PR Log - Oct 15, 2012 - Las Vegas short sale agent, Tania Michaels of Focus Commercial Group, has released a new report confronting the trapped feelings struggling property owners encounter when facing an unaffordable mortgage. The report titled, “Feeling Trapped by Your Mortgage?” can be downloaded for free and provides information on the options many property owners have to avoid foreclosure, including a short sale.
A short sale occurs when a lender allows a homeowner to sell a property for less than the current mortgage amount owed.
“Real estate surveys are reporting that only 5 percent of those in default know their options and only 3 percent take advantage of them. The stats say people simply don’t know about their alternatives to foreclosure. They also don’t know how short sales work,” says Michaels. “With this report, I aim to educate distressed homeowners in my community about the consequences of foreclosure, and what they can do to avoid this devastating option.”
In addition to providing more information on the alternatives to foreclosure, the report explains the potential fallout of “strategically defaulting,” or choosing not to make payments, which is a growing trend in the mortgage crisis.
“There’s nothing ‘certain’ about letting a property go into foreclosure. Even owner occupied loans have provisions which state the bank can pursue you for a deficiency judgment.” Michaels said. “When you can avoid foreclosure, there’s no reason to risk the financial backlash by willingly letting it happen.”
Strategic default in Nevada is more common among property owners who may own one to three properties for rental income to supplement their existing employment. Misinformation about who qualifies for a short sale is common among those who are struggling to make the payments on their rental properties. Adding to the confusion is the potential of a tax liability as the result of a short sale on a rental property. The Mortgage Debt Relief Act of 2007 is said to not cover phantom income on non-owner occupied property leaving rental property owners on to further discouragement.
“So there are two things going on for those who own rental property. First, there’s the issue of thinking they don’t qualify for a short sale and second, there’s the phantom tax liability from the IRS. Speaking on the first issue, any rental property owner who is financially destitute should apply for a short sale. On the second issue, the tax issue, many rental property owners who are insolvent are filing IRS form 982 and requesting a tax exemption on the basis of their insolvency. I speak not as a tax expert, but as a person reporting the facts,” says Michaels.
Michaels recommends to anyone contemplating a short sale to seek out a tax expert. “And,” notes Michaels, “if you can make your payment, you should make them.”
Michaels recently closed an Indymac short sale for a client who owned the property as a rental. The negotiation process on this short sale was complicated and closed in 5.6 months, start to finish. A waiver was finally obtained from the bank to not pursue her client for a deficiency judgment. Pushing through the short sale process saved the owners from a foreclosure on their credit rating and an enormous deficiency judgment.
“This Indymac short sale lasted a few weeks longer than the usual,” admits Michaels, “but my clients hung in there and are now their way to buying another property in just a few short years. When you have hope, time flies. When you have burden and despair, time goes by like you’re in an agonizing abyss.”
The CDPE® designation Michaels acquired provides a specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.
ABOUT
Certified Las Vegas short sale agents are those who have proactively sought out the most respected designations and networks in the industry to help clients within the complicated and highly charged default property arena. Tania Michaels is a certified Las Vegas short sale agent with the CDPE® designation. Adept at negotiating with lenders, Michaels is considered an expert in the short sale industry by her clients and her peers.
Tania Michaels is a REALTOR® and a Las Vegas CDPE® short sale agent. This multilingual, multifaceted, award-winning 16-year real estate professional in Las Vegas, specializes in representing sellers in the sale of their property (including short sale negotiations) and land acquisitions. Las Vegas homeowners, apartment owners, and investors may benefit from her experience with in the residential and land sector which allows her to offer insight from the vantage point of an all-around insider.
If you have an interest in selling your Las Vegas real estate, Tania can be reached through her website at: http://michaelsrealestate.com/contact-tania-michaels/
Read Full Story - Las Vegas short sale agent closes Indymac Short Sale on a Rental Property | More news from this source
Press release distribution by PRLog
A short sale occurs when a lender allows a homeowner to sell a property for less than the current mortgage amount owed.
“Real estate surveys are reporting that only 5 percent of those in default know their options and only 3 percent take advantage of them. The stats say people simply don’t know about their alternatives to foreclosure. They also don’t know how short sales work,” says Michaels. “With this report, I aim to educate distressed homeowners in my community about the consequences of foreclosure, and what they can do to avoid this devastating option.”
In addition to providing more information on the alternatives to foreclosure, the report explains the potential fallout of “strategically defaulting,” or choosing not to make payments, which is a growing trend in the mortgage crisis.
“There’s nothing ‘certain’ about letting a property go into foreclosure. Even owner occupied loans have provisions which state the bank can pursue you for a deficiency judgment.” Michaels said. “When you can avoid foreclosure, there’s no reason to risk the financial backlash by willingly letting it happen.”
Strategic default in Nevada is more common among property owners who may own one to three properties for rental income to supplement their existing employment. Misinformation about who qualifies for a short sale is common among those who are struggling to make the payments on their rental properties. Adding to the confusion is the potential of a tax liability as the result of a short sale on a rental property. The Mortgage Debt Relief Act of 2007 is said to not cover phantom income on non-owner occupied property leaving rental property owners on to further discouragement.
“So there are two things going on for those who own rental property. First, there’s the issue of thinking they don’t qualify for a short sale and second, there’s the phantom tax liability from the IRS. Speaking on the first issue, any rental property owner who is financially destitute should apply for a short sale. On the second issue, the tax issue, many rental property owners who are insolvent are filing IRS form 982 and requesting a tax exemption on the basis of their insolvency. I speak not as a tax expert, but as a person reporting the facts,” says Michaels.
Michaels recommends to anyone contemplating a short sale to seek out a tax expert. “And,” notes Michaels, “if you can make your payment, you should make them.”
Michaels recently closed an Indymac short sale for a client who owned the property as a rental. The negotiation process on this short sale was complicated and closed in 5.6 months, start to finish. A waiver was finally obtained from the bank to not pursue her client for a deficiency judgment. Pushing through the short sale process saved the owners from a foreclosure on their credit rating and an enormous deficiency judgment.
“This Indymac short sale lasted a few weeks longer than the usual,” admits Michaels, “but my clients hung in there and are now their way to buying another property in just a few short years. When you have hope, time flies. When you have burden and despair, time goes by like you’re in an agonizing abyss.”
The CDPE® designation Michaels acquired provides a specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.
ABOUT
Certified Las Vegas short sale agents are those who have proactively sought out the most respected designations and networks in the industry to help clients within the complicated and highly charged default property arena. Tania Michaels is a certified Las Vegas short sale agent with the CDPE® designation. Adept at negotiating with lenders, Michaels is considered an expert in the short sale industry by her clients and her peers.
Tania Michaels is a REALTOR® and a Las Vegas CDPE® short sale agent. This multilingual, multifaceted, award-winning 16-year real estate professional in Las Vegas, specializes in representing sellers in the sale of their property (including short sale negotiations) and land acquisitions. Las Vegas homeowners, apartment owners, and investors may benefit from her experience with in the residential and land sector which allows her to offer insight from the vantage point of an all-around insider.
If you have an interest in selling your Las Vegas real estate, Tania can be reached through her website at: http://michaelsrealestate.com/contact-tania-michaels/
Read Full Story - Las Vegas short sale agent closes Indymac Short Sale on a Rental Property | More news from this source
Press release distribution by PRLog
