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Short Sale News for Homeowners

Loan Modifications Increase as Home Refinancing Decreases- The recent trend for revising loan terms has shifted away from traditional refinance mortgages and towards loan modifications. Even if homeowners are not late on their mortgage.Even if borrowers have no hardship in their life. Many homeowners are testing the water with a note modification from their mortgage company rather than refinancing their home. > Read more about loan modifications.

Tax Concerns in Florida with Short Sales - As Florida 's coffers shrink in the face of a dour economy, confusion over a tax statute threatens to choke the flow of home sales at a time when the state is struggling under the burden of millions of unsold properties. The present statute mandates how much tax people pay when they sell a house.

In typical transactions, the law is clear about paying taxes on the price of the property, but as mortgage lenders agree to more short sales that enable troubled homeowners to sell homes for less than the mortgage and writing off the rest - there's disagreement over how much tax to charge. Some say the tax should be charged on the lower price, a practice that is standard across the state. > Read more tax implications with short sale homes

Home Foreclosure Rate Continues to Climb Nationally - It used to be that buying a foreclosed home was considered risky for all but the most seasoned investors. Most casual buyers didn't know how or where to find such houses, were nervous about the condition of the properties, and generally felt uncomfortable with the notion of benefiting from someone else's misfortune. But, just as buying on credit was once anathema too many Americans, the longtime thinking about foreclosures now seems increasingly antiquated. Today, in many parts of the country, it's difficult to find a listing that isn't either owned by a bank or just a couple of missed payments away from foreclosure.

In California foreclosures continue to mount at even a higher rate. In the 2 nd quarter of 2008, seven in ten existing-home sales in San Joaquin and Merced counties were of properties that had gone through foreclosure in the previous year, according to DataQuick , a La Jolla (Calif.) real estate info company. In Sacramento County , six out of ten sales involved home foreclosures. > Read more about Home Foreclosures breaking records nationally .

 
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