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Marina P. Hauser's Blog

By Marina P. Hauser | Real Estate Pro in Massachusetts
  • Underwater Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief Act!

    Posted Under: Home Buying in Boston, Home Selling in Boston, Foreclosure in Boston  |  January 24, 2013 7:03 AM  |  143 views  |  No comments



    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 

  • How to Stop Foreclosure

    Posted Under: Home Selling in Boston, Foreclosure in Boston, Credit Score in Boston  |  February 6, 2011 10:59 AM  |  430 views  |  1 comment
    Today’s housing market can be difficult for homeowners in danger of defaulting on mortgages. The foreclosure process can be incredibly quick. In some states, if you miss just one payment without taking action, you may find yourself homeless in less than a month. If you’re concerned that you may default on your mortgage, never fear: there are ways you can stop foreclosure. Although it can be challenging, you do have several options to keep your home from being foreclosed on.

    Some possibilities for avoiding the threat of foreclosure include:

    • Get a housing counselor. Loan counselors are professionals who will work with you to find options to stop foreclosure. Because they are familiar with the industry, they’ll be able to point you towards the right solution for you.
    • Forbearance. Lenders may sometimes agree to give you time before taking legal action against you. This gives you time to figure out how to repay your mortgage.
    • Refinance. You may be able to reamoritize your loan by adding your back payments to your loan balance. However, you’ll need to be back in a stable financial position, since this will probably increase your monthly payments.
    • Note modification. You may be able to work with your lender to get a more favorable interest rate or more time to pay back your loan in the long run.

    No matter which option you choose, make sure it works for you financially. Almost a third of all foreclosure modifications offered by lenders can actually increase monthly payments.

    If you’re already facing foreclosure and none of the above options work for you, you still have a chance. Consider the following options to stop foreclosure:

    • Selling your home. To avoid a foreclosure, one option is to sell your home. Work with a good real estate agent to ensure that you’ll get the best value for your property. Make sure your real estate agent can work with you very quickly to sell your home so that you can sell it before it’s foreclosed on.
    • Short sale. If your home is worth less than you owe, you may be able to consider a short sale. However, you’ll have to work with your lender to make sure they’re amenable to the sale.
    • Deed the home back to the lender. Although this affects your credit the same as a foreclosure, it prevents the negative consequences. In this scenario, you would deed your home to the lender, and in return, they forgive the mortgage.

    Defaulting on a mortgage is a scary prospect. Luckily, you still have a chance to stop foreclosure. No matter what your situation, make sure you contact your lender if you believe you’re going to have an issue making payments. If you wait too long, it may be too late.

    Call us at 781-738-0048 to disuss your options!

  • What is a Home Appraisal?

    Posted Under: Home Buying in Boston, Home Selling in Boston, Financing in Boston  |  November 5, 2010 7:48 AM  |  391 views  |  No comments

        appraisal


    A residential property appraisal helps establish a home’s market value, or the likely sales price that the property would fetch if offered in a competitive real estate market. Whenever someone uses a home or other type of real estate as security for a loan, the lender will order an appraisal to be conducted by a licensed appraisal professional. This step is critical from the lender’s prospective because it reflects the likelihood the property will sell for at least the amount of their investment on it.

    It’s also important for you, the  buyer or seller…

    If on the buying side, it shows you in black and white that the price you’re paying is indeed in line with what the banks consider a fair market value; if on the selling side, it shows you how much you can realistically ask for your house.

    The appraised value should not be confused with the asking price, offer price, or sales price. Asking price is what a seller indicates as a fair and reasonable offer for his/her home. A seller is free to set whatever asking price he/she chooses. An offer price on the other hand, is a number that the buyer feels he/she is willing to pay. This may be an accurate reflection of the true market value of a home or an attempt by the buyer to purchase the property at a considerable discount. The sales price is what the buyer and seller actually agree upon through negotiations; it generally lies somewhere  between the asking price and the offer price.

    Appraisers are licensed by their respective states after completing course work and/or a job internship that helps them become familiar with their local real estate markets. The appraisal process itself begins with a thorough inspection of the property being appraised to determine the true status of the property. The appraiser will look at features like number of bedrooms and bathrooms to ensure that they really exist and are in good condition.  Most important, the appraisal looks for any obvious features-or defects-that would affect the value of the house.

  • About SS Home Solutions, LLC

    Posted Under: Home Buying in Boston, Home Selling in Boston, Foreclosure in Boston  |  November 1, 2010 3:31 PM  |  442 views  |  No comments
    Trust. Experience. Satisfaction.
     
    South Shore Home Solutions, LLC is the areas’ premiere real estate solutions company, and since our inception we have been helping homeowners along with improving communities in each and every city we work in.
    Servicing All of Eastern Massachusetts!
    
    Through our extensive knowledge of the business, network of resources, and years of expertise, we are able to assist homeowners with a wide variety of real estate problems.

    We pride ourselves on our reputation for working one-on-one with each customer to handle their individual situations.

    With the ability to directly purchase homes and make cash offers, we can create an extremely fast, and hassle-free transaction.


    In addition, we re-develop a large number of single family and multi-family properties throughout the state with the intention of revitalizing communities and encouraging home ownership. Our mission is to rejuvenate neighborhoods and increase the standard of living by improving the overall quality of housing for the residents. Call us today at 781-738-0048 and let’s see how we can work together!


    Real Estate Specialties:
    •Foreclosure Avoidance
    •Debt Removal or Renegotiation
    •Bank Owned Property & REO’s
    •Sell Your Property Without Realtor Commissions
    •Solving Title Issues
    •Relocation Assistance
    •Vacant Properties & Houses in Major Disrepair
    •Environmental or Structural Problems
    •Apartment & House Rental Specialists
    •Bankruptcy
    •Over-leveraged Properties
    •Clearing up Judgments or Outside Liens
    •Credit Repair
    •First Time Home Buyer Programs
    •And many others…

    We not only purchase property but we also sell homes, many of which are completely renovated and in move-in condition. Whether you are dreaming of becoming a first time home buyer or looking to upgrade your current home, we can help.

    South Shore Home Solutions LLC is truly committed to helping each individual customer. We focus on fast response, integrity and over-delivering on customer service. By putting the customer’s needs first, whether selling or buying a home, we can help you realize your real estate goals.
  • Foreclosure v. Short Sale - 9 Issues Answered

    Posted Under: Home Buying in Boston, Home Selling in Boston, Foreclosure in Boston  |  November 1, 2010 3:21 PM  |  444 views  |  No comments

    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

    Foreclosure
    Employers 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
  • Finding an Agent: Experience is the Best Credential

    Posted Under: Home Buying in Boston, Home Selling in Boston, Foreclosure in Boston  |  October 9, 2010 7:38 AM  |  481 views  |  1 comment

    Not all those million agents are serious pros. It’s relatively easy to get into the real estate business but it is tough to make a good living there. Some people just dabble in real estate and some inexperienced agents get precious little hand-holding from their brokers. Brokers are also licensed by the state. They typically run the real estate office and have a number of agents working under their umbrella. Technically, buyers and sellers are under contract with the broker for real estate services even though  all your interactions may be with the agent. You will find that, in general, an agent with one week of experience charges the same commission as an agent with ten years of experience. You, of course, want a committed pro who can realistically promise to make your life easier.

    One of the soundest pieces of advice we’ve heard about searching for a top-notch real estate agent came from a buyer in Colorado. He found his buyer’s agent by calling agents in his sister’s hometown some twenty miles away from the place where he wished to move and asking them who they would want to work with if they were moving to the town he has his sights on. They were not competitors so they were willing to offer an honest opinion. Real estate “for sale” signs can be a good indicator of who is active in the market as well. If the same name pops up on a lot of signs then that’s an indication of an agent who specializes in the neighborhood. It’s worth a phone call to that agent to ask for references.

    Also, when it comes to Boston short sale agents, the best question to ask is, "How many short sale have you CLOSED?" Not worked on.... closed. It's not super hard to get an acceptance letter from the bank, but it is hard to close a short sale with a seller, a bank, a buyer and multiple attorneys and agents. Experience and "closed deals" are always a good sign of a food short sale agent.

    Need more information on Massachusetts #1 in Foreclosure Prevention Company? Click Here

  • Sell Your House In 9 Days!

    Posted Under: Home Selling in Boston  |  July 8, 2010 2:25 PM  |  177 views  |  No comments

    We Will Buy Your House CASH, FAST!

    If you are looking to sell your house quickly or if you have found yourself in a real estate dilemma and you are simply looking for answers, we can help!  Every year there are hundreds of thousands of people who get hit with one of life's unexpected curve balls, forcing them to sell their house.  Most have no idea what options are available beyond listing a house with a realtor or trying to sell the house on their own and hoping for the best.  Often, these are not the best choices.  We know life can get complicated, that's why we want to arm you with the knowledge to make the best decisions about your property. Understand - You Do Have Options!  Our company specializes in solving real estate problems and we can help correct almost any financial situation at no cost to you! Our goal is to put power back in your hands. A brief phone conversation with us may actually be life-changing.  Our real estate specialties include: 

    • Foreclosure Avoidance
    • Debt Removal or Renegotiation 
    • Refinancing Homes in Foreclosure 
    • Sell Your Property Without Realtor Commissions  
    • Resolving Title Issues  
    • Relocation Assistance  
    • Vacant Properties  
    • Environmental or Structural Problems  
    • Apartment & House Rental Specialists  
    • Bankruptcy  
    • Overleveraged Properties  
    • Judgments or Outside Liens  
    • Little or No Equity Sales

    Don't wait another minute to call us or simply click here and fill out this form. All consultations are completely confidential, free of charge and there is absolutely no obligation. We work with each homeowner individually and explore all possible options. Here is a short list of what we can do for you: 
    • Buy your Property Today for Top Dollar
         ° Cash Offer Within 24 Hours
         ° Closings Within 9 Days or on Your Timeline
         ° No Real Estate Commissions
         ° Save Money on Closing Costs 
    • Refinance your Existing Mortgage
         ° Lender who will Refinance when Other Lenders Say "No"
         ° Competitive Interest Rates
    • Work out a Payment Plan with your Existing Lender
         ° Can be Done in as little as 3 Days
    • Negotiate Debt with Existing Creditors
         ° Eliminate Existing Debt so You Can Relax

    We are real estate professionals helping provide solutions to your existing real estate problems.  We have numerous testimonials from customers just like you. CALL US AT 781-738-0048 so we can discuss your situation immediately. 

    Remember, all consultations are completely confidential and absolutely free. We look forward to working with you right away!  

 
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