South Shore Home Solutions, LLC

Underwater Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief Act!

2013-01-24T09:58:00.000-05:00

On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes^{^[1]}, is great news for struggling homeowners nationwide.

The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.

Under the Mortgage Forgiveness Debt Relief Act, any debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes.

Now for another year, homeowners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability.

As a Certified Distressed Property Expert (CDPE), I am specially trained to help homeowners escape the threat of foreclosure. If you or someone you know is facing foreclosure, contact me for a private consultation. I can help find a solution.

Marina Hauser, CDPE
South Shore Home Solutions, LLC
(781) 738-0048

SHORT SALE SUCESS in Lynn, MA!

2013-01-24T09:50:00.000-05:00

39 Lafayette Park, Lynn, MA

SOLD - $215,900

" Marina helped my family out during a very difficult and confusing transition. My dream home had turned into a nightmare. Marina took me by the hand and led me out of the mortgage mess I was in. Furthermore Marina was able to sell that property within a few months giving us a chance to start from new. Marina advised me to find a CPA for my taxes instead of filing them myself. I am now in that process of finding a CPA to help me with my short sale issue. Anyone out there looking to sell their home or buy a new property I would recommend calling Marina. "

- Happy Homeowner
Lynn, MA

Marina Hauser Earns Real Estate, Short Sale Designation to Help Homeowners in Danger of Foreclosure - Boston

2012-04-11T15:15:00.000-04:00

Boston, MA – April 11, 2012 – Marina Hauser, Owner of South Shore Home Solutions, LLC in Boston, MA has earned the prestigious Certified Distressed Property Expert® (CDPE) designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales. At a time when millions of homeowners are struggling with the possibility of foreclosure, the skills and education amassed by Hauser will help benefit Massachusetts residents and communities.

Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

Today, more than 13 percent of homeowners are delinquent on their mortgage or in the foreclosure process. This is occurring across all price ranges, and the fastest-growing category of homes in foreclosure is the luxury home market.

“The CDPE designation has been invaluable as I work with homeowners and lenders on complicated short sales,” said Hauser. “It is so rewarding to be able to help families save their homes from foreclosure.”

For more information about how to avoid foreclosure email Marina at sshomesolutions@gmail.com

Successful Short Sale in Auburn, Massachusetts

2012-03-09T09:56:00.001-05:00

10-5 Tuck Farm Road, Auburn, MA

SOLD - $105,000

"If you want an agent who will represent and work harder than any agent or professional you have worked with, hire Marina Hauser. The sale of our home went smoothly as a result of Marina's vast knowledge and experience in the real estate industry, which alleviated much stress on our end. We always felt prepared at every point in the process and something that is extremely important to us is that she stayed in touch with us. When she knew something, we knew it, too. Marina's honesty, integrity, professionalism, and work ethic is why we will recommend her services to all of our family and friends."

- Scott, Another Happy Homeowner

SOLD SHORT SALE in Whitman, MA!

2012-02-17T13:18:00.001-05:00

693 Plymouth St, Whitman MA

SOLD - $189,900

"I found Marina @ South Shore Home Solutions when I was trying to find a realtor that would help try and actively sell my home. Our previous realtors were trying to sell the house well above market value and it was hurting us. We were facing a short sale and once we contacted Marina she met with us right away, helped us with all our paperwork and kept on top of things. We were able to finally get an offer and get our house sold with no mortgage owed. She made everything very smooth for us! I would recommend Marina to anyone facing a short-sale, fore-closure or just selling their property. Thanks Marina for all your help.. this was a major weight lifted on our shoulders!!"

- Jamie, Homeowner

Short Sale SOLD in Brighton, MA

2011-10-03T15:12:00.001-04:00

124 Sutherland Road, #9, Brighton, MA

SOLD - $161,000

"I had an overwhelming mortgage and a condo fee that had just gone up 50%. I couldn't refinance so I decided to sell on a short sale. Marina was recommended as a short sale expert. She certainly knows her stuff on the sales front. She is also endlessly patient in answering my questions and super quick to respond to my emails. Marina really made a stressful situation much easier. With all the scams out there its nice to find a trustworthy ally in the short sale process."

- Deanna, Homeowner

Mortgage Debt Forgiveness Act - FAQ's

2011-09-01T15:30:00.001-04:00

Are You Behind On Mortgage Payment and Underwater on Your Primary Residence? The IRS Will Waive Your Deficiency!

I'm pasting the information from the IRS website regarding debt forgiveness for mortgages...hopefully this helps some people
Mortgage Forgiveness Debt Relief Act

What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

What does that mean?
Usually, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from income.

Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or cancelled debts?
No, the Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.

What about refinanced homes?
Debt used to refinance your home qualifies for this exclusion, but only up to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified.

Does this provision apply for the 2007 tax year only?
It applies to qualified debt forgiven in 2007, 2008 or 2009.

If the forgiven debt is excluded from income, do I have to report it on my tax return?
Yes. The amount of debt forgiven must be reported on Form 982 and the Form 982 must be attached to your tax return.

Do I have to complete the entire Form 982?
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.

Where can I get this form?
You can download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.

How do I know or find out how much was forgiven?
Your lender should send a Form 1099-C, Cancellation of Debt, by January 31, 2008. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.

Can I exclude debt forgiven on my second home, credit card or car loans?
Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion.

If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?
Yes. The forgiven debt may qualify under the "insolvency" exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982.

Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?
There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982, page 4.

Is there anything else I need to know before filing?
Yes. Because the Mortgage Forgiveness Debt Relief Act of 2007 was passed so late in the year, the software systems used by tax preparers and at the Internal Revenue Service need to be updated to accept the revised Form 982. The IRS expects to be able to process the new Form 982 electronically on March 3, 2008.

Contact Us TODAY to see if you qualify for the Mortgage Debt Relief Act!

Hauser Keeps Helping Homeowners!

2011-04-18T09:53:00.001-04:00

11 Brookside Dr, Foxboro, MA

SOLD as SHORT SALE - $135,000

Facing Foreclosure?

Owe More On Your Home Than What it's Worth?

We CAN Help! And We DO Help!

Call Us TODAY at 781-738-0048 for a Free Private Consultation!

SSHS Proudly Helps Another Homeowner Avoid Foreclosure!

2011-04-13T15:03:00.000-04:00

38 West Selden St, Mattapan, MA

SOLD - $118,000

"Hello Marina, You were an "organized machine", extremely efficient, and your extensive experience in what it takes to close these kinds of deals really showed. Thank you again for your diligence. It was instrumental.

I'll look forward to working with you again.

Daniel G. McAuley, Jr, Attorney at Law"

Another Succesful Short Sale By SS Home Solutions!

2011-03-28T11:09:00.002-04:00

19 Paula Lane, Haverill, MA

SOLD - $185,000

“South Shore Home Solutions did an outstanding job making the purchase stress free for my buyer. Short sales aren’t supposed to be this easy! Marina Hauser is a gifted real estate professional who understands all facets of real estate transactions and the processes it takes to be successful, especially with short sales.”

- Law Office of Thomas J. Sullivan

ANOTHER HOT Short Sale DEAL!

2011-02-16T10:24:00.000-05:00

1,800 Sq Ft in Hyde Park for $229,000???

Yup, It's True! Don't wait, schedule a showing TODAY!

64 Thatcher Street, Hyde Park, MA
$229,000

Very large single family cape in desireable Hyde Park neighborhood. Home features large bedrooms, 1.5 bath and newer furnace & mechanicals. Property on a corner lot with plenty of off street parking and a roomy storage shed. This home is being sold as a short sale, "AS IS" w/ no representations/warranties by the seller. Buyer must perform his/her own due diligence at his/her own expense. There is a $5,000 short sale negotiation fee due from the buyer that is not part of the purchase price.

30% of Mortgages Are Underwater

2011-02-09T12:39:00.001-05:00

NEW YORK (CNNMoney) -- Sometime, somehow, the foreclosure crisis will ease. But probably not anytime soon.

Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.

Now 27% of homeowners with mortgages owe more than their homes are worth. That's up from 23.2% a quarter earlier.

That will surely lead to higher foreclosure rates soon. That's because being underwater is second only to unaffordable payments in leading to foreclosure, according to Zillow's chief economist, Stan Humphries.

Additionally, the report found that more than one-third of all homes were sold at a loss in December. That trend has been on a steady uptick for the past six months, as homeowners try to find ways around foreclosure or out from under their homes.

The so-called "robo-signing" events of the fall also forced the number of underwater mortgages higher.

When banks' foreclosure paperwork came under scrutiny, many halted all repossessions until they could straighten things out. With foreclosures no longer being cleaned out of the system, more homes stayed underwater rather than moving on to foreclosure.

If YOU are underwater and behind on your mortgage. Here are some of the benefits of a short sale are:
•A short sale allows your home to be sold, avoiding the stress and sometimes embarrassment of foreclosure.
•A short sale has much less of an impact on your credit than a foreclosure
•A short sale satisfies the debt that your owe to your lender(s)

We offer Free, Discreet consultations over the phone, at our office, or in your home and there is never any obligation.

Contact Us to see how we can can help you! (781)738-0048.

•We NEVER charge you ANY out of pocket fees. We are only paid by the bank when it closes.
•We have a 95% success in closing out short sales.
•You will ALWAYS deal directly with our team from the first phone call to the closing. We handle all of the negotiations ourselves and you will never be passed off to a third party.

HOT SHORT SALE DEAL - ACT FAST!

2011-01-20T14:43:00.001-05:00

SHORT SALE OPEN HOUSE

Saturday, January 22, 1-3pm

CHEAPEST property in Foxboro!

FOR SALE - $159,900

WOW 20k price drop (failed title v) making this the cheapest property on the market in Foxboro! Fantastic rehab for a CASH BUYER ONLY. Top floor gutted and interior of property needs a full rehab. Exterior is in good condition. Conveniently located this home is being sold "AS IS" with no representations or warranties by the seller. Buyer must perform all his/her own due diligence at his/her own expense. There will be a short sale fee due outside fo close and cannot be financed.

CLICK HERE for Full Property Info

See you Saturday!

For Sale - 19 Paula Lane, Haverill, MA

2011-01-10T11:34:00.002-05:00

HOT SHORT SALE DEAL!

For Sale - $189,900

Lovely 3 bedroom, 1.5 bath colonial on cul-da-sac in sought after Riverside. Inviting farmers porch, first floor laundry, cathedral master with walk-in closet. French doors lead to fenced in backyard featuring deck, patio, inground pool. Move- in condition.

Being sold "AS IS" w/ no representations/warranties by the seller. Buyer must perform his/her own due diligence at his/her own expense.

Click here for full property info!

Email Marina for questions and showing instructions @ sshomesolutions@gmail.com

Why Choose Our Team?

2010-11-02T09:01:00.011-04:00

Why Choose South Shore Home Solutions To Work Your Short Sale?

Our team has a decade of experience and have closed HUNDREDS of short sales.
Our team has been successfully negotiating and closing short sales since this downturn in the market began. We are not new to the process.
Each member of our team holds a Massachusett's Real Estate License, which means we have the experience, have taken the additional education and are held to a higher standard.
We have a Real Estate Attorney and Tax Professional that specialize in short sales and foreclosures available to answer your questions.
All of the negotiations are handled by our team, not a processor or outside third party.
We know the verbiage to put in the contracts to make sure you are fully protected and it has been reviewed by an attorney.
We DO NOT charge upfront fees. You do not pay us anything out of pocket. We are only compensated by the bank, WHEN it closes.
We have a record of successfully closing our short sales and can prove it.
When you call or email, you will always be able to reach a member of our team. If you leave a message it’s because we’re in an appointment and you will hear back the same day.
When your property is listed, there won’t be any embarrassing signs advertising it as a “short sale” or “foreclosure”. It will be disclosed to interested buyers, but to your neighbors and everyone else your property will look like a standard real estate transaction.
We can provide you with names and phone numbers of current and past clients that you can contact to hear firsthand the service we provide.
We have a large pool of buyers looking for properties throughout Massachuetts and may have one that is looking for a home just like yours.
Each family has unique circumstances and we will work with you to tailor a plan specific to your needs.

If You Are Considering a Short Sale Contact Us TODAY for Free, NO Obligation Consultation!

Foreclosure v. Short Sale - 9 Issues Answered

2010-11-01T09:01:00.004-04:00

SHORT SALE vs FORECLOSURE

What You Need To Know To Make An Informed Decision

Below is a table to help break down the difference of how a foreclosure and short sale will affect you. Remember Knowledge is Power!

Issue #1 - Credit Score

Foreclosure
A foreclosure will show up as a public record on your credit report, the same as a bankruptcy will show. The impact of a foreclosure can be anywhere from 200 to over 300 points. The foreclosure with typically will affect score for a minimum of 3 years and will report for 7 to 10 years. With a short sale, only late payments on mortgage will show on your credit report. Once the short sale is completed, it will be reported as settled for less than full amount due (or similar verbiage). Depending on the number of other trade lines you have, balances on credit card accounts and if everything else is kept current, the impact can be as little as 50 points. A short sales affect can be a brief as 12 to 18 months.

Successful Short Sale
Credit History Along with the late payments, the foreclosure will remain as a public record your credit history for 7 to 10 years. Only the late payments will be reported on your credit. The short sale will appear the same as a charge off on a credit card and will be reported as settled for less than full amount due (or similar verbiage).

_________________________________________________________________

Issue #2 - Future Home Purchase (Primary Residence - Fannie Mae Loan) (effective May 21, 2008)

Foreclosure
Any individual that loses their property to foreclosure will not be eligible for a Fannie Mae backed mortgage for a period of 5 years. Any individual that successfully completes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.

Successful Short Sale
Future Home Purchase (Non Primary Residence - Fannie Mae Loan) (effective May 21, 2008) Any investor that loses their property to foreclosure will not be eligible for a Fannie Mae backed mortgage for a period of 7 years. Any investor that successfully completes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.

** NOTE – Fannie Mae is currently the largest insurer of residential mortgages with Freddie Mac as the second. Freddie Mac’s guidelines are typically the same as Fannie Mae.
______________________________________________________

Issue #3 - Future Loan with any Mortgage Company

Foreclosure
On any future loan application that is completed, the prospective borrower will need to answer YES to question C in Section VIII of the standard 1003 that asks “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” this may affect future rates after the 5-7 waiting period.

Successful Short Sale
There currently are not any questions related to a short sale on the loan application.

__________________________________________________________

Issue #4 - Deficiency Rights

Foreclosure
In Massachusetts many loans give the lender the right to pursue the homeowner for a deficiency after the foreclosure has taken place. (each state’s laws are different)*

Successful Short Sale
During the short sale negotiations, in most cases we are able to have the lender agree in writing to release the homeowner from any future deficiency right after the close of escrow.*

_____________________________________________________________

Issue #5 - Amount of the Deficiency Judgment

Foreclosure
In a foreclosure, the final sales price is lower than in a short sale and the fees involved for the bank are higher. If the lender does have deficiency rights, this can result in a higher amount that they will be able to pursue.*

Successful Short Sale
The sales price in a short sale is typically at market value or just bellow. In most cases, the amount of the right off is smaller than in a foreclosure, which would result in a smaller amount that the lender could pursue if a deficiency judgment was available. *
______________________________________________________________

Issue #6 - Taxes

Foreclosure
At the end of the year, the lender will send out a 1099-A for the amount that they have written off. The 1099-A will show that amount as income in which the home owner may or may not be responsible for paying. Insolvency may be an option to have the amount forgiven. *

Successful Short Sale
At the end of the year, the lender will send out a 1099-C for the amount that they have written off. The 1099-C will show that amount as income in which the home owner may or may not be responsible for paying. The Mortgage Debt Relief Act of 2007 protects many homeowners that have completed a short sale. If the homeowner does not qualify under the Mortgage Debt Relief act, insolvency may be the other option to have the amount forgiven. *
______________________________________

Issue #7 - Current Employment

ForeclosureEmployers have the right to check the credit of all employees who are in sensitive positions. In some positions, a foreclosure may be grounds for reassignment or termination.

Successful Short SaleA short sale is not a public record and is reported separately on a credit report. The employer will only see late payments and an account that has been settled. This shows that you worked with the lender towards a resolution and typically looks much better to the employer.
_____________________________________________________

Issue #8 - Future Employment

ForeclosureMost employers require a credit report and background check on all job applicants. A foreclosure may pose as one of the most significant hurdles when seeking employment.

Successful Short SaleA short sale is not a public record and is reported separately on a credit report. The employer will only see late payments and an account that has been settled. This shows that you worked with the lender towards a resolution and typically looks much better to the potential employer.
__________________________________________________________________

Issue #9 - Security Clearances

Foreclosure Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance in almost all cases clearance will be revoked and position will be terminated.

Successful Short Sale
A Short Sale on its own does not challenge most security clearances.

** We are not tax experts or attorneys. The information provided is for informational purposes ONLY. It will serve in a starting point to further investigate how a short sale or foreclosure may affect you. We HIGHLY RECOMMEND that you consult a CPA/tax advisor and/or and attorney regarding your specific situation BEFORE you consider a short sale, deed-in-lieu-of-foreclosure or foreclosure. **

If You Are Considering a Short Sale Contact Us TODAY for Free, NO Obligation Consultation at SSHomeSolutions@Gmail.com

Q&A: Foreclosure Procedures Undergo Extensive Review

2010-10-18T09:59:00.000-04:00

Great Q&A, in USA Today about the current foreclosure freeze!

Foreclosure procedures undergo extensive review
By Stephanie Armour, USA TODAY

Recent revelations about mortgage lenders filing possibly faulty court papers to foreclose on homes has sparked a public outcry and called into question tens of thousands of foreclosures. Here's a look at the issue and its impact.

Q: How did this come to light?

A: Lawyers for homeowners fighting foreclosures took depositions from officials who prepare legal documents to get court approval to foreclose. The document signers — who have now been dubbed robo-signers — said they signed thousands of affidavits without reviewing the supporting papers or having the affidavits signed in the presence of a notary. Both are supposed to be done before foreclosure papers are submitted to courts in about 23 states that require judicial approval for all or most foreclosures. Some lawyers allege there were instances of fraud, too, including backdated documents and forged signatures.
Q: What's happened so far?

A: Some major banks have suspended foreclosures while they review their procedures; others are proceeding while doing their reviews. Bank of America has suspended foreclosures in all 50 states. GMAC Mortgage has suspended evictions and foreclosures in the states that call for a judge's approval and is reviewing foreclosure practices in the others. PNC Financial Services and Litton Loan Services are reviewing their practices. JPMorgan Chase suspended foreclosures in 56,000 cases in the judicial approval states and is reviewing its practices in a handful of the other states.

Q: Who is investigating this and what could be the outcome?

A: State attorneys general have launched a joint investigation. The Justice Department is reviewing the matter. The Office of the Comptroller of the Currency, which regulates the nation's largest banks, said Friday that it is examining banks' foreclosure procedures, and the Federal Housing Administration is conducting a review. The Senate Banking Committee has scheduled a Nov. 16 hearing.

Possible outcomes include civil penalties, criminal prosecutions, the creation of an independent monitor to oversee foreclosure practices and legal settlements under which lenders agree to do more to get struggling borrowers into mortgage workout plans to help them avoid foreclosure.

Q: What about a national moratorium on foreclosures?

A: Some members of Congress have called for one, but the Obama administration has rejected that idea out of concern that a blanket halt to all foreclosures could damage the fragile housing market's recovery and, with it, the economy.

Q: Why is this controversy important?

A: Lawyers and consumer advocates for homeowners say that if banks are found to have acted illegally, courts could see a wave of challenges in both current and past foreclosure cases.It could lead to title claims in courts, where former homeowners who lost their homes in foreclosure actions assert they still own them, even after the homes have been sold. Banks say that even if procedures were not followed correctly, there's no mistake that the homeowners are in default and that the banks have the right to foreclose.

Q: What impact could this have?

A: Foreclosures already take a year or more to complete in some states and could slow further as judges review documents more thoroughly and banks tighten procedures. That could keep some homeowners in their homes longer but might also postpone the sales of homes that have been abandoned or that banks have repossessed, keeping them vacant longer.

Delays could be costly for banks and taxpayers, because banks and government-owned mortgage giants Freddie Mac and Fannie Mae all must continue to pay maintenance and other expenses on foreclosed properties they can't sell. Freddie and Fannie own or guarantee more than half of all first mortgages.
Q: What could this mean for the housing market?

A: If foreclosures are delayed significantly, economists say the housing market recovery could suffer.

Significant delays in completing foreclosures could mean it will take longer for prices to recover, economists say. About 30% of all house sales now are foreclosures or other distressed properties that sell at substantially lower prices than homes whose owners aren't in financial difficulty. That pulls down market prices overall.
The longer home prices stay depressed, the longer millions of homeowners will be underwater, owing more on their mortgages than their homes are worth. About one in four properties are underwater, making it difficult for the owners to sell their properties or refinance their mortgages.
Q: Should I buy a foreclosed home?

A: Real estate experts say buyers shouldn't avoid foreclosures. But you may want to buy a title insurance policy to protect against a claim stemming from a previous foreclosure, says Guy Cecala of Inside Mortgage Finance.

Lenders generally require title insurance before they'll approve a mortgage.

Short sales — where lenders agree to let owners sell houses for less than they owe — should not be affected by the foreclosure controversy, says Rick Sharga of RealtyTrac.

Christopher Immel, a lawyer at Ice Legal, a Florida law firm that represents homeowners challenging foreclosures, says prospective buyers of foreclosed properties should examine court case files for missing documents and incorrect dates.

He recommends hiring an attorney to review the file.

Billion-Dollar Foreclosure Mess Took Root at $75K House - Developments - WSJ

2010-10-15T12:19:00.001-04:00

"Lawyers around the country are now looking at this case as a model for further litigation," writes Mr. Streitfield."

Billion-Dollar Foreclosure Mess Took Root at $75K House - Developments - WSJ

How much will the foreclosure mess cost? Estimates are still forming, writes Mark Gongloff in Friday’s WSJ.

Some $154 billion in mortgages could be affected by foreclosure delays, according to an estimate this week by Laurie Goodman, senior managing director at mortgage-bond trader Amherst Securities Group LP in New York.

Morgan Stanley trading-desk analyst Greg Gore estimated in a conference call on Tuesday that as much as $134 billion of mortgage bonds held by the nation’s four biggest banks could ultimately be affected by foreclosure delays.

That’s a lot of money for a problem that the NY Times traces back to a $75,000 house in Denmark, Me. The article, by David Streitfield, looks at a home Nicolle Bradbury bought seven years ago; a tiny little house near the New Hampshire border.

A couple of years ago, Ms. Bradbury lost her job and could no longer make the $474 monthly payments. But her run-of-the-mill foreclosure became anything but when it landed in front of a lawyer at a nonproift group who had worked in the foreclosure industry for years–helping to foreclose on homes that small business owners had put up as collateral.

The lawyer, Thomas Cox, succeeded in getting the deposition of a GMAC ‘robo-signer’ who admitted that he didn’t read through the 400 foreclosures he signed each day.
Mr. Cox then laid out in a court filing what he’d heard from robo-signer Jeffrey Stephan:

When Stephan says in an affidavit that he has personal knowledge of the facts stated in his affidavits, he doesn’t. When he says that he has custody and control of the loan documents, he doesn’t. When he says that he is attaching ‘a true and accurate’ copy of a note or a mortgage, he has no idea if that is so, because he does not look at the exhibits. When he makes any other statement of fact, he has no idea if it is true. When the notary says that Stephan appeared before him or her, he didn’t.

The judge hearing Ms. Bradbury’s foreclosure case was persuaded. He rejected GMAC’s request for a foreclosure without trial. Even when given the chance to file amended documents, the judge noted, GMAC still didn’t even include the actual street address of the Maine house.

Lawyers around the country are now looking at this case as a model for further litigation, writes Mr. Streitfield.

Don Saunders of the National Legal Aid and Defender Association tells the New York Times: “This ammunition will be front and center in thousands of foreclosure cases.”

A $75K bullet to take down a billion-dollar industry?

Hold on to your seats! We are in for ONE long ride!

Mass. Homeowners Could get $50,000; Some Loans May Not Have To Be Repaid

2010-10-11T20:48:00.002-04:00

Are you one of the countless people who have lost their jobs through no fault of your own and temporarily lack the steady income to pay your mortgage?

Well there is a light at the end of the tunnel. Read the Boston Globe article below for more information on this interest free loan from the US to help you keep current on your mortgage.

And REMEMBER we can help and get you all the information you need and see if you qualify.

Contact Us TODAY for a free private consultation

US offers mortgage aid to the jobless

Mass. homeowners could get $50,000; Some loans may not have to be repaid

By Jenifer B. McKim, Globe Staff
October 6, 2010

Unemployed homeowners may be able to borrow up to $50,000 to help them make monthly mortgage payments — and in some cases not have to pay the money back — under a federal program unveiled yesterday that allocates $61 million to Massachusetts.

The zero-interest loan program will benefit several thousand homeowners in the state who are facing foreclosure because they lost their jobs and have depleted their savings. Nationwide, about $1 billion is being allocated to assist 50,000 homeowners struggling to keep up with their mortgages, said Shaun Donovan, secretary of the Department of Housing and Urban Development.
“Countless people who have lost their jobs through no fault of their own temporarily lack the steady income they need to pay their mortgage,’’ Donovan said during a news conference at Urban Edge Community Development Corp. in Roxbury. Nonprofit community groups such as Urban Edge will be involved in administering the program.

“We can fight foreclosures and unemployment and we can help our communities recover,’’ he said.

Long-term unemployment is now considered a primary reason for the escalating number of foreclosures in the United States.

The federal effort, called the Emergency Homeowner Loan Program, supplements a $7.6 billion campaign the US Treasury Department launched earlier this year to help out-of-work homeowners in 18 states, and the District of Columbia, that were hardest hit by the recession. The Treasury program also is aimed at homeowners whose mortgages are underwater, meaning they owe more than what their properties are worth.

The new HUD program announced yesterday expands assistance to the remaining 32 states, as well as Puerto Rico.

US Representative Barney Frank, who attended the news conference yesterday, said unemployed homeowners are innocent victims of the country’s foreclosure crisis.

Frank, a Newton Democrat, said he lobbied to get a $2 billion loan allotment for jobless homeowners included in the Dodd-Frank financial regulation overhaul Congress passed last summer, but the amount was later reduced to $1 billion. He said he hopes to increase funding for the program eventually.

“These are not people who made imprudent decisions,’’ Frank said. “These are people who made good mortgages. They made responsible decisions.’’

In some cases, the government loan could actually turn into a gift, officials said. Under the program, as much as $50,000 can be borrowed over two years, depending on the applicant’s qualifications. Borrowers who remain in their homes and stay current on mortgage payments for five years after that will not have to pay back all of the money; for those borrowers, the government will reduce their loan balance by 20 percent annually until it is eliminated, according to HUD.

The news of the mortgage-loan funding for Massachusetts was lauded by local housing advocates who have pressed the government to assist unemployed homeowners. The state’s unemployment rate is 8.8 percent, compared with 9.6 percent nationally.

During the first eight months of the year, 9,887 Massachusetts homeowners lost their properties to foreclosure, surpassing the 9,269 recorded during all of last year, according to Warren Group, a Boston company that tracks local real estate.

“These homeowners face unemployment largely due to the recession that was largely caused by speculation by big banks and Wall Street investment companies,’’ said Lew Finfer, executive director of the nonprofit Massachusetts Community Action Network. “Preventing foreclosures helps homeowners, helps lessen neighborhood deterioration and declining property values.’’

To qualify for a loan, borrowers must show their income is no higher than 120 percent of the Boston area’s median income, or $110,150 for a family of four. They are also required to provide documentation proving that their income has dropped at least 15 percent and that they are at least three months behind on mortgage payments.

Borrowers also must have a “reasonable likelihood of being able to resume’’ paying their mortgage after two years by proving they did not have a high amount of debt before they became unemployed.

Yesterday’s announcement was made as Massachusetts’ attorney general, Martha Coakley, urged four of the nation’s largest lenders — GMAC Mortgage, JPMorgan Chase, Wells Fargo, and Bank of America Corp.— to cease foreclosures in Massachusetts until they can prove that their paperwork is accurate. Last week, Bank of America became the latest national lender to say that it will temporarily halt foreclosure proceedings in 23 states that require a judge to sign off on bank seizures. Massachusetts does not require court approval for foreclosures.

At the Roxbury event, Donovan said federal regulators also want to make sure lenders are abiding by the laws governing foreclosures. “Nobody in this country should lose their house because of [a paperwork] error,’’ he said.

Mayor Thomas M. Menino of Boston, who also was at the news conference, said lenders need to work harder to help homeowners who are behind on mortgage payments.

“I believe they have an obligation to help the communities they are in,’’ Menino said. “That is not going on.’’
Jenifer B. McKim can be reached at jmckim@globe.com.

Coakley asks for foreclosure moratorium - The Boston Globe

2010-10-10T12:14:00.002-04:00

Letter From SSHomeSolutions:
Dear Homeowner in Foreclosure,

Please take a moment and read the "Coakley asks for foreclosure moratorium" article from The Boston Globe.

What does this mean for you?
How do you use this time to your advantage?
Remember it's only a temporary...

This means that you have a chance to start getting more information on your distressed situation without a looming auction date.

It also means you can start exploring your options to Avoid Foreclosure to make the best decision for you and your family!

Remember, this is a temporary moratorium and your foreclosure will resume. But our hope is that the bank is willing to work with you in a more fair and timely manner. And our other hope is that we can help you be prepared.

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AG asks for halt to foreclosuresCoakley wants banks to prove they comply

By Megan Woolhouse
Globe Staff / October 6, 2010 .

Attorney General Martha Coakley called for a moratorium on Massachusetts home foreclosures yesterday in a letter to four major lenders, saying she wanted proof that each is properly reviewing homeowner foreclosure documentation as required under state law.

Coakley said she wanted Bank of America, JPMorgan Chase & Co., Wells Fargo, and GMAC Mortgage, a part of Ally Financial, to suspend foreclosures and sales of foreclosed properties after revelations that some lenders had signed off on foreclosures for thousands of homeowners in other states without reading or verifying the documents, a process nicknamed “robo-signing.’’

“If they’re not complying with the law, it doesn’t give consumers enough time or opportunity to modify the loan or do anything short of foreclosure,’’ Coakley said in an interview. “If that’s what’s happening, it’s pretty outrageous.’’

Officials at Wells Fargo and Bank of America did not return calls yesterday. A spokesman at JPMorgan Chase declined to comment. GMAC/Ally declined to comment on Massachusetts specifics.

“As we have previously stated, we are confident that the processing errors did not result in any inappropriate foreclosures,’’ Jim Olecki, GMAC/Ally spokesman, wrote in an e-mail. He said the company “takes this matter very seriously and are acting with urgency to resolve the issue.’’

Several large banks have halted foreclosures in 23 states that require judicial review of foreclosures, after evidence surfaced last week that employees were signing and notarizing foreclosure documents without reading or reviewing them. The banks, however, did not halt foreclosures in states that do not require judicial review, drawing the ire of public officials in Massachusetts and elsewhere.

In one of the strongest pushes so far for federal intervention into the problem, more than 30 House members from California have called on federal regulators to investigate whether mortgage companies broke the law by using paperwork that may have contained errors. Led by Representative Zoe Lofgren and House Speaker Nancy Pelosi, the lawmakers have urged bank regulators and the Justice Department to initiate a probe into how borrowers’ requests for assistance have been handled.

Senator Robert Menendez, a New Jersey Democrat, has also asked more than 100 mortgage companies to determine whether foreclosure documents they approved contained errors and to reveal their findings. Attorneys general in Delaware and Texas called on lenders to suspend foreclosures until banks can ensure they have followed proper procedures. Last week, Attorney General Richard Blumenthal of Connecticut asked a state court to freeze all home foreclosures for 60 days.

Menendez and Democratic Senator Al Franken of Minnesota have also asked Congress’s investigative arm, the Government Accountability Office, to examine whether federal regulators overlooked the problems.

In Massachusetts alone, there were 2,713 foreclosure petitions in August, a 13.2 percent increase from August 2009, according to Warren Group, a real estate tracking firm in Boston.

Coakley has asked the banks to respond by Oct. 15.

Lewis Finfer, executive director of the Massachusetts Communities Action Network, a housing advocacy group in Boston, said he applauded Coakley’s leadership, because it could help struggling homeowners.

The banks’ actions “were instrumental in the foreclosure crisis and their hands have not been clean in this,’’ he said. “This is very serious. These are people’s homes at stake.’’

UPDATE 1- BofA Halts Foreclosures

2010-10-08T17:03:00.000-04:00

Bank of America halts foreclosures all 50 U.S. states

Fri Oct 8, 2010 11:39am EDT

* Sales of foreclosed properties also halted
* Bank conducting review of foreclosure process

CHARLOTTE, N.C. Oct 8 (Reuters) - Bank of America Corp (BAC.N) is halting foreclosures and sales of foreclosed properties in all 50 U.S. states pending a review of its internal processes, the bank said on Friday.

BofA, the largest U.S. mortgage servicer, is the first U.S. bank to suspend foreclosures in all 50 states. The step comes amid a growing furor over how the largest U.S. mortgage lenders are repossessing the homes of delinquent borrowers.

Critics contend the banks' use of "robo-signers" and other automated processes is unfairly pushing residents out of their homes.

A spokesman for Charlotte, North Carolina-based BofA defended the bank's previous foreclosures.

"We will stop foreclosure sales until our assessment has been satisfactorily completed," the spokesman, Dan Frahm, said in a statement. "Our ongoing assessment shows the basis for our past foreclosure decisions is accurate."

Last week, BofA, JPMorgan Chase & Co (JPM.N) and Ally Financial Inc's GMAC Mortgage announced plans to suspend foreclosures in 23 states pending a review of foreclosure procedures. (Reporting by Joe Rauch; editing by John Wallace)

Massachusetts Law About Tenants in Foreclosed Buildings

2010-10-07T19:32:00.000-04:00

Thinking about purchasing a foreclosed home/building with a tenant in it?

Well, guess what? As of August 07, 2010 they are considered to be tenants at will and protected by the government! Check it out:

"Section 13A. Upon a foreclosure of residential real property pursuant to chapter 244, a tenant, occupying a dwelling unit under an unexpired term for years or a lease for a definite term in effect at the time of the foreclosure by sale, shall be deemed a tenant at will. Foreclosure shall not affect the tenancy agreement of a tenant whose rental payment is subsidized under state or federal law."

Knowledge is Power!

Read all about Massachusetts Law About Tenants in Foreclosed Buildings

Massachusetts Foreclosure Laws

2010-10-04T18:40:00.000-04:00

Behind On Your Mortgage Payments?
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Bank of America Stalls Foreclosure Process - Zacks.com

2010-10-04T18:22:00.000-04:00

Bank of America Stalls Foreclosure Process - Zacks.com

In a bid to unload foreclosures, Fannie Mae showers thousands on buyers, brokers - Boston Real Estate - Boston.com

2010-10-04T18:21:00.000-04:00

In a bid to unload foreclosures, Fannie Mae showers thousands on buyers, brokers - Boston Real Estate - Boston.com