Bankruptcy to Stop Foreclosure – Important Tips That Many Don’t Know But Can Help Save Your Home

Posted by webmaster on Jan 27, 2012 in Foreclosure | 0 comments

If you are at the verge of losing your home to foreclosure, it's important to know that it's not the end of the road yet. You can still stop the process, if you know how. This article looks closely at what bankruptcy really is and how it can or cannot help you stop foreclosure.

First things first, do you really know what bankruptcy is or how declaring bankruptcy can help you or not. If you are wondering why you need to worry yourself with definitions or learning what bankruptcy is, the foregoing paragraph is much more than that. It will surely help you in improving your understanding of the process.

Bankruptcy is a legal proceeding in which you as a debtor get to declare your debts - either consumer or business debts - as at when due. By filing for bankruptcy, you are allowing yourself the chance to seek a discharge with lawful authorization from continuing your personal liability on the mortgage.

Furthermore, it allows you the chance to reorganize financially by seeking an extended period in which to make more money and finally return to pay off all that you owe. OK, so it's only a temporary solution. But you will agree with me that it gives you the breathing space you need to get back in line - unless you win a chapter 7 bankruptcy approval, which will be a major plus because it is a forgiveness.

If don't right and at the right time, you will be able to stop the process of foreclosure using bankruptcy. But of course, it's best to do your due diligence to learn more about the process before taking any action.

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In any or both of the immediate clickable links above you will learn TOP SECRET tips that only a privileged few know on not only exactly how to stop foreclosure, but how to stop foreclosure pretty FAST. You will also learn how foreclosure can be easily stopped. Go ahead and click any of the above links to learn insider secrets that lots of people with foreclosure problem need... but most don't know about.

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For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

Are You Worried About Tax Ramifications In Doing A Short Sale?

Posted by webmaster on Jan 25, 2012 in Uncategorized | 0 comments

Hi, I'm Kevin Kauffman. I'm part of Group 46:10, one of the nation's top short sale and real estate groups located right here in Phoenix. Are you having trouble making your mortgage payments or are tired of being underwater on your home loan? We at Group 46:10 can provide you with different options to alleviate some of these problems. As one of the best short sale businesses in the country, we've closed over 500 short sales in the last 4 years and have a completion rate of over 90%.

I am here today to discuss short sales and tax ramifications. One of the concerns that we hear quite frequently from prospective clients is that they would like to do a short sale, but are worried about the taxes they'll have to pay after the sale. Perhaps you have heard from others that have done short sales that there were some tax liabilities and wish to find out more.

The Mortgage Debt Relief Forgiveness Act, which expires at the end of this year, allows homeowners, such as yourself, to not pay taxes on the forgiven amount if the property is their main residence and the selling price is less than $2.5million. If you're thinking about short selling your house, you need to act quickly because the transaction needs to be finalized by the end of 2012 in order to qualify for The Mortgage Debt Relief Forgiveness Act.

Please give us a call or fill out the form on our website, group4610shortsale.com, to find out more about this act or if you have questions about your particular situation. If you do not qualify for this act, don't let that stop you from short selling your propety. We have a couple of other ways to avoid paying taxes as well. A skilled short sale specialist, such as myself and my business partner Fred, can discuss those different options with you.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

Loss Mitigation by Short Sale

Posted by webmaster on Jan 24, 2012 in Short Sale Arizona - Phoenix - Queen Creek | 0 comments

A California short sale, or short sale in any other US state for that matter, has become a popular way to sell a property in recent times. This is primarily because of the dreadful foreclosure crisis the country has been experiencing. It is a form of loss mitigation, and prevents a foreclosure from occurring, but still has quite a dramatic effect on the home owner's credit rating.

If a home owner can prove beyond doubt to a lender that he is in dire financial circumstances and can no longer afford to repay his mortgage lien, the short sale may be allowed. This is known as proving economic or financial hardship. The sale of the real estate will mean that the lender takes a loss on the actual loan amount owed to them.

A mortgage lien is the legal agreement which uses the actual property to secure the underlying loan. California is primarily a "trust theory" state however, and this means that the Trust Deed and not the mortgage is the primary instrument of security. The Trust Deed is also a legal entity and essentially the property is held in trust until such time as the underlying loan has been paid in full.

A Trust Deed generally contains a clause which is called a "power of sale", which allows the trustee to foreclose on the property by non-judicial means. A non-judicial foreclosure neither takes as long to finalize, nor is as expensive as a judicial foreclosure. But it can still be a lengthy process to bring to a head, so Californian lenders will consider allowing a home owner access to the short sale, provided they qualify.

The US Government has also taken a look at the short sale with a great deal more interest in recent times in an attempt to bottom out the foreclosure crisis. However the process, unlike foreclosure, is not actually governed by law. Only the length of time to expedite a short sale has undergone some legislative scrutiny at this stage.

The home owner is expected to facilitate a short sale through the workout or loss mitigation department of their bank or other lender. Sometime the lender will allow the proceeds of sale to settle the debt in full, even if there is still an outstanding amount owed. But this is the exception and not the rule, they often still pursue the home owner with a deficiency judgment.

There are some US states that do not allow lenders to pursue deficiency judgments, and fortunately California is a one-action rule state. So in the case of a non-judicial foreclosure a deficiency judgment is not allowed, this rule should also apply to the short sale. However some lenders will try to pursue the home owner for settlement in full. Best make sure if you are in this position that you know what your rights are!

A short sale is a hybrid transaction which is accepted business practice, and as we said previously, not governed by any regulatory agency. It can only take place under extenuating circumstances. However if you find you find yourself under circumstances such as these and you lender will not allow a short sale to take place, you can approach government agencies which provide for mortgage assistance to help negotiate with your lender for this option.

All the California Short Sale facts, without leaving a single stone unturned, now available at http://www.nphsrealestate.org/short-sale

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Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

What Are Your Short Sale Options?

Posted by webmaster on Jan 24, 2012 in Uncategorized | 0 comments

Hi, are you contemplating a short sale but you're not fairly positive of what your choices are? Well, my name is Kevin Kauffman and I am part of Group 46:10, Phoenix's premiere short sale group and Phoenix's premiere short sale team. I am here to tell you that you just do have options and I would love to speak to you about them. My group and I have closed over 500 short sales in the last 4 years. We're right here that can assist you so should you want any help, whether or not you have an FHA loan or possibly you've got received a VA mortgage, we are able to help. Perhaps you are undecided as a result of there are totally different guidelines around FHA and VA loans in comparison with loans with your typical credit union or with Bank of America or Wells Fargo.

Come to the experts and get a free session with us. We would love to talk to you about what your choices are. We've worked with each financial institution out there. We have worked with over a hundred banks. We've handled Fannie Mae and Freddie Mac, and FHA and VA, and anyone and everyone in between and we all know that we are able to help you.

So please give us a call today. You'll be able to reach us at 480-449-6642. You can too fill out a form right here on our website. If you happen to’re not on our website, you'll be able to go to us at Group4610shortsale.com. Here you may get your free short sale decision calculator results as well as request an in individual meeting. We'd love to speak to you about your choices and if a short sale is best for you, we would love to help you. Thanks a lot and have a great day.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.