Balita Weekend, Sat. - Tues., July 2 - 5, 2011 KEN GO From page 26
letter of hardship that explains why they can not pay the difference due upon sale, including why the homeowner has or will stop making the monthly payments. A hardship letter is needed to be established. 4) What is the Affect of a Foreclosure on my Credit Score? A Foreclosure on your credit report can take 7-10 yearsto remove and can cost your credit rating (FICO) up to 200-280 points which is a very big hit. Assuming you won’t have a deficiency judgement. 5) What is the Affect of a Short Sale on my Credit Score?
Clients have informed us that a short sale will show up on your credit report as a ‘settlement’, ‘settlement for less than owed’ or a “pre-foreclosure in redemp- tion”. A short sale credit score can drop by 50-100 points. Best of the worst scenarios. There is no way to predict exactly how a short sale is going to affect your credit for it. We’ve had some clients who have mentioned that they’ve been able to rebuild their post short sale credit score in as little as 12 months. Other people who have not maitained their credit with other items, well, it’s probably going to take a little bit longer in order to rebuild their credit. 6) What are The Short Sale Tax Im- plications?
The Mortgage Debt Relief Act of 2007
generally allows taxpayers to exclude in- come from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mort- gage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately).
The exclusion does not apply if the
discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Re- possessions, and Abandonments. Also see IRS news release IR-2008-17. Ask your accountant to utilize Form 982 with your Return. Please talk to your CPA. 7) Foreclosure of My Home is very close to happening. Is There enough Time to for a Short Sale Agent? YES. The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from your short sale agent explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete. 8) What is the typical Short Sale Agent
Process?
Seller signs a listing agreement with a Short Sale Agent.
Starts to market the property and en- courages offers for the highest and best value. A Buyer submits an offer to your Short Sale Agent.
This is when we start to complete a Short Sale package to lenders and submit the offer. This is also the part where the agents have to make sure the SS package is complete and updated. This is where the clock starts to tick and depending on the lender/s you could be waiting from
one month to six on. Its very important that you update your lender with your lat- est paystubs and bank statements. Your agent should call the lender on a weekly basis and you should at least get updates on a bi-weekly basis to know what is go- ing on. Its also important to monitor the foreclosure process, if its been accelerated by the lender. Seller’s lender accepts the buyer’s purchase offer.
Hopefully your buyers are still with your property because usually buyers throw multiple offers and see which one sticks. Once, accepted then their loan pro- cess begins, this is also an uphill battle with buyers lenders getting their loan approved. Transaction closes, the lender releases
the lien.
Make sure your lien release and de- ficiency waivers are on the SS approval letter, if you have two liens or more, the process gets scarier and tougher. Again depending on the investors and servicers. . 9) How do i short sale my home? Contact us for a FREE Consultation. Call Short Sale Agents Kenneth Go 562- 508-7048. ALL OUR SERVICES ARE FREE. YOU RELAX. WE DO THE WORK! WILL NEGOTIATE TO CLEAR ALL DEFICIENCIES. MOVE-OUT ASSISTANCE up to $3,000.00 THRU HAFA AND $5000.00 THRU DIRECT INVESTORS. THANKS FOR YOUR INQUIRY, Please call Ken Go of 1st
Innovative Fi-
nance Group at 562-508-7048 or write to
kennethgo@verizon.net. ■
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REYES From page 30
proving parentage, the ex boyfriend may be granted custody and visitation rights. However, the ex boyfriend would also have the obligation of paying child support based on California guidelines. Please note that this article is not legal advice and is not intended as legal advice. The article is intended to provide only general, non-specific legal information. This article is not intended to cover all the issues related to the topic discussed. The specific facts that apply to your matter may make the outcome different than would be anticipated by you.
This article does create any attorney cli- ent relationship between you and the Law Offices of Kenneth U. Reyes, P.C. article is not a solicitation.
This
Visit
www.Balita.com
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Attorney Kenneth Ursua Reyes is a Certified Family Law Specialist. He was President of the Philippine American Bar Association. He is a member of both the Family law section and Immigration law section of the Los Angeles County Bar Association.
He is a graduate of Southwestern University Law School in Los Angeles and California State University, San Ber- nardino School of Business Administration. He has extensive CPA experience prior to law practice. LAW OFFICES OF KENNETH REYES,
P.C. is located at 3699 Wilshire Blvd., Suite 700, Los Angeles, CA, 90010. Tel. (213) 388-1611 or e-mail kureyeslaw@gmail. com or visit our website at Kenreyeslaw. com ■
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