The Loan Xperts Blog

The "Loan Xperts" Blog

LOSS MITIGATION SERVICES FOR REAL ESTATE INVESTORS

February 21st, 2009 7:49 AM

Save Our Home From Foreclosure, LLC (SOHFF) has a proven record of performance in assisting investors reduce or eliminate debt obligations with lenders. SOHFF has extensive relations with some 60 lenders nationwide.

Some detailed case studies include:

INVESTOR WALKS AWAY FROM $1,039,445 IN DEBT OBLIGATIONS

This investor had several high end properties. On one property, he owed $1,039,445 between two mortgages. The property was listed for sale for $1,059,000 and sold for $680,000 six months later. The first mortgage lien of $782,437 was negotiated and paid off for $617,559. While SOHFF could not guarantee it, the lender agreed to this settlement and did not seek a deficiency judgment. The second mortgage lien of $257,008 was settled for $15,564, with no deficiency judgment. The total debt exposure of $1,039,445 was settled for $15,564 through a short sale and negotiations. Looked at another way, after the short sale, the net exposure of $406,322 was eliminated for $15,564. Legal and SOHFF fees were $40,000.

INVESTOR SAVES $367,000 IN MORTGAGE OBLIGATIONS

This doctor invested in several townhomes. On one property alone he owed $367,000 to one lender. The property was listed for sale, and finally sold after 5 months for $122,000, with the bank netting $111,000. A satisfaction of debt was negotiated for the investor. Thus, a gross debt of $367,000, or net after the short sale of $245,000 was totally wiped out through negotiations, and settled without deficiency judgments from both lenders. Legal and SOHFF fees were $22,000.

INVESTOR SAVES $320,000 IN MORTGAGE DEBT EXPOSURE

This client owned several townhome properties. On one property, a total of $323,000 was owed, $223,000 to one bank, and $100,000 to another lender. The property was listed for sale at $529,000 and sold six months later for $250,000. The primary lien holder received $225,118 and the second lien holder received $ 3824, of which the investor paid $2824. In summary, a gross debt of $323,000, and net debt after short sale of $73,000 was eliminated for under $3000. While SOHFF cannot guarantee this result, there was no deficiency judgment by either lender. Legal and SOHFF fees were $7,000.

INVESTOR SAVES $236,420 IN MORTGAGE DEBT OBLIGATION

This investor owns several investment properties. On one property he owed $190,720 on a first lien and $47,540 on a second loan, for a total of $238,420. This property was listed for sale at $209,900 and sold for $176,000 some four months later. The bank in first position received $154,064, and the second lien holder received $3,000., of which the investor had to come up with $2,000. A gross debt exposure of $238,429 and net after short sale of $62,420 was wiped out for $2,000. In this case, neither bank will seek a deficiency payment as SOHFF was able to negotiate this away. Legal and SOHFF fees were $7,000.

If you are an investor with one or more properties and are seeking advice with your real estate portfolio, contact the professionals at Save Our Home From Foreclosure today! PH. 1-800-305-7121 Ext. 401 E-Mail Don@SOHFF.com

LEGAL STATEMENT

The information contained above is intended to be used for informational purposes only and to provide a general overview of the topics described herein. There may be tax and other legal consequences associated with a short sale. Save Our Home From Foreclosure, LLC makes no representations or warranties concerning potential tax or legal consequences relating to any final disposition of any property. Clients are advised to consult with a tax professional regarding the potential tax consequences for their particular situation. Save Our Home From Foreclosure, LLC is providing a service in response to a complex situation and offers a recommended solution where possible. Nothing is represented as tax advise to our clients as every situation may result in different tax consequences. Save Our Home From Foreclosure, LLC is not a law firm or an accounting firm and regarding any specific questions relative to any transaction, Save Our Home From Foreclosure, LLC strongly encourages all parties, agents, and brokers involved in a transaction to seek such advice from a professional advisor.

Posted by Don Apelian on February 21st, 2009 7:49 AMPost a Comment (0)

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$8,000 Tax Credit For First Time Home Buyers !!

February 20th, 2009 1:27 PM

First-time homebuyers get a tax credit windfall if they buy before December 2009.
By Les Christie, CNNMoney.com staff writer

Last Updated: February 17, 2009: 12:13 PM ET

NEW YORK (CNNMoney.com) --

There's a nice windfall for some homebuyers in the economic stimulus bill that President Obama signed on Tuesday. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.

A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision. Adam Billings of Knoxville, Tenn. wrote to CNNMoney.com asking: "I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?"
The short answer? Yes, Billings would get back the $8,000 plus what he'd overpaid. The long answer? It depends. Here are three scenarios:

Scenario 1: Your final tax liability is normally $6,000. You've had taxes withheld from every paycheck and at the end of the year you've paid Uncle Sam $6,000. Since you've already paid him all you owe, you get the entire $8,000 tax credit as a refund check.

Scenario 2:
Your final tax liability is $6,000, but you've overpaid by $1,000 through your payroll witholding. Normally you would get a $1,000 refund check. In this scenario, you get $9,000, the $8,000 credit plus the $1,000 you overpaid.

Scenario 3:
Your final tax liability is $6,000, but you've underpaid through your payroll witholding by $1,000. Normally, you would have to write the IRS a $1,000 check. This time, the first $1,000 of the tax credit pays your bill, and you get the remaining $7,000 as a refund.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.

Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.) Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.

About Meridian Financial, Inc.

The Loan Xperts of Meridian Financial can offer First Time Home Buyers loans through FHA, who have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, enabling us to offer you a better deal.

Low down payments
Low closing costs
Easy credit qualifying

If you are buying your first home an FHA loan might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan (Available on 1-4 unit properties).

We offer same day approvals ... please email me or call me directly at (727) 608-7382 Today!

Meridian Financial, Inc.

Don Apelian
PH. (727) 608-7382

Fax (727) 328-3536

E-mail Don@loanXperts.org

Web www.loanXperts.org

Posted by Don Apelian on February 20th, 2009 1:27 PMPost a Comment (0)

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