Short Sale Tools
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Click here to download "Homeowner's Budget Form"
Mortgage Forgiveness Debt Relief Act
There seems to be some uncertainty surrounding whether Congress will again extend the Mortgage Forgiveness Debt Relief Act (H.R. 3648), as it did last year when it extended the Act until the end of this calendar year.
The Mortgage Forgiveness Debt Relief Act allows you to avoid paying federal income taxes on canceled debt on your primary home, but only if that debt was used to buy or improve that home.
If you qualify under the provisions of the law, your short sale, deed-in-lieu or negotiating a loan modification with your lender that waives the repayment of a loan balance must be agreed to and concluded by the end of 2013. If your closing happens in 2014, you run the risk of closing after the law expires which will mean homeowners may also end up with a substantial tax liability.
Being a tax issue, you would be well advised to consult with a CPA or tax accountant before making any decisions… the question of whether you would, will or won’t have a tax liability depends on things like the state in which you’re living, the specific type of debt, whether it’s your primary residence or a rental, even what you used the money for, as in for a vacation or the addition of a sun room.
P.S. For more information on the how mortgage debt forgiveness is treated under the Internal Revenue Code, click here for the page of IRS site that addresses the topic: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation.
Click here to view Chase Short Sale Supplemental Information
Click here for Chase Short Sale Homeownership Center
Click here to visit Citi Group Office of Homeownership Preservation
Click here to view Citi Group Forms
Click here to view Citi HAFA Matrix
Click here for Citi Hardship Package
Click here for Citi Arms Length Transaction Form
Click here for Citi Financial Worksheet
Click here to visit Ocwen
Click here for Ocwen HAFA Procedures
Click here to view Nationstar Short Sale - Equator Process
Click here to view Nationstar Agent Guidelines Freddie Mac
Click here to view Nationstar Agent Guidelines Fannie Mae
Click here to view Nationstar Financial Worksheet
Click here to view Nationstar Financial Request Check List
Click here to view Nationstar Hardship Affidavit
Click here to view Nationstar Buyer Application
Click here to view Nationstart IRS 4506 Form
Click here to view Fannie Mae HAFA II
Click here to view Freddie Mac HAFA II
Click here to review Federal Finance Housing Agency Short Sale Facts
Click here to download a Fillable BPO form
Click here to download Fannie Mae/Freddie "Uniform Borrower Assistance Form 710"
Click here to download Fannie Mae/Freddie "Form 710a"
Click here to download Fannie Mae Short Sale Affidavit
Click here to download Wells Fargo Short Sale Affidavit
Click here to download Fannie Mae Hardship Document Requirements
Click here to download a Promissory Note Model Template
Click here to download "Dodd Frank Certification Form"
Click here to download Fannie Mae Borrower Document Checklist - For Mediation
Click here to download Making Home Affordable 2013 Flyer
Click here to download your "Short Sale Tools" E-book
Click here to learn more about the "National Mortgage Settlement"
Click here to download Short Sale Dynamics
Click here to visit HUD Approved Housing Counselors
Click here to visit CredAbility
Click here to visit Legal Aid