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Deficiency Judgment Landmines

We have noticed here in the Tampa Bay, Florida legal community that written deficiency waivers of the unpaid loan balances for first mortgages are getting harder to come by. A recent St. Petersburg,...

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Chase offering $10,000 to $20,000 in short sales

In a new incentive program beginning in late 2010, Chase is purportly offering $10,000 to $20,000 to homeowners who take the effort to short sale their property. The offer includes a waiver of any...

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Door #1 or #2: Taking the Wildcard Exemption when Retaining your Home May...

In Florida, our Tampa Bay area homeowners are faced with a dilemma whether to claim the homestead exemption for their underwater homes. Historically, Florida homeowners have been allowed to keep or...

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Dissecting your Credit Score

A lot of our clients in the Tampa Bay area have questions regarding how exactly their credit score will be impacted by a short sale, foreclosure, or a bankruptcy. A recent article by FICO, Banking...

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Suggested Short sale Contract Language to Help Avoid Deficiency Judgments

When listing and selling a home in a short sale, homeowners should consider including language to limit recovery of any unpaid amounts by the mortgage company (known as the deficiency balance). In...

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Avoid the Cancelled Debt and 1099-C Minefield

I speak with many clients in the Tampa Bay, Florida area who have heard of cancelled debt and 1099-C forms but they do not really understand the impact of the taxable events that occur in a short sale....

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Bank’s Ante is Increased to $35,000 for Short Sales

Bloomberg today reports that banks are offering as much as $35,000 to delinquent homeowners to sell their home in a short sale. In doing so, the banks avoid the costly foreclosure process especially...

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Short Sales Not Pushed off the Fiscal Cliff!!!

The late night fiscal cliff tenative workout included a proposed extension of the Mortgage Debt Relief Forgiveness Act for one more year to include 2013! Floridians seeking to short sale their home but...

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Why should you short sale your Florida home?

Short sales are good for a number of reasons: 1) many homes are underwater 50% or more and it could be a decade or more to get in a position of having even a dollar of equity; 2) most short sales will...

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A Giant Leap Forward for Short Sales: Fannie Mae’s New Rules Fix Credit Glitch

Traditionally in Florida, doing a short sale rather than allowing a foreclosure sale to occur is considered much better for your credit. Not so much difference in credit score per se, but mostly for...

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Are You Being Sued For a Deficiency Judgment Following a Short Sale?

If you closed on a short sale in the last five years and did not obtain a waiver of the unpaid balance owed to the first mortgage holder, you are at risk of now being sued for the difference – called a...

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