Back in 2007, Congress passed the Mortgage Debt Relief Act which generally allows taxpayers to exclude income from the discharge of debt on their principal home. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years [...]
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Minnesota Short Sales – Why work with Joe Stradcutter
I’ve mentioned a number of times in my blogs that I’m here to help people. I know that sounds trite but that really is my over-riding goal. I meet with clients to determine if a short sale is their best option and then do everything I can to make that happen. I closed 4 short [...]
How Does a MN Short Sale Affect My Credit Score?
Many people are facing tough decisions with the housing market the way it has been the past few years. Thousands of Americans find themselves weighing the options of a short sale versus foreclosure or bankruptcy. Each of these options will impact your credit score, which affects the interest rates of loans for a home in [...]
Why do MN Short Sales Take So Long to Approve?
I’ve worked with buyers who have made offers on short sales and even though I tell them this is going to take a minimum of 60 days, they still get very antsy after 30 days. I don’t blame them but I’m including some reasons and a timeline for short sales approval. Hopefully this will help [...]
MN Short Sales, Foreclosures and Bankruptcy
Recently lenders have changed the way homeowners may have to do a short sale if they’re also considering a bankruptcy. Find out these changes in this new video. Call or email me at 612-516-3456 or jstradcutter@gmail.com Thanks for watching! Joe Stradcutter High Pointe Realty MN Short Sale Professional
Why I like MN Short Sales
Many realtors ask me “How can you do so many short sales?”, “Aren’t they a lot of extra work?” “Aren’t the banks difficult to work with?” etc. The answers to the last two questions are “Yes, they are lots of extra work and yes, the banks can be difficult to work with” (I know, that [...]
Short Sales and Foreclosures and Bankruptcy, Oh My!!
It seems like more and more clients are coming to me with financial troubles beyond their mortgage. They want to avoid foreclosure or bankruptcy or both. Unfortunately, some lenders are “pushing back” and forcing sellers into both of these credit score killers. Here’s how things have changed recently. Typically, a seller with two loans on [...]
How do I know if the lender won’t come after me after my MN short sale?
One of the biggest concerns my clients have is if they will owe any money to the bank(s) after the short sale is done. The answer is “It all depends what is stated in the approval lender from each bank.” Let’s look at a couple of short sale approval letters which I received for my [...]
Minnesota Short Sale vs Deed In Lieu of Foreclosure
Financial Peace after a MN Short Sale
When I meet with clients for the first time, I usually get a good idea of their financial situation. The causes of their financial woes are wide and varied. Almost to a person, they wonder when they are going to be able to buy a home again. The standard answer is 2-3 years after a [...]
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