New Year May Not Offer Forgiveness

As we head back into the office from the holidays and begin to prepare for a new year, Monkey Sold would like to remind underwater homeowners of a very important expiration date.

The Mortgage Forgiveness Debt Relief Act was introduced by congress in 2007 as a tool to protect distressed homeowners. A deficiency from a home sold as a short sale is considered taxable income by the IRS. For example, if a homeowner owes $200,000 and their home sells for $150,000, the $50,000 written off by the bank is like an invisible check made payable to the homeowner. Before this act was introduced, a homeowner would be expected to pay taxes on that amount. 

The Mortgage Forgiveness Debt Relief Act first expired at midnight, December 31, 2012 and has since been extended by congress through the same date in 2013. Now set to expire on New Years Eve, the question on everyone's mind is, "Will congress extend the act yet again?"

June of this year, a Michigan senator introduced a bill, along with co-sponsor, California Senator Barbara Boxer, to extend the act through 2015. The decision congress makes is very important to the future of short sales and piece of mind for distressed homeowners. 

You can read the entire bill here.

You can also check the bill's status through congress here.

If you would like more information do not hesitate to contact MonkeySold. 

Please send all inquiries to a2@cflhometeam.com or call 407-706-3139

Home For The Holidays

Fannie Mae homeowners will not be telling the story of "How the Grinch Stole" their homes this holiday season. Thanks to their efforts the GSE plans to postpone evictions of foreclosed homes from December 18 to January 3rd. We've been informed that legal proceedings will continue to be carried out, however, homeowners will be allowed to remain in their homes for the holidays. COO of Fannie Mae has expressed his deepest concerns and wishes distressed homeowners all the best during this time of family celebration, proving his heart is NOT two sizes too small.

Don't Let Time Run Out!

The Mortgage Forgiveness Debt Relief Act was passed by Congress in 2007 in an attempt to provide some relief for the millions of homeowners who found themselves owing more on their mortgage than the property was worth as a result of the collapse of the housing and finance industries. This report was created to give homeowners the most accurate information about the Mortgage Forgiveness Debt Relief Act, which has helped many distressed homeowners find options that were previously unavailable. 

The act, which was always intended to be a temporary solution, is now set to expire at the end of 2013.  Time is running out. But there is still time to change your financial direction and avoid foreclosure. Reading this report will teach you what the Mortgage Forgiveness Debt Relief Act is and how it can help save you money.

Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.

CHRISTIAN BOHYN

407-706-3130

CB@MONKEYSOLD.COM

Giving Thanks

As you gather with family and friends to give thanks this week, take the time to consider those who may be less fortunate, specifically those struggling with mortgage challenges. Recently, Transunion reported that mortgage delinquencies were down significantly year-over-year. While this is good news for most, the report went on to state that there are still millions of homeowners who are behind on their mortgages. 

As a Certified Distressed Property Expert (CDPE), I have been extensively trained to help those in need pursue alternatives to foreclosure. If you or someone you know owes more on their home than what it’s worth and doesn’t know what to do, don’t hesitate to call me today. I’m here to help.Have a Happy Thanksgiving.

Christian Bohyn
407-706-3130
cb@monkeysold.com

Your Home May Be Worth More Than You Think!

Today’s real estate market is very different than it was a year ago. Prices have increased rapidly over the past 6-8 months as part of a steady recovery we’re seeing take place across the nation in real estate. If you or someone you know has a home in which they owed more on their mortgage than the property was worth, that may no longer be the case. Or perhaps you’ve just been waiting the market out for prices to increase. Well, that time has arrived.

Contact me today for a free market analysis.

Florida Leads The Nation In Foreclosure Filings

With percentages of distressed homeowners dwindling nationwide, Florida still has a long road ahead with more foreclosure inventory than any other state in the US. With 7.9% of all mortgaged homes foreclosed on (not IN foreclosure), the bridge to recovery is a slow build. Places like Jacksonville, Orlando, Miami-Ft. Lauderdale, and Tampa are just a few of the Florida Cities listed by Business Insider/Realty Trac as cities with the most foreclosure filings. These 5 cities were part of 9 of the 14 total cities in the US with the highest ratings.

A judicial state, foreclosures take an average of 907 days to reach completion in Florida, thus prolonging the process and increasing our foreclosure rates. This means that the bread and butter of foreclosure activity is a result of older cases moving through the court system. So the good news is that these loans are more than likely a metaphoric hangover form the original crash of the housing market, and not new filings. 

With that being said, our Monkey Sold personal opinion is that foreclosures haven't met a stand still simply because homeowners are not educated on their options. In fact, a large percentage of leads we receive in our office are from homeowners who do not even know what a short sale is. Reaching out through new and effective marketing, we want to do what we can to inform homeowners that foreclosure is NOT the ONLY option.

Click HERE To Receive A Copy of Our Free Report

Are You In A Foreclosure Crisis?

Don't Let Time Run Out!

The Mortgage Forgiveness Debt Relief Act was passed by Congress in 2007 in an attempt to provide some relief for the millions of homeowners who found themselves owing more on their mortgage than the property was worth as a result of the collapse of the housing and finance industries. This report was created to give homeowners the most accurate information about the Mortgage Forgiveness Debt Relief Act, which has helped many distressed homeowners find options that were previously unavailable. 

The act, which was always intended to be a temporary solution, is now set to expire at the end of 2013.  Time is running out. But there is still time to change your financial direction and avoid foreclosure. Reading this report will teach you what the Mortgage Forgiveness Debt Relief Act is and how it can help save you money.

Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.

RE/MAX Short Sale

Get Paid to Sell the Home You Can’t Afford!

When the housing market crashed in 2008, millions of homeowners suddenly found themselves in danger of losing their homes to foreclosure. To help these homeowners, in 2009 the U.S. Treasury launched the Making Home Affordable (MHA) program, which is comprised of several subprograms designed to help distressed homeowners avoid foreclosure. 

One of the most talked about elements of the MHA program is the Home Affordable Foreclosure Alternatives program, or HAFA. The HAFA program creates options for homeowners who owe more on their mortgage than the property is worth and don’t know what to do. Even better, it allows relocation assistance of $3,000 to be paid to eligible homeowners in this situation.

HAFA also helps the process go more quickly by mandating that banks keep in contact and make decisions in a timely fashion. To learn more, you can download my free report entitled “Struggling to Make Your Mortgage? Uncle Sam May Pay You to Sell Your House!” by filling out the form below. 

As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I offer all of my clients the benefit of the best expertise and insights when it comes to foreclosure avoidance.