Get Up To $5,000 From Keep Your Home California Transition Assistance Program (TAP)

I just received an email from Bank of America’s Short Sale Department stating that borrowers desiring to short sell their home may be eligible to receive up to $5,000 in relocation money from the Transition Assistance Program (TAP), part of the Keep Your Home California Program.  For qualified homeowners, these state funds may be used in addition to any other transition assistance that the homeowner may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short Click for More →

Shellpoint Mortgage Servicing Short Sale Closed in San Juan Capistrano, CA

I recently closed a Shellpoint Mortgage Servicing short sale in San Juan Capistrano, CA.  The property was located at 11 Via Cancion in Miraleste, one of Talega’s most desirable neighborhoods.  The 5 bed, 2.5 bath, 3300 sq. ft. house sold for $820,000.00 on November 21, 2014. The property was encumbered by 2 liens, the first, as mentioned, was held by Shellpoint Mortgage Servicing and the 2nd was held by North Island Credit Union.  As with all short sales, this one had its share of Click for More →

Chase Short Sale Successfully Closed in Ramona, CA

Michael Gaddis of Michael Gaddis, J.D. Realty Group closed a short sale in Ramona, CA on November 21, 2014.  The property was encumbered by two (2) loans, the first was a Fannie Mae serviced by Chase while the second was owned and serviced by Navy Federal Credit Union.  The final purchase price for the property was $355,000. The property was being used as a rental at the time of the short sale.  Sellers desiring to short sell rental units need to Click for More →

How will the expiration of the Mortgage Debt Relief Act of 2007 affect California Homeowners?

The Mortgage Debt Relief Act of 2007 is set to expire on December 31, 2013.  Congress ended its recent session without addressing the Mortgage Debt Relief Act of 2007’s looming expiration so it appears that another extension will not occur.  The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence that is incurred as a result of mortgage restructuring or debt forgiveness as a result of a short sale. While the Click for More →