others may view a Short Sale as an opportunity to get out of a bad investment or difficult financial situation.  Regardless of your position or objective, it is important to understand the relative complexities before you begin. A short sale is the process of selling your home that is underwater, netting out all major applicable selling expenses, and having your lender(s) agree to a net residual amount that is lower than the overall mortgage deb...

June 8th, 2015 | Short Sales, forgiven mortgage debt, Mortgage Deliquency, mortgage debt forgiveness act, Debt Mitigation, Understanding the Complexity of a Property Short Sale

Where Does One Turn First Absent the Mortgage Debt Relief Act?

Many are beside themselves while others have expressed a sense of panic to me regarding the expiration of the Mortgage Debt Relief Act and their decision to do a short sale.  The law, or otherwise termed grossly generous entitlement, is over.  I do not expect a retroactive continuation but who knows, anything is possible.  The question is “What do you do now?”. Taking no action just because the environment has changed may not be a good strategy. The answer in short is don’t panic.  The first place you should turn to is “Insolvency”. There is...

February 12th, 2014 | Short Sales, forgiven mortgage debt, solutions for underwater properties, mortgage debt relief act, mortgage debt forgiveness act, Where Does One Turn First Absent the Mortgage Debt Relief Act?

The Mortgage Debt Relief Act Evaporates

At the stroke of midnight on 12-31-13, as we celebrated the New Year and listened to the historic hymn of Ole Lang Zine, the US Treasury vault door slammed shut. For those that could hear beneath the noise and celebration, the echo of “No more free money!” was heard.What does this mean for the continuation of Short Sales as a viable form of relief for underwater home owners? Is the game over or is this still an option?Short Sales for underwater properties are still going to be a prevalent means of establishing a permanent solution for these properties. However, in or...

January 15th, 2014 | Short Sales, solutions for underwater properties, mortgage debt forgiveness act, mortgage debt relief act, Debt Mitigation, The Mortgage Debt Relief Act Evaporates

An Illustration of The Risk of Improper Short Sale & Foreclosure Mitigation

  This article was published in The Washington Post on June 15th, 2013. In the event you missed it, I think it is a terrific example of what can happen without proper mitigation. This is exactly what you want to avoid. This applies to Short Sales and Foreclosures and the article provides examples of each.   Lenders seek court actions against homeowners years after foreclosure     Blogging from the front line of the housing crisis.   George Omilan     Please comment and share this blog if you like it.

June 19th, 2013 | forgiven mortgage debt, Short Sales, mortgage debt forgiveness act, Debt Mitigation, foreclosure, An Illustration of The Risk of Improper Short Sale & Foreclosure Mitigation

A New Mortgage After Successfully Completing a Short Sale.

The goal of our comprehensive Short Sale program has always been to get our clients out of their underwater properties, mitigate all the debt and selling costs, and help them get started over again after a waiting period.  Our Day 1 Strategy Call, encompassing mortgage payments and pre, interim, and post credit strategy, has served us well.  Our clients have been able to obtain new mortgages and we are now helping them directly with our affiliate mortgage company Jefferson Mortgage Group LLC. Now this may make getting a new mortgage after a Short Sale sound easy but that wo...

April 8th, 2013 | mortgage debt forgiveness act, solutions for underwater properties, Short Sales, Traditional Mortgage, A New Mortgage After Successfully Completing a Short Sale.

Understanding the IRS and The Mortgage Debt Relief Act Incentive.

It boils down to the concept of unjust enrichment.   When someone does not pay a debt or a debt is forgiven, the IRS sees this as effectively income. You no longer have a debt to pay and someone or some business is going to look to write that loss off against income thereby reducing revenues to the IRS. Why should you get a hall pass on the debt is the thought process. You have received some past benefit from this debt. If you no longer have to pay the debt, you have therefore been unjustly enriched and that is seen as unfair in the eyes of the tax authority. ...

January 29th, 2013 | Short Sales, forgiven mortgage debt, mortgage debt forgiveness act, solutions for underwater properties, Understanding the IRS and The Mortgage Debt Relief Act Incentive.

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Jefferson Mortgage Group LLC

2536 Leeds Rd.
Oakton, Virginia 22124
703-319-2198
FAX: 703-773-6946
info@jeffersonmortgage.com
NMLS: 935554

Located in Fairfax County, Virginia. Serving all of Virginia, Maryland, DC & Pennsylvania. 

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Jefferson Mortgage Group LLC is licensed in Virginia, Maryland, DC & Pennslvania.
Virginia State Corporation Commission License Number MC-5659 and the Pennsylvania Department of Banking & Securities #46259 
The DC Department of Insurance, Securities, and Banking License #MLB935554
Maryland DLLR License #21586

An Equal Housing Lender

By refinancing the consumer's existing loan, the consumer's total finance charges may be higher over the life of the loan.

This material is not from HUD or FHA and has not been approved by HUD or any government agency.